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  • What is the Retail Direct Scheme for investors in G-Secs?

    The RBI has announced proposals for the Retail Direct Scheme for investors in government securities and the Integrated Ombudsman Scheme.

    What is the Retail Direct Scheme?

    • Under the scheme, small investors can buy or sell government securities (G-Secs), or bonds, directly without an intermediary like a mutual fund.
    • It is similar to placing funds in debt instruments such as fixed deposits in banks.
    • However, the same tax rules apply to income from G-Secs.

    Benefits of RDS

    • With the government being the borrower, there is a sovereign guarantee for the funds and hence zero risk of default.
    • Also, government securities may offer better interest rates than bank fixed deposits, depending on prevailing interest rate trends.
    • For example, the latest yield on the benchmark 10-year government securities is 6.366%.

    How can individuals access G-Sec offerings?

    • Investors wishing to open a Retail Direct Gilt account directly with the RBI can do so through an online portal set up for the purpose of the scheme.
    • Once the account is activated with the aid of a password sent to the user’s mobile phone, investors will be permitted to buy securities either in the primary market or in the secondary market.
    • The minimum amount for a bid is ₹10,000 and in multiples of ₹10,000 thereafter. Payments may be made through Net banking or the UPI platform.

    Why was it necessary to introduce this scheme?

    • Broader investor base: The scheme would help broaden the investor base and provide retail investors with enhanced access to the government securities market — both primary and secondary.
    • Institutional investment: Accessing retail investors could free up room for companies to bring funds from institutional investors which may otherwise have been cornered by the government.
    • Diverse borrowing for government: This scheme would facilitate smooth completion of the Government borrowing programme in 2021-22.
    • Structural reform: It is a major structural reform placing India among select few countries which have similar facilities.

    Why is the RBI setting up an Integrated Ombudsman?

    • Prior to the introduction of this scheme, the RBI had three different ombudsman schemes to aid dispute resolution with respect to banks, NBFCs, and non-bank pre-paid payment issuers (PPIs).
    • They were operated by the RBI through 22 ombudsman offices.
    • The RBI would now appoint the Ombudsman and a Deputy Ombudsman for three years.
    • Complaints may be made either physically to the Centralised Receipt and Processing Centre or the RBI’s offices; or electronically through the regulator’s complaint management system.

    Back2Basics: Government Securities

    • These are debt instruments issued by the government to borrow money.
    • The two key categories are:
    1. Treasury bills (T-Bills) – short-term instruments which mature in 91 days, 182 days, or 364 days, and
    2. Dated securities – long-term instruments, which mature anywhere between 5 years and 40 years
    • T-Bills are issued only by the central government, and the interest on them is determined by market forces.

     

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  • Was it really a black hole that the EHT imaged in 2019?

    A new research says that M87* which was imaged by the Event Horizon Telescope (EHT) is not necessarily a black hole but could even be a naked singularity with a gravitomagnetic monopole.

    About M-87*

    • In 2019, astronomers of the Event Horizon Telescope (EHT) captured the first ever image of a supermassive black hole (M87*) which was located at the centre of a galaxy Messier 87.
    • This black hole was calculated to be 6.5 billion times the Sun’s mass and is 55 million light years away from the Earth.
    • The discovery set the world of astronomy on fire and also found a mention in the “popular information” section of the announcement of the Nobel Prize in physics for 2020.
    • Andrea Ghez and Rheinhard Genzel were awarded half the share of the prize for their study of the black hole at the centre of the Milky Way galaxy, Sagittarius A*.

    A black hole has two parts:

    1. Singularity at its core– a point that is infinitely dense, as all the remnant mass of the star is compressed into this point.
    2. Event horizon – an imaginary surface surrounding the singularity, and the gravity of the object is such that once anything enters this surface, it is trapped forever.
    • Not even light can escape the pull of the singularity once it crosses the event horizon.
    • That is why, we cannot see the singularity at the heart of a black hole but only see points outside the event horizon.
    • Hence, all the physics happening within the black hole’s event horizon is indeed blocked from the view of the observer.

    What is the recent explanation of M87*?

    Ans. Naked Singularity

    • When stars much more massive than the Sun reach the end of their lives, they collapse under their own gravity, and the product of this collapse is a black hole.
    • In many scenarios of stellar collapse, the event horizon does not form, and the singularity is exposed to the outside, without any event horizon shielding it.
    • This is called naked singularity.

    Monopoles and gravity

    • In the nineteenth century, James Clerk Maxwell unified electricity and magnetism as one combined phenomenon, showing that light is an electromagnetic wave.
    • But there is an asymmetry between electricity and magnetism.
    • While positive and negative electric charges can be found to exist independently, the poles of a magnet are always found in pairs, north and south bound together.
    • There is an analogy between gravitational force and electromagnetism to say that mass is like electric charge and can exist independently, thus it can be called a “gravito-electric charge”.

    But then, what is the gravito-magnetic charge?

    • In 1963, Newman, Tamburino and Unti (NUT) proposed a theoretical concept called a “gravito-magnetic charge” also called a gravitomagnetic monopole.
    • The new research has shown that M87* could be a black hole (with or without gravitomagnetic monopole) or a naked singularity (with or without gravitomagnetic monopole).

    Try this PYQ:

    Q. “Event Horizon” is related to:

    (a) Telescope

    (b) Black hole

    (c) Solar glares

    (d) None of the above

     

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    Back2Basics: Event Horizon Telescope (EHT)

    • The EHT project is an international partnership formed in 2012.
    • It is a network of 10 radio telescopes on four continents that collectively operate like a single instrument nearly the size of the Earth.
    • Its main objective is to directly observe the immediate environment of a black hole.

     

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  • Kaiser-i-Hind is Arunachal’s State butterfly

    An elusive swallowtail butterfly carrying ‘India’ in its name and found in next-door China will become the State butterfly of Arunachal Pradesh.

    Kaiser-i-Hind

    Protection status: Schedule II of Wildlife (Protection) Act, 1972

    • Kaiser-i-Hind (Teinopalpus imperialis) literally means Emperor of India.
    • This butterfly with a 90-120 mm wingspan is found in six States along the Eastern Himalayas at elevations from 6,000-10,000 feet in well-wooded terrain.
    • The butterfly also flutters in Nepal, Bhutan, Myanmar, Laos, Vietnam and southern China.
    • The move was made with a view to boosting butterfly tourism and saving the species from extinction in the State.

    Other butterflies in news

    • The Malabar Banded Peacock or the Buddha Mayoori which was recently declared the ‘State Butterfly’ of Kerala will have a dedicated butterfly park in Kochi.
    • Tamil Nadu has also recently declared Tamil Yeoman (Cirrochroa Thais) as its state butterfly to symbolize its rich natural and cultural heritage.
    • Other states to have state butterflies are Maharashtra (Blue Mormon), Uttarakhand (Common peacock), Karnataka (Southern birdwings).

     

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  • Graded Response Action Plan (GRAP)

     

    States in the National Capital Region were directed to be ready to implement actions under the ‘emergency’ category of the Graded Response Action Plan (GRAP) to control air pollution, said an official order.

    Graded Response Action Plan (GRAP)

    • In 2014, when a study by the WHO found that Delhi was the most polluted city in the world, panic spread in the Centre and the state government.
    • Approved by the Supreme Court in 2016, the plan was formulated after several meetings that the Environment Pollution (Prevention and Control) Authority (EPCA) held with state government and experts.
    • The result was a plan that institutionalized measures to be taken when air quality deteriorates.
    • GRAP works only as an emergency measure.

    How does it work?

    • As such, the plan does not include action by various state governments to be taken throughout the year to tackle industrial, vehicular and combustion emissions.
    • When the air quality shifts from poor to very poor, the measures listed under both sections have to be followed since the plan is incremental in nature.
    • If air quality reaches the severe+ stage, GRAP talks about shutting down schools and implementing the odd-even road-space rationing scheme.

    Measures taken under GRAP

    1) Severe+ or Emergency

    (PM 2.5 over 300 µg/cubic metre or PM10 over 500 µg/cu. m. for 48+ hours)

    • Stop entry of trucks into Delhi (except essential commodities)
    • Stop construction work
    • Introduce odd/even scheme for private vehicles and minimise exemptions
    • Task Force to decide any additional steps including shutting of schools

    2) Severe

    (PM 2.5 over 250 µg/cu. m. or PM10 over 430 µg/cu. m.)

    • Close brick kilns, hot mix plants, stone crushers
    • Maximise power generation from natural gas to reduce generation from coal
    • Encourage public transport, with differential rates
    • More frequent mechanized cleaning of road and sprinkling of water

    3) Very Poor

    (PM2.5 121-250 µg/cu. m. or PM10 351-430 µg/cu. m.)

    • Stop use of diesel generator sets
    • Enhance parking fee by 3-4 times
    • Increase bus and Metro services
    • Apartment owners to discourage burning fires in winter by providing electric heaters during winter
    • Advisories to people with respiratory and cardiac conditions to restrict outdoor movement

    4) Moderate to poor

    (PM2.5 61-120 µg/cu. m. or PM10 101-350 µg/cu. m.)

    • Heavy fines for garbage burning
    • Close/enforce pollution control regulations in brick kilns and industries
    • Mechanized sweeping on roads with heavy traffic and water sprinkling
    • Strictly enforce a ban on firecrackers

    Has GRAP helped?

    • The biggest success of GRAP has been in fixing accountability and deadlines.
    • For each action to be taken under a particular air quality category, executing agencies are clearly marked.
    • In a territory like Delhi, where a multiplicity of authorities has been a long-standing impediment to effective governance, this step made a crucial difference.

     

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  • Recurring urban floods point to need for moving away from land-centric urbanism

    Context

    Flood in Chennai has revived memories of the devastating Chennai floods of 2015, a collective trauma that its residents are yet to outlive.

    Role of climate change

    • In August this year, as monsoon floods raged across the subcontinent, IPCC’s 6th Assessment Report (AR6) was published.
    • The report noted the increasing frequency of heavy precipitation events since the 1950s and inferred that they were being driven by human-induced climate change.
    • The climate crisis, is here.
    • It has made extreme rainfall events more severe and unpredictable than ever before.

    Role of poor planning and encroachment

    • In 2015, the National Green Tribunal in India formed a committee to report on the status of natural stormwater drains in Delhi.
    • On inspection, out of the 201 “drains” recorded in 1976, 44 were found to be “missing.
    • Geospatial imaging established that 376 km of natural storm drains — encroached on and paved over — had disappeared from Bengaluru.
    • In both cases, these “missing” waterways were either encroached and built over or connected to sewage drains.
    • Poor design and corruption significantly contribute to urban floods.
    • By violating environmental laws and municipal bye-laws, open spaces, wetlands and floodplains have been mercilessly built over, making cities impermeable and hostile to rainwater.

    Way forward

    • We need to move away from land-centric urbanisation and recognise cities as waterscapes.
    • We need to let urban rivers breathe by returning them to their floodplains.
    • The entire urban watershed needs to heal, and for that to happen, we need less concrete and more democracy and science at the grassroots.

    Conclusion

    Ever since concretisation became shorthand for urbanisation, rainfall in a changing climate no longer finds its way towards subterranean capillaries or surface water bodies.

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  • Char Dham Road Project

    The needs of defence and environment have to be balanced and a “nuanced” approach is required, said the Supreme Court while hearing an appeal against the widening of roads in Uttarakhand hills for the “Char Dham project”.

    What is Char Dham?
    • The Char Dham is a set of four pilgrimage sites in India.
    • It is believed that visiting these sites helps achieve moksha (salvation).
    • The four Dhams are, Badrinath, Dwaraka, Puri and Rameswaram.

    The highway project

    • The Char Dham highway project connects the four himalayan shrines of Gangotri, Yamunotri, Kedarnath and Badrinath in Garhwal Himalayas.
    • It has 899-km road which the Centre wants to broaden near Dehradun.

    What is the controversy?

    The Supreme Court formed a high-powered committee (HPC) to examine the issues. In July 2020, the HPC submitted two reports after members disagreed on the ideal width for hill roads.

    • Deforestation: In 2018, the road-expansion project was challenged by an NGO for its potential impact on the Himalayan ecology due to felling trees, cutting hills and dumping muck (excavated material).
    • Terrain damage: It was observed that a wider road requires additional slope cutting, blasting, tunnelling, dumping and deforestation.
    • Increasing vulnerability: All of this will further destabilise the Himalayan terrain, and increase vulnerability to landslides and flash floods.

    Criticism of the Project

    • Work without clearance: Project work and felling of trees on different stretches, adding up to over 250 km, has been continuing illegally since 2017-18.
    • Misusing old clearance: Work started on stretches adding up to over 200 km on the basis of old forest clearances issued to the Border Roads Organisation during 2002-2012.
    • False declaration: The work began by falsely declaring that these stretches did not fall in the Eco Sensitive Zones of Kedarnath Wildlife Sanctuary, Rajaji National Park, Valley of Flowers National Park etc.

    The defence angle

    • Even as the project grappled to come clean, it garnered support from the MoD seeking a double-lane road to meet the requirement of the Army.
    • The project always had a strategic angle to it as the highways would facilitate troop movement to areas closer to the China border.
    • Suddenly, this became the sole justification for building wider roads.

     

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  • [pib] Mineral Conservation and Development (Amendment) Rules, 2021

    The Ministry of Mines has notified the Mineral Conservation and Development (Amendment) Rules (MCDR), 2021.

    About the Amendment

    • The MCDR have been framed under section 18 of the Mines and Minerals (Development and Regulation) Act, 1957.
    • It aims to provide rules regarding conservation of minerals, systematic and scientific mining, development of the mineral in the country and for the protection of environment.

    Key highlights of the amendments:

    Digital aerial imaging of the mines

    • Digital mapping: All plans and sections related to mine shall be prepared by combination of Digital Global Positioning System (DGPS) or Total Station or by drone survey.
    • Drone Imaging: Lessees having annual excavation plans of 1 million tonne or more or having leased area of 50 hectare or more are required to submit drone survey images of leased area and up to 100 meters outside the lease boundary every year.
    • Satellite imaging: Other lessees submit high resolution satellite images obtained from CARTOSAT-2 satellite

    This step will not only improve mine planning practices, security and safety in the mines but also ensure better supervision of mining operations.

    Penalty Provisions

    Penalty provisions in the rules have been rationalized. Amendment in the rules categorized the violations of the rules under the following major heads:

    • Major Violations: Penalty of imprisonment, fine or both.
    • Minor Violations: Penalty reduced. Penalty of only fine for such violations prescribed.
    • Decriminalization of Rules: Violation of other rules has been decriminalized. These rules did not cast any significant obligation on the concession holder or any other person

    Financial Assurance

    • Amount of financial assurance increased to five lakh rupees for Category ‘A’ mines and three lakh rupees for Category ‘B’ mines from existing three and two lakh rupees, respectively.
    • Provision of forfeiture of financial assurance or performance security of the lease holder added in case of non-submission of final mine closure plan within the period specified.

    Employment Opportunity

    • Allowed engagement of a part-time mining engineer or a part-time geologist for small mines which will ease compliance burden for small miners.
    • Diploma in mining and mine surveying is added in qualification for full-time Mining Engineer.

     

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  • Challenges in India’s net-zero emission target

    Context

    Even though New Delhi has invested in renewable energy and announced a net-zero target, there is a gap between the announcements and the ground reality, as is evident from the promotion of coal.

    India’s commitments

    •  AT the COP 26 in Glasgow, Prime Minister Narendra Modi announced that India has set a target of net-zero carbon emissions by 2070.
    • India also updated its Intended Nationally Determined Contributions (INDCs) that have to be met by 2030.
    • Its new pledge includes increasing the country’s installed renewable capacity to 500 GW, meeting 50 per cent of its energy requirements from non-fossil fuel sources.

    India’s achievements on past commitments

    • At the COP 21 in Paris, India, made similar ambitious announcements and aimed to reduce the economy-wide emissions intensity by 33-35 per cent from 2005 levels by 2030.
    • In August, the Ministry of New and Renewable Energy announced that the country has installed 100 GW of renewable energy capacity.
    • The majority of this 100 GW, about 78 per cent, is due to large-scale wind and solar power projects.
    • While this is a milestone, India is on track to accomplishing only about two-thirds of its planned renewable target of 175 GW installation by 2022.
    •  To achieve its new goals, India will need to do more in different directions.
    • For instance, it has a target of achieving 40 GW of green energy from the rooftop solar sector by 2022, but it has not been able to achieve even 20 per cent of that so far.
    • In the transport sector, India has targeted a 30 per cent share of electric vehicles (EV) in new sales for 2030.

    India’s climate actions against the Paris Agreement targets

    •  The Climate Action Tracker, an independent scientific analysis that tracks government climate action against the Paris Agreement targets, deems India’s performance as “highly insufficient” simply because coal represents about 70 per cent of the country’s energy supply. 
    • India also needs to cut down subsidies to the fossil fuel industry drastically — not the case currently.
    • While in the past seven years, the country has invested Rs 5.2 trillion in renewable energy, the investment in fossil fuel industry, though down by (only) 4 per cent from 2015-19, was Rs 245 trillion.
    • Coal production is estimated to increase to one billion tonnes by 2024 from 716 million tonnes in 2020-21.
    • According to the Central Electricity Authority, coal capacity is projected to increase from 202GW in 2021 to 266GW by 2029-30.
    • The Government of India is not actively discouraging such investments.
    • On the contrary, coal subsidies are still 35 per cent higher than the subsidies for renewables and coal-fired power generation receives indirect financial support from the government through income tax exemptions and land acquisition at a preferential rate.

    Conclusion

    It is also true that India’s energy transition would be in its own interest because, otherwise, economic growth will not be sustainable and human security will be at stake if dozens of millions of climate refugees are created due to the devastating consequences of climate change.

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  • Does India have a right to burn fossil fuels?

    Context

    There has been quite a lot of debate on India’s dependence on coal against the backdrop of the Conference of the Parties (COP26) meeting. The crux of the theoretical argument is that India needs to develop, and development requires energy.

    Carbon budget framework

    • India has neither historically emitted nor currently emits carbon anywhere close to what the global North has, or does, in per capita terms.
    • If anything, the argument goes, it should ask for a higher and fairer share in the global carbon budget.
    • There is no doubt that this carbon budget framework is an excellent tool to understand global injustice but to move from there to our ‘right to burn’ is a big leap.
    • However, the question is do the countries in the global South necessarily need to increase their share in the global carbon budget?

    Why should developing countries aim for development without increasing carbon emission

    1) Reducing the cost of renewable energy

    • Normally the argument in favour of coal is on account of its cost, reliability and domestic availability.
    • Recent data show that the levelised cost of electricity from renewable energy sources like solar (photovoltaic), hydro and onshore wind has been declining sharply over the last decade and is already less than fossil fuel-based electricity generation.
    •  On reliability, frontier renewable energy technologies have managed to address the question of variability of such sources to a large extent and, with technological progress, it seems to be changing for the better.
    • As for the easy domestic availability of coal, it is a myth.
    • India is among the largest importers of coal in the world, whereas it has no dearth of solar energy.

    2) Following different development model

    •  During the debates of post-colonial development in the Third World, there were two significant issues under discussion — control over technology and choice of techniques to address the issue of surplus labour.
    • India didn’t quite resolve the two issues in its attempts of import-substituting industrialisation which worsened during the post-reform period.
    • But it can address both today.
    • The abundance of renewable natural resources in the tropical climate can give India a head start in this competitive world of technology.
    • South-South collaborations can help India avoid the usual patterns of trade between the North and the South, where the former controls technology and the latter merely provides inputs.
    • And the high-employment trajectory that the green path entails vis-à-vis the fossil fuel sector may help address the issue of surplus labour, even if partially.
    • Such a path could additionally provide decentralised access to clean energy to the poor and the marginalised, including in remote regions of India.

    3) Limitation of addressing global injustice in terms of a carbon budget

    •  The framework of addressing global injustice in terms of a carbon budget is quite limiting in its scope in more ways than one.
    • Such an injustice is not at the level of the nation-states alone; there is such injustice between the rich and the poor within nations and between humans and non-human species.
    • A progressive position on justice would take these injustices into account instead of narrowly focusing on the framework of nation-states.
    • Moreover, it’s a double whammy of injustice for the global South when it comes to climate change.
    • Not only is it not primarily responsible, but the global South, especially its poor, will unduly bear the effect of climate change because of its tropical climate and high population density along the coastal lines.
    • So, arguing for more coal is like shooting oneself in the foot.

    Way forward

    • One of the ways in which this can be done is by making the global North pay for the energy transition in the South.
    • Chalking out an independent, greener path to development may create conditions for such negotiations and give the South the moral high ground to force the North to come to the table, like South Africa did at Glasgow.

    Conclusion

    Even if one is pessimistic about this path of righting the wrongs of the past, at the very least, it is better than the status quo.

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  • NASA’s DART mission to hit and deflect an Asteroid

    NASA will launch the agency’s first planetary defense test mission named the Double Asteroid Redirection Test (DART).

    What is DART Mission?

    • The main aim of the mission is to test the newly developed technology that would allow a spacecraft to crash into an asteroid and change its course.
    • It is a suicide mission and the spacecraft will be completely destroyed.
    • The target of the spacecraft is a small moonlet called Dimorphos (Greek for “two forms”).
    • It is about 160-metre in diameter and the spacecraft is expected to collide when it is 11 million kilometres away from Earth.
    • Dimorphos orbits a larger asteroid named Didymos (Greek for “twin”) which has a diameter of 780 metres.

    Is there any threat from this asteroid?

    • The asteroid and the moonlet do not pose any threat to Earth and the mission is to test the new technology to be prepared in case an asteroid head towards Earth in the future.
    • The spacecraft will navigate to the moonlet and intentionally collide with it at a speed of about 6.6 kilometres per second or 24,000 kilometres per hour.

    Why Dimorphos?

    • Didymos is a perfect system for the test mission because it is an eclipsing binary which means it has a moonlet that regularly orbits the asteroid.
    • It is observable when it passes in front of the main asteroid.
    • Earth-based telescopes can study this variation in brightness to understand how long it takes Dimorphos to orbit Didymos.

    How big is the spacecraft?

    • NASA states that DART is a low-cost spacecraft, weighing around 610 kg at launch and 550 kg during impact.
    • The main structure is a box (1.2 × 1.3 × 1.3 metres). It has two solar arrays and uses hydrazine propellant for manoeuvring the spacecraft.

     

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