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  • Capital Markets: Challenges and Developments

    What are AT1 Bonds?

    Prelims Only | Economics | Mains Paper 3: Effects Of Liberalization On The Economy, Changes In Industrial Policy and their effects on Industrial Growth

    The decision of the Securities and Exchange Board of India (SEBI) to slap restrictions on mutual fund (MF) investments in additional tier-1 (AT1) bonds has raised a storm in the MF and banking sectors.

    What are AT1 Bonds?

    • AT1 Bonds stand for additional tier-1 bonds. These are unsecured bonds that have perpetual tenure. In other words, the bonds have no maturity date.
    • They have a call option, which can be used by the banks to buy these bonds back from investors.
    • These bonds are typically used by banks to bolster their core or tier-1 capital.
    • AT1 bonds are subordinate to all other debt and only senior to common equity.
    • Mutual funds (MFs) are among the largest investors in perpetual debt instruments and hold over Rs 35,000 crore of the outstanding additional tier-I bond issuances of Rs 90,000 crore.

    What action has been taken by the Sebi recently and why?

    • In a recent circular, the Sebi told mutual funds to value these perpetual bonds as a 100-year instrument.
    • This essentially means MFs have to make the assumption that these bonds would be redeemed in 100 years.
    • The regulator also asked MFs to limit the ownership of the bonds to 10 per cent of the assets of a scheme.
    • According to the Sebi, these instruments could be riskier than other debt instruments.

    Try this PYQ:

    Consider the following statements:

    1. The Reserve Bank of India manages and services the Government of India Securities but not any State Government Securities.
    2. Treasury bills are issued by the Government of India and there are no treasury bills issued by the State Governments.
    3. Treasury bills offer are issued at a discount from the par value.

    Which of the statements given above is/are correct?

    (a) 1 and 2 only

    (b) 3 Only

    (c) 2 and 3 only

    (d) 1, 2 and 3

    How MFs will be affected?

    • Typically, MFs have treated the date of the call option on AT1 bonds as the maturity date.
    • Now, if these bonds are treated as 100-year bonds, it raises the risk in these bonds as they become ultra long-term.
    • This could also lead to volatility in the prices of these bonds as the risk increases the yields on these bonds rises.
    • Bond yields and bond prices move in opposite directions and therefore, the higher yield will drive down the price of the bond, which in turn will lead to a decrease in the net asset value of MF schemes holding these bonds.
    • Moreover, these bonds are not liquid and it will be difficult for MFs to sell these to meet redemption pressure.

    What’s the impact on banks?

    • AT1 bonds have emerged as the capital instrument of choice for state banks as they strive to shore up capital ratios.
    • If there are restrictions on investments by mutual funds in such bonds, banks will find it tough to raise capital at a time when they need funds in the wake of the soaring bad assets.
    • A major chunk of AT1 bonds is bought by mutual funds.

    Why has the Finance Ministry asked Sebi to review the decision?

    • The FM has sought withdrawal of valuation norms for AT1 bonds as it might lead to mutual funds making losses and exiting from these bonds, affecting capital raising plans of PSU banks.
    • The government doesn’t want a disruption in the fund mobilization exercise of banks at a time when two PSU banks are on the privatization block.
    • Banks are yet to receive the proposed capital injection in FY21 although they will need more capital to face the asset-quality challenges in the foreseeable future.
    • Fitch’s own estimate pegs the sector’s capital requirement between $15 billion-58 billion under various stress scenarios for the next two years, of which state banks account for the bulk.

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  • International Space Agencies – Missions and Discoveries

    Martian ‘Blueberries’

    Prelims Only | Science Tech | Mains Paper 3: Awareness in various sc and tech fields

    In 2004, NASA’s Mars exploration rover ‘Opportunity’ found several small spheres on the planet, informally named Martian blueberries which find a resemblance to the similar formation in India’s Kutch region.

    There have been several missions to the red planet this year. Make a note of all of them.

    Martian blueberries

    • Opportunity’s mini spectrometers studied mineralogy and noted they were made of iron oxide compounds called haematites.
    • This caused excitement, as the presence of haematites suggests that there was water present on Mars.
    • The widely accepted formation mechanism of hematite concretion [hard solid mass] is precipitation from aqueous fluids.
    • Hematite is known to form in oxidizing environments hence it can be inferred that water must have played a crucial role in the formation of grey hematite on Mars.

    What makes them so special?

    • Indian researchers have been studying hematite concretions in Kutch called the Jhuran formation.
    • These formations are 145 and 201 million years old.
    • Detailed geochemistry and spectroscopic investigations of the haematite concretions in this area revealed that they resemble the ones on Mars.
    • They have similar morphology – spherical, often doublet and triplet – and similar mineralogy – a mixture of haematite and goethite.
    • Hence, several types of research have shown that the Kutch area is a potential Martian analogue locality.

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  • Innovations in Sciences, IT, Computers, Robotics and Nanotechnology

    Raman Thermometry check on health of power lines

    Prelims Only | Science Tech | Mains Paper 3: Achievements Of Indians In S&T

    Researchers at IIT Madras have demonstrated that by using Raman thermometry on fibre optic cables, they can achieve the monitoring of power transmission cables.

    What is Raman Thermometry?

    • Raman spectroscopy is well known as an analytical method for identifying chemical compounds and characterizing the chemical bonding and solid-state structure of materials.
    • Perhaps less well known is the fact that one can use Raman spectroscopy to determine the temperature of the material being analyzed.

    For that, we need to get familiarized with Raman Effect

    • India’s first and so far only Nobel laureate in physics, C.V. Raman, won the prize for his discovery of the Raman Effect.
    • This consisted of experimental observations on the scattering of light.
    • In the Raman Effect, when light is scattered off an object, say a molecule, two bands are observed, with a higher and lower frequency than the original light, called the Stokes and anti-Stokes bands, respectively.
    • By studying the relative intensity of the two bands, it is possible to estimate the temperature of the object that scattered the light.
    • The anti-Stokes component of Raman scattering is strongly dependent on the temperature that the material is subjected to.

    Thus, by measuring the intensity of the anti-Stokes scattered light we can estimate the temperature. This is Raman thermometry.

    Try this PYQ:

    Q.Which Indian astrophysicist and Nobel laureate predicted rapidly rotating stars emit polarized light?

    (a) Subrahmanyan Chandrasekhar

    (b) CV Raman

    (c) Ramanujan

    (d) Amartya Sen

    What has IITM achieved?

    • The temperature measurement was performed in not just one location, but in a distributed manner using an optical fibre.
    • To achieve this, a pulse of light was launched into the optical fibre and the backscattered radiation was observed.
    • The time of flight of the backscattered radiation provided an estimate of the distance from which the light is backscattered.
    • This can go up to tens of kilometres. This technique is married to Raman thermometry to get the results for actual measurements over tens of kilometres.

    What makes this experiment special?

    • The distribution Sector considered the weakest link in the entire power sector.
    • We are much aware of Transmission and Distribution loss that is incurred to our DISCOMS.
    • This IITM technology helps analyze transmission efficiencies in a better way.
    • The present method devised by the team is both economical and provides real-time information.

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  • Innovations in Biotechnology and Medical Sciences

    Genetics of Eye Color

    Prelims Only | Science Tech | Mains Paper 3: Awareness in various sc and tech fields

    Researchers from London have found that eye colour in Asians with different shades of brown is genetically similar to eye colour in Europeans ranging from dark brown to light blue.

    Human Eye Colour

    • Human eye colour ranges from black, brown to blue, green, and even red.
    • Eye colour is primarily determined by melanin abundance within the iris pigment epithelium, which is greater in brown than in blue eyes.
    • There are two forms of melanin – eumelanin and pheomelanin – and the ratio of the two within the iris as well as light absorption and scattering by extracellular components are additional factors that give irises their colour.
    • Absolute melanin quantity and the eumelanin–pheomelanin ratio is higher in brown irises, while blue or green irises have very little of both pigments and relatively more pheomelanin.

    Try this PYQ:

    Q.Recently, LASIK (Lasser Assisted In Situ Keratomileusis) procedure is being made popular for vision correction. Which one of the following statements in this context is not correct?

    (a) LASIK procedure is used to correct refractive errors of the eye

    (b) It is a procedure that permanently changes the shapes of the cornea

    (c) It reduces a person’s dependence on glasses or contact lenses

    (d) It is a procedure that can be done on the person of any age

    What has the research found?

    • Previously a dozen genes (mainly HERC2 and OCA2) were found to influence eye colour.
    • The researchers have now identified 50 new genes for eye colour.
    • Genetic analysis of nearly 0.2 million people across Europe and Asia helped the researchers to identify the new genes.
    • The findings collectively explain over 53% of eye colour variation using common single-nucleotide polymorphisms.

    Outcome of the research

    • Overall, the study outcomes demonstrate that the genetic complexity of human eye colour considerably exceeds previous knowledge and expectations.
    • These findings will help improve our understanding of eye diseases such as pigmentary glaucoma and ocular albinism where pigment levels play a role.

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  • FDI in Indian economy

    Need for national security shield in FDI

    op-ed snap | Economics | Mains Paper 3: Indian Economy

     

    Relaxation on Chinese FDI

    • Last April, India had subjected all Chinese FDI to mandatory government screening.
    • The aim was to curb opportunistic takeovers of Indian companies, a concern fuelled by sharp corrections in equity markets in March 2020.
    • Several economies including the US, Australia, Canada and Germany faced similar concerns.
    • They blocked specific takeover attempts, using special laws for national security screening of inward FDI.
    •  In the absence of similar legislation, India did not differentiate between investments which raised genuine national security concerns and those that did not.
    • This is a crucial shortcoming.
    • With market indices now hovering at their peaks, reportedly India may allow Chinese FDI up to 25 per cent in equity under the automatic route.

    Regulation of FDI and issues with it

    • India regulates foreign investments primarily through FEMA.
    • FEMA clearly provides two specific macro-prudential objectives — facilitating external trade and payments; and promoting orderly development and maintenance of foreign exchange markets in India.
    • Accordingly, it empowers the central government and the RBI, acting in consultation with each other, to regulate capital account transactions.
    • These regulations determine who can invest through the FDI route, in which sector and how much.
    • In practice, however, FEMA regulations have often responded to concerns not strictly related to macro-prudential objectives.
    • One such concern has been national security.

    Need for the law to scrutinise FDI from national security angle

    • Shortcoming of FEMA underscores the need for India to emulates its western peers and enact a statute specifically designed for national security screening of strategic FDI.
    • Unlike FEMA, this new statute must explicitly lay down legal principles for determining when a foreign acquisition of an Indian company poses genuine national security threats.
    • In this regard, a policy paper published by the Peterson Institute for International Economics three types of legitimate threats from foreign acquisitions.

    3 Types of threat from foreign acquisitions

    1) Dependency on foreign supplier

    • The first threat arises if a foreign acquisition renders India dependent on a foreign-controlled supplier of goods or services crucial to the functioning of the Indian economy.
    • For this threat to be credible, it needs to be further established that the industry in which the acquisition is supposed to take place is tightly concentrated, the number of close substitutes limited, and the switching costs are high.

    2) Technology transfer

    • The second threat emanates from a proposed acquisition transferring a technology or an expertise to a foreign-controlled entity that might be deployed by that entity or a foreign government in a manner harmful to India’s national interests.
    • The credibility of this threat again depends on whether the market for such technology or expertise is tightly concentrated or if they are readily available elsewhere.

    3) Threat of infiltration, surveillance or sabotage

    • The third threat arises if a proposed acquisition allows insertion of some potential capability for infiltration, surveillance or sabotage via human or non-human agents into the provision of goods or services crucial to the functioning of Indian economy.
    • This threat is particularly credible when the target company supplies crucial goods or services to the Indian government, its military or even critical infrastructure units and the switching costs are high.

    Way forward

    • The above stated 3 types of threats could provide conceptual clarity in the new statute could make national security assessments objective, transparent and amenable to the rule of law.
    • On procedure, the statute must empower only the finance minister to reject certain strategic foreign acquisitions on national security grounds.
    • Both the power and accountability mechanisms should be hardcoded into the statute itself, as is the case in some mature parliamentary democracies.
    • For instance, the Australian Foreign Acquisitions and Takeovers Act, 1975 empowers the treasurer to block certain foreign acquisitions on national security grounds.
    • Similarly, the Investment Canada Act, 1985 empowers a minister to reject certain foreign acquisitions.

    Consider the question “India needs to recognise the national security threat emanating from strategic FDI. This requires identifying threats. In lights of this, examine the types of threats and suggest the ways to deal with it.” 

    Conclusion

    Overall, India’s tryst with Chinese FDI underscores the importance of identifying specific national security threats emanating from strategic FDI and addressing them objectively. This is too sensitive a matter to be left to capital controls under FEMA. A dedicated statute for national security screening of inward FDI would be best suited for handling such issues.

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  • Foreign Policy Watch: India-Middle East

    Factors driving India’s growing security footprints in West Asia

    op-ed snap | International Relations | Mains Paper 2: Effect Of Policies & Politics Of World On India’S Interests

    The article examines the factors that are leading to a growing footprint of Asian economies in West Asia.

    Growing interest of Asian Economies  in West Asia

    • This month, a contingent of the Indian Air Force participated in a multi-nation exercise hosted by the United Arab Emirates (UAE) named Desert Flag (March 3-27).
    • Other than India and the UAE, Bahrain, France, Saudi Arabia, South Korea and the United States are also participating.
    • While joint exercises in West Asia between Arab states and their western counterparts is common, the 2021 edition’s involvement of contingents from India and South Korea.
    • This showcases the growing interests of Asian economies.
    • As net importers of crude oil, these Asian economies rely heavily on the West Asian states for their supplies,
    • And, by association, Asian economies have increased stakes in the safety and security of the region from the perspective of political and economic stability.
    • And more importantly, in the protection of vital sea lanes in areas such as the Strait of Hormuz, the Gulf of Aden and the Red Sea stretching out into the Arabian Sea and the wider Indian Ocean.

    Declining U.S. influence

    • In April 2020, Saudi Arabia was India’s top supplier of oil followed by Iraq.
    • For South Korea, in late 2019, it was also Saudi Arabia as the top supplier.
    • The participation of both India and South Korea in these exercises in the Persian Gulf is reflective of these trends and growing concerns in Asian capitals over an eroding U.S. security blanket in the region.

    Tension in Iran-U.S. relations

    • Both India and South Korea have found themselves caught in regional tensions as the pressure on Iran to restart the 2015 nuclear agreement (Joint Comprehensive Plan of Action, or JCPOA) increases.
    • Both India and South Korea have faced carbon-copy consequences over the past decade as the West first negotiated with Iran, and later tried to manage the fallout of the JCPOA collapse.

    India’s role in protecting it’s energy interests

    • The idea of Asian nations having to band together to protect their energy interests in West Asia is not new.
    • Former Indian diplomats have even suggested an idea equitable to an ‘importers OPEC’ led by Asian states which today have a much larger stake in West Asia’s oil than the West.
    • The Indian Navy has made multiple port calls from the UAE and Kuwait to Iran and Qatar in recent years.
    • In 2020, India had also planned its first bilateral naval exercise with Saudi Arabia.

    Consider the question “Examine the factors responsible for India’s growing security footprint in West Asia and how India is achieving its objectives?”

    Conclusion

    Regional states will become more responsible for their own security, and as Asian economies become stronger stakeholders, their geopolitics will become more visible across this geography.

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  • Electoral Reforms In India

    Bureaucrats cannot be State Election Commissioners: SC

    SC Judgements | Polity | Mains Paper 2: Representation Of People’s Act

    The Supreme Court gas held that independent persons and not bureaucrats should be appointed State Election Commissioners.

    No bureaucrats in SEC

    • The judgment came on an appeal against an order of the Bombay High Court which had set aside the election notification issued by the Goa State Election Commission in some municipalities.
    • Justice F. Nariman, in a judgment, said giving government employees the additional charge of State Election Commissioners is a “mockery of the Constitution”.
    • It said government employees holding the post of State Election Commissioners as additional charge should give up the post.
    • The Supreme Court said its direction should be followed strictly.

    Why such a move?

    • Under the constitutional mandate, it is the duty of the State to not interfere with the functioning of the State Election Commission.
    • The independence of Election Commissions cannot be compromised at any cost, the Bench said.

    State Election Commission

    • Under the 73rd and 74th constitutional amendment acts, State Election Commissions were created for every state to conduct elections to panchayats and municipalities.
    • The SECs came into as envisaged in Articles 243K and 243ZA of the Constitution of India.
    • The above Articles provide that the superintendence, direction and control of the preparation of electoral rolls for, and the Conduct of all elections to the Panchayats and Municipalities shall vest in the SEC.
    • The Constitution itself has facilitated provision for smooth, free and fair, regular elections to the Local bodies and has, therefore, entrusted the SEC with the responsibility for holding such elections.
    • In the domain of the elections to the local bodies, the SEC functions independently and has the same powers and duties as that of the Election Commission of India.

    Try this PYQ:

    Q.The Constitution (Seventy-Third Amendment) Act, 1992, which aims at promoting the Panchayati Raj Institutions in the country, provides for which of the following?

    1. Constitution of District Planning Committees.
    2. State Election Commissions to conduct all panchayat elections.
    3. Establishment of State Finance Commissions.

    Select the correct answer using the codes given below:

    (a) Only 1

    (b) 1 and 2 only

    (c) 2 and 3 only

    (d) 1, 2 and 3

    The Election Commissioner

    • The State Election Commissioner is appointed by the Governor.
    • It has the status, salary and allowance of a Judge of a High Court and cannot be removed from office except in the like manner and on the like grounds as a Judge of a High Court.
    • The Election Commissioner is also the Chairman of the Delimitation Commission.

    Its duties

    • The first and foremost duty of the SEC is to prepare the elector rolls of Panchayats, Municipalities and Municipal Corporation and conduct their elections.

    In addition to the above functions, the State Election Commission has also the following functions:

    1. Conduct of elections to the offices of the Mayor/Chairman/President/Deputy Mayor/Vice Chairman/Vice President and the no-confidence motion against them.
    2. Conduct of the Elections to various Standing Committees and their Chairpersons
    3. Determination of disqualification of elected members/Councilors.
    4. Determination of disqualification of elected members on the ground of defection.

    Back2Basics: Election Commission of India (ECI)

    • ECI is an autonomous and permanent constitutional authority responsible for administering election processes in India at the national and state level.
    • The body administers elections to the Lok Sabha, Rajya Sabha, State Legislative Assemblies, State Legislative Councils and the offices of the President and Vice President of the country.
    • The EC operates under the authority of the Constitution per Article 324 and subsequently enacted the Representation of the People Act.
    • The commission has the powers under the Constitution, to act in an appropriate manner when the enacted laws make insufficient provisions to deal with a given situation in the conduct of an election.
    • Being a constitutional authority, EC is amongst the few institutions which function with both autonomy and freedom, along with the country’s higher judiciary, the UPSC and the CAG.

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  • Minority Issues – SC, ST, Dalits, OBC, Reservations, etc.

    Places of Worship Act, 1991

    | Indian Society | Mains Paper 1: Communalism, Secularism, Regionalism

    The Supreme Court has asked the Centre to respond to a plea challenging the Places of Worship (Special Provisions) Act, 1991. The court has opened the doors for litigation in various places of worship across the country including Mathura and Varanasi.

    Take this ‘wonderful’ question from CS Mains 2019:

    Q.What are the challenges to our cultural practices in the name of secularism?

    Places of Worship Act, 1991

    • It was passed in 1991 by the P V Narasimha Rao-led government.
    • The law seeks to maintain the “religious character” of places of worship as it was in 1947 — except in the case of the Ram Janmabhoomi-Babri Masjid dispute, which was already in court.
    • The law was brought in at the peak of the Ram Mandir movement, exactly a year before the demolition of the Babri Masjid.
    • Introducing the law, then Home Minister S B Chavan said in Parliament that it was adopted to curb communal tension.

    What are its provisions?

    The objective of the law describes it as an Act to prohibit conversion of any place of worship.

    • It aims to provide for the maintenance of the religious character of any place of worship as it existed on the 15th day of August 1947, and for matters connected therewith or incidental thereto”.
    • Sections 3 and 4 of the Act declared that the religious character of a place of worship shall continue to be the same as it was on August 15, 1947.
    • No person shall convert any place of worship of any religious denomination into one of a different denomination or section.
    • Section 4(2) says that all suits, appeals or others regarding converting the character of a place of worship, that was pending on August 15, 1947, will stand abated when the Act commences and no fresh proceedings can be filed.
    • However, legal proceedings can be initiated after the commencement of the Act if the change of status took place after the cut-off date of August 15, 1947.

    What does it say about Ayodhya, and what else is exempted?

    • Act does not to apply to Ram Janma Bhumi Babri Masjid.

    Besides the Ayodhya dispute, the Act also exempted:

    • any place of worship that is an ancient and historical monument or an archaeological site, or is covered by the Ancient Monuments and Archaeological Sites and Remains Act, 1958;
    • a suit that has been finally settled or disposed of;
    • any dispute that has been settled by the parties or conversion of any place that took place by acquiescence before the Act commenced.

    What has the Supreme Court said about the Act?

    • In the 2019 Ayodhya verdict, the Constitution Bench led by former CJI Ranjan Gogoi referred to the law and said it manifests the secular values of the Constitution and strictly prohibits retrogression.
    • In providing a guarantee for the preservation of the religious character of places, Parliament determined that independence from colonial rule furnishes a constitutional basis for healing the injustices of the past.
    • The law addresses itself to the State as much as to every citizen of the nation. Its norms bind those who govern the affairs of the nation at every level.
    • Those norms implement the Fundamental Duties under Article 51A and are hence positive mandates to every citizen as well.

    Why is the law under challenge?

    • A politician has challenged the law on the ground that violates secularism.
    • He has also argued that the cut-off date of August 15, 1947, is “arbitrary, irrational and retrospective” and prohibits Hindus, Jains, Buddhists, and Sikhs from approaching courts to “reclaim” their places of worship.
    • Such places, he argued, were “invaded” and “encroached” upon by “fundamentalist barbaric invaders”.
    • The right-wing politicians have opposed the law even when it was introduced, arguing that the Centre has no power to legislate on “pilgrimages” or “burial grounds” which is under the state list.
    • Another criticism against the law is that the cut-off is the date of Independence, which means that the status quo determined by a colonial power is considered final.

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  • Air Pollution

    Curbing Benzene Emission

    Prelims Only | Enviro & Biodiversity | Mains Paper 3: Conservation, Environmental Pollution & Degradation, Eia

    A joint committee appointed by the National Green Tribunal (NGT) to study air pollution in Kerala has pointed out that petrol refuelling stations were a major source of benzene emissions and volatile organic compounds (VOCs).

    Why such a move?

    • Benzene is a major constituent of evaporative emission due to its high volatility.

    Try this PYQ:

    Q.Consider the following:

    1. Carbon monoxide
    2. Methane
    3. Ozone
    4. Sulphur dioxide

    Which of the above are released into atmosphere due to the burning of crop/biomass residue?

    (a) 1 and 2 only

    (b) 2, 3 and 4 only

    (c) 1 and 4 only

    (d) 1, 2, 3 and 4

    What is Benzene?

    • Benzene is a chemical that is a colourless or light yellow liquid at room temperature. It has a sweet odour and is highly flammable.
    • It evaporates into the air very quickly. Its vapour is heavier than air and may sink into low-lying areas.
    • It dissolves only slightly in water and will float on top of the water.

    Its formation and uses

    Benzene is formed from both natural processes and human activities.

    • Natural sources of benzene include volcanoes and forest fires. Benzene is also a natural part of crude oil, gasoline, and cigarette smoke.
    • Some industries use benzene to make other chemicals that are used to make plastics, resins, and nylon and synthetic fibres.
    • It is also used to make some types of lubricants, rubbers, dyes, detergents, drugs, and pesticides.

    Benzene emission

    • The major sources of benzene exposure are tobacco smoke, automobile service stations, exhaust from motor vehicles, and industrial emissions.
    • Benzene is present in both exhaust and evaporative emissions. Motor vehicles account for approximately 85% of the total benzene emissions.
    • However, ingestion and dermal absorption of benzene can also occur through contact with contaminated water.

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  • Global Geological And Climatic Events

    2001 FO32: the largest asteroid passing by Earth

    Prelims Only | Science Tech | Mains Paper 3: Awareness in various sc and tech fields

    On March 21, the largest asteroid predicted to pass by Earth in 2021 will be at its closest. It is called 2001 FO32.

    Try this PYQ:

    Q.Which of the following is/are cited by the scientists as evidence/evidence for the continued expansion of the universe?

    1. Detection of microwaves in space
    2. Observation of redshirt phenomenon in space
    3. Movement of asteroids in space
    4. Occurrence of supernova explosions in space

    Codes:

    (a) 1 and 2 only

    (b) 2 only

    (c) 1, 3 and 4

    (d) None of the above can be cited as evidence.

    2001 FO32

    • There is no threat of a collision with our planet now or for centuries to come.
    • Scientists know its orbital path around the Sun very accurately since it was discovered 20 years ago and has been tracked ever since.
    • It won’t come closer than 2 million km to Earth, but it will present a valuable scientific opportunity for astronomers who can get a good look at a rocky relic that formed at the dawn of our Solar System.

    Proximity to Earth

    • For comparison, when it is at its closest, the distance of 2 million km is equal to 5¼ times the distance from Earth to the Moon.
    • Still, that distance is close in astronomical terms, which is why 2001 FO32 has been designated a “potentially hazardous asteroid”.
    • The reason for the asteroid’s unusually speedy close approach is its highly eccentric orbit around the Sun, an orbit that is tilted 39° to Earth’s orbital plane.
    • This orbit takes the asteroid closer to the Sun than Mercury, and twice as far from the Sun as Mars.
    • Later, the asteroid slows after being flung back out into deep space and swinging back toward the Sun. It completes one orbit every 810 days (about 2¼ years).

    Studying the visitor

    • This asteroid will provide an opportunity for astronomers to get a more precise understanding of the asteroid’s size and albedo (i.e. how bright, or reflective, its surface is), and a rough idea of its composition.
    • When sunlight hits an asteroid’s surface, minerals in the rock absorb some wavelengths while reflecting others.
    • By studying the spectrum of light reflecting off the surface, astronomers can measure the chemical “fingerprints” of the minerals on the surface of the asteroid.

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