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  • Parliament – Sessions, Procedures, Motions, Committees etc

    What is Governor’s immunity under Article 361, set to be reviewed by Supreme Court?

    Prelims Only | Polity | Mains Paper 2: Indian Constitution – historical underpinnings, evolution, features, amendments, significant provisions and basic structure

    Why in the News?

    • The Supreme Court has agreed to hear a plea seeking to redefine the constitutional immunity of state Governors.
      • Article 361 of the Constitution shields the President and Governors from criminal prosecution and judicial scrutiny.
      • The Supreme Court will interpret whether the immunity includes the registration of an FIR, initiation of a preliminary inquiry, or a magistrate taking cognisance of an offence.

    Origins of Governor’s Immunity

    • The concept of immunity is based on the Latin maxim “rex non potest peccare” (the king can do no wrong), rooted in English legal traditions.
    • During the Constituent Assembly debates in 1949, member H. V. Kamath questioned whether immunity meant no proceedings could be instituted against the President or Governor during their term or only while they were in office.
      • The article was adopted without further debate on criminal immunity.

    What are immunities under Article 361?

    • According to Article 361(1), the President or a Governor is not answerable to any court for the exercise of their powers and duties.
    • Article 361(2) ensures that NO criminal proceedings can be initiated or continued against the President or Governor during their term.
    • Article 361(3) prohibits the arrest or imprisonment of the President or Governor while they are in office.
    • Article 361(4) states that civil lawsuits for personal acts against the President or Governor cannot be initiated during their term and can only proceed two months after a written notice is given post-term.

    Judicial Interpretations of Article 361:

    • Dr SC Barat and Anr vs. Hari Vinayak Pataskar Case (1961): Distinguished between the Governor’s official and personal actions. While official actions have complete immunity, civil proceedings for personal acts can proceed with prior notice.
    • Rameshwar Prasad vs. Union of India Case (2006): The Supreme Court recognized “complete immunity” for constitutional actions under Article 361(1), but allowed judicial review for actions taken with malicious intent.
    • Vyapam Scam Case (2015): The Madhya Pradesh High Court ruled that Governor Ram Naresh Yadav had absolute protection under Article 361(2), preventing his name from being included in the investigation to avoid undue legal harassment.
    • State of UP vs. Kalyan Singh Case (2017): The Supreme Court upheld that Kalyan Singh, while serving as Governor of Rajasthan, was immune under Article 361. Legal proceedings related to the Babri Masjid demolition were to resume after his term.
    • Telangana High Court Judgment (2024): Observed that the Constitution does not explicitly or implicitly bar judicial review of actions taken by a Governor, and stated that Article 361 immunity is personal and does not exclude judicial review.

    Case for Revisiting Immunity

    The debate on executive immunity is ongoing in other countries as well.

    • The US Supreme Court recently decided that former President Donald Trump is entitled to “absolute immunity” from criminal prosecution for official acts but not for unofficial or personal acts.
    • In India, the discussion is viewed within the larger context of the tension between Governors and opposition-ruled state governments.
    • The Supreme Court has noted instances where Governors acted with political motives.

    PYQ:

    [2018] Consider the following statements:

    1. No criminal proceedings shall be instituted against the Governor of a State in any court during his term of office.
    2. The emoluments and allowances of the Governor of a State shall not be diminished during his term of office.

    Which of the statements given above is/are correct?

    (a) 1 only

    (b) 2 only

    (c) Both 1 and 2

    (d) Neither 1 nor 2

    [2019] Which one of the following suggested that the Governor should be an eminent person from outside the State and should be a detached figure without intense political links or should not have taken part in politics in the recent past?

    (a) First Administrative Reforms Commission (1966)

    (b) Rajamannar Committee (1969)

    (c) Sarkaria Commission (1983)

    (d) National Commission to Review the Working of the Constitution (2000)

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  • Economic Indicators and Various Reports On It- GDP, FD, EODB, WIR etc

    India’s economy projected to grow at 6.5% to 7% in FY ending March 2025.

    Prelims Only | Economics | Mains Paper 3: Indian Economy

    Why in the News?

    • India’s economy is projected to grow at 6.5% to 7% in the fiscal year ending March 2025.
      • The Economic Survey for 2023-24 highlights the need to address inequality and unemployment as policy priorities.

    Policy Recommendations by Chief Economic Adviser (CEA)

    • Regulatory Burdens: CEA V. Anantha Nageswaran advocates for Central and State governments to reduce regulatory burdens on businesses.
    • Corporate Responsibility: He urges the corporate sector to create productive jobs, emphasizing their responsibility in generating employment.

    Various Challenges discussed

    (1) Challenges in the IT Sector:

    • Slowdown in Hiring: The CEA notes a significant slowdown in IT sector hiring over the last two years.
    • AI and Labor: He encourages the industry to use AI to augment labor rather than replace workers.

    (2) Skilling Initiatives

    • Addressing Inequality: The Economic Survey suggests steps to tackle inequality, improve health, and bridge the education-employment gap.
    • Skilling Reboot: A reboot of India’s skilling initiatives is proposed to provide the industry with people having the right attitude and skills.

    (3) Corporate Sector and Economic Growth

    • Demand and Employment: The Survey emphasizes the benefits for corporates from higher demand generated by employment and income growth.
    • Warning against Short-Termism: It warns against “short-termism” which can weaken economic linkages.

    (4) State Capacity and Consensus Building:

    • Enhancing State Capacity: Enhancing state capacity is critical for the strategy to work.
    • Need for Consensus: The CEA stresses the need for consensus between governments, businesses, and the social sectors for effective transformation.

    (5) Land Acquisition and Investment Concerns:

    • Land Use Norms: While the Survey does not mention land acquisition reform, it highlights the need to deregulate land use norms and consolidate farmland holdings.
    • Investment Cautions: The Survey cautions about private capital formation being cautious due to fears of cheaper imports, indirectly referencing China.

    (6) Foreign Direct Investment (FDI) Challenges:

    • Attracting FDI: Attracting FDI will be challenging due to higher interest rates and developed countries encouraging domestic investments through subsidies.
    • Addressing Uncertainties: Despite progress, uncertainties related to transfer pricing, taxes, and import duties need to be addressed.

    Structural Reforms

    • Existing Reforms: Structural reforms such as GST and the Insolvency and Bankruptcy Code are delivering expected results.
    • Next-Gen Reforms: The Survey calls for “next-gen reforms” that are bottom-up in nature to achieve sustainable, balanced, and inclusive growth.

    Strategic Directions for Growth

    • Six-Pronged Strategy: The Survey outlines a six-pronged strategy for growth, emphasizing private sector investments and a fair share of income for workers.
    • Focus Areas: Other focus areas include financing the green transition, removing barriers for MSMEs, and implementing intelligent farmer-friendly policies.

    Conclusion

    • Sustained Growth Potential: The economy can grow at over 7% on a sustained basis in the medium term by building on past reforms.
    • Tripartite Compact: Achieving this growth requires a tripartite compact between the Centre, States, and the private sector.

    PYQ:

    [2013] Economic growth in country X will necessarily have to occur if:

    (a) There is technical progress in the world economy.

    (b) There is population growth in X.

    (c) There is capital formation in X.

    (d) The volume of trade grows in the world economy.

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

    Will local job quotas pass the legal test?    

    Explained | Governance | Mains Paper 2: Governance, Transparency & Accountability, Citizens Charters

    Why in the News? 

    The Karnataka State Employment Bill, 2024, proposing private sector reservations for Kannadigas, is on hold after backlash from business and industry leaders.

    What Does the Constitution Say?

    • Equality of Opportunity (Article 16):
      • Article 16(1): Guarantees equality of opportunity in public employment and prohibits discrimination based on race, religion, caste, sex, descent, place of birth, or residence.
      • Article 16(3): Allows Parliament to prescribe residence requirements for public office in a specific state or Union Territory, but this power does not extend to state legislatures.
    • Freedom of Movement and Residence (Article 19):
      • Article 19(1)(d): Ensures the freedom of movement throughout India.
      • Article 19(1)(e): Grants the right to reside and settle in any part of India.
      • Article 19(1)(g): Protects the right to practice any profession or carry on any occupation, trade, or business.
    • Legislative Powers (Article 35):
      • Article 35(a): Designates Parliament as the sole authority to make laws concerning residence requirements for employment or appointments to public offices, thereby restricting state legislatures from enacting such laws.

    Why Is the constitutionality of the Karnataka State Employment of local candidates in the Industries, factories and Other Establishments Bill, 2024, being doubted?

    • Absence of Provision for Private Sector Reservation: The Constitution does not provide for reservation in the private sector, leading to concerns about the legality of such mandates at the state level.
    • Legislative limits on residential criteria: State Assemblies lack the power to prescribe residential criteria for private sector employment, as such powers are reserved for Parliament under Article 35(a).
    • Impact on Fundamental Rights:
      • The Bill may infringe on citizens’ rights under Article 19(1)(d) and (e), restricting their freedom of movement and right to reside or settle in different states.
      • The quota system might violate Article 19(1)(g), impinging on individuals’ freedom to pursue occupations of their choice.

    What Is the Status of Similar Laws in Other States Such as Haryana?

    • Haryana State Employment of Local Candidates Act, 2020: Mandated 75% reservation in the private sector for jobs with salaries up to ₹30,000. This Act was struck down by the Punjab and Haryana High Court, and the matter is pending before the Supreme Court.
    • Andhra Pradesh Employment of Local Candidates in Industries/Factories Act, 2019: Proposed 75% reservation for local candidates and allowed a three-year period for training and engagement. This Act has faced legal challenges and has not been zealously implemented by the government.
    • Jharkhand Definition of Local Persons Bill: Initially faced resistance from the Governor over its constitutionality, especially regarding 100% reservation for locals in certain job categories. The bill was re-enacted in December 2023 despite concerns about its constitutionality.

    Way forward: 

    • Inclusive Dialogue: The Karnataka government should engage in comprehensive consultations with all stakeholders, including industry representatives, legal experts, and civil society, to understand their concerns and suggestions.
    • Impact Analysis: Need to conduct a detailed socio-economic impact assessment of the proposed reservation policy can provide insights into its potential benefits and drawbacks.

    Mains PYQ: 

    Q The reservation of seats for women in the institutions of local self-government has had a limited impact on the patriarchal character of the Indian Political Process.” Comment. (2019)

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  • Foreign Policy Watch: India-Bangladesh

    On the student protests in Bangladesh    

    Explained | International Relations | Mains Paper 2: Bilateral, Regional and Global Groupings and agreements involving India

    Why in the News? 

    At least 130 people have died in clashes during student protests over government job quotas in Bangladesh.

    Why have students in Bangladesh taken to the streets?

    • Opposition to Quota System: Students are protesting against the quota system for government jobs, specifically the 30% reserved for freedom fighters and their descendants, which they believe limits merit-based opportunities.
    • Reversal of Quota Reforms: The protests intensified after the Supreme Court restored the quota system, reversing the previous decision to abolish it. Students demand a more balanced and inclusive quota system.

    Why Is the 30% quota for Freedom fighters and their descendants an emotive matter for the Awami League?

    • Legacy of Sheikh Mujib: The quota system was introduced by Sheikh Mujibur Rahman, and continuing it is seen as fulfilling his legacy and honouring the sacrifices of freedom fighters.
    • Political Significance: The Awami League views the quota as a means to reinforce support within the bureaucracy and maintain political loyalty, linking it closely to the party’s historical and ideological narrative.

    How did the protests turn violent?

    • The violence escalated when Prime Minister Sheikh Hasina labeled protesters as “razakars” or traitors, which enraged students and led to violent clashes with the police and Rapid Action Battalion (RAB).
    • The situation deteriorated to the point where the military had to be deployed to control the unrest, further intensifying the violence and confrontation between protesters and authorities.

    Have the Quotas Been Misused?

    • Allegations of Abuse: There have been claims that the quota system has been misused, with reservations extended to party operatives and not just deserving freedom fighters’ descendants.
    • Dilution and Extension: The quota system, initially meant for freedom fighters and war survivors, has been criticized for being extended to broader categories over time, leading to concerns about fairness and effective utilization.

    India’s recent Initiatives – ‘Strengthening Ties and Empowering Governance’

    • Economic Cooperation: India and Bangladesh agreed to strengthen trade and investment linkages, including the early commencement of negotiations for a Comprehensive Economic Partnership Agreement (CEPA).
    • Capacity Building for Civil Servants: India has been providing training and capacity-building programs for Bangladeshi civil servants through the National Centre for Good Governance (NCGG).
    • Development Assistance: India is the largest development partner for Bangladesh, having extended approximately $8 billion in Lines of Credit (LOC) over the past eight years for infrastructure development in sectors such as roads, railways, and shipping.

    Way forward: 

    • Balanced Approach: The Bangladesh government should consider a transparent and balanced quota reform that addresses both merit-based and reservation needs.
    • Monitoring and Accountability: Establishing mechanisms to monitor the implementation of quotas and prevent misuse is crucial.

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  • BRICS Summits

    The importance of both Quad and BRICS  

    Explained | International Relations | Mains Paper 2: Bilateral, Regional and Global Groupings and agreements involving India

    Why in the News? 

    Recently, the Quad Foreign Ministers’ meeting in Japan highlighted the UNSC’s paralysis, ongoing violations of international law, and the growing influence of China and an axis of Russia, China, North Korea, and Iran.

    Present State of the UNSC:

    • Paralysis and Ineffectiveness: The United Nations Security Council (UNSC) is currently paralyzed, unable to effectively address or resolve significant global conflicts. Efforts to reform the UNSC have stalled, leaving it incapable of adapting to contemporary geopolitical realities.
    • Impunity in Violations of International Law: International law is being violated with impunity in conflicts such as the Ukraine war and the assault on Gaza by Israel.
      • The UNSC’s inability to act decisively has contributed to a growing disregard for its authority and mandates.

    Role of India in QUAD:

    • Strategic Partnership: India’s involvement in QUAD enhances its strategic partnerships with the other member nations, allowing for collaborative efforts in maritime security, humanitarian assistance, and disaster relief operations.
    • Building Indo-In Pacific Policy: One of the primary objectives of QUAD is to mitigate China’s assertive actions in Indo Pacific region.
      • India is positioned to take on a leadership role in regional security.
    • Economic Collaboration: The QUAD nations are working towards strengthening economic ties, including infrastructure development at ‘Strait of Malacca’  and alternative financing options for Indo-Pacific countries.
    • Humanitarian Assistance and Disaster Relief: India has actively engaged in humanitarian efforts, exemplified by its Operation Sanjeevani, which provided medical assistance to several Indo-Pacific nations during the COVID-19 pandemic.

    Silverlining on BRICS

    • Promoting South-South Cooperation: BRICS represents a significant non-Western global initiative in the post-Cold War era. It can bring together major emerging economies from different parts of the world.
    • Amplifying Voices in Global Governance: The BRICS Population is around 40% of the world so the BRICS nations can amplify their voices in global governance and expand their choices of international partners through this grouping.
    • Fostering Economic Resilience: Despite the ongoing COVID-19 pandemic, BRICS has emerged as a more effective and efficient institution in fostering economic resilience among its member nations.
    • Exploring Alternative Financial Mechanisms: BRICS has taken steps to establish alternative financial mechanisms, such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA).
      • Role BRICS group in G20: The BRICS group has consistently pushed for the inclusion of development issues in the G20 agenda. They argue that the G20 should prioritize the needs of developing countries, particularly in terms of infrastructure investment and social sector support
    • Promoting Sustainable Development: The BRICS nations have emphasized the importance of responsible financing for green and sustainable development.
    • Initiatives like the NDB’s focus on sustainable infrastructure projects which would help in achieving of SDG Goal 9.

    Conclusion: Need to support and advocate for comprehensive reforms of the UNSC to address its paralysis and enhance its effectiveness. This includes expanding permanent membership to better represent contemporary global dynamics and improving decision-making processes to tackle conflicts with greater agility.

    Mains PYQ: 

    Q Quadrilateral Security Dialogue (Quad) is transforming itself into a trade bloc from a military alliance, in present times Discuss. (2020)

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  • Women empowerment issues – Jobs,Reservation and education

    What is the gender gap in education?  

    Explained | Indian Society | Mains Paper 1: Role Of Women & Women Organization

    Why in the news? 

    The 2024 World Economic Forum (WEF) report on global gender gaps has ranked India at 129 out of 146 economies, marking a decline of two positions from the previous year.

    Key Highlights by WEF Report:

    • Gender Parity Regression: India’s gender parity levels in educational attainment dipped in the 18th edition of the report, with a score of 0.964, down from a perfect 1.000 in the 17th edition.
      • This decline is attributed to a 17.2 percentage point gap between men’s and women’s literacy rates, causing India to rank 124th on this indicator.
    • Data Update and Period Variation: WEF’s Insight and Data Lead, Ricky Li, explained that the regression is due to updated data from UNESCO for the 2022 and 2023 periods, contrasting with the data from 2018, 2021, and 2022 used in the previous edition.
      • This emphasizes the impact of periodic updates and corresponding periods on the gender parity score.

    What do figures from the Unified District Information System for Education and the All India Survey on Higher Education indicate? 

    • Overall Enrolment and Gender Ratio: UDISE+ (2021-22) shows that girls constitute 48% of the school population, with enrolment increasing from 46.8% in preschool/kindergarten to 48.3% in higher secondary education.
    • Gross Enrolment Ratio (GER) in Higher Education: AISHE (2021-22) reports that the GER for women in higher education is 28.5%, slightly higher than the male GER of 28.3%, indicating a positive trend in female participation in higher education.
    • Trends in Female Enrolment: Female enrolment has seen a 32% increase since 2014-15, demonstrating significant progress in higher education, despite challenges such as lower enrolment in STEM fields and regional disparities in secondary education access.

    Are girls more likely to complete secondary education when they have access to it? 

    • Yes, girls are more likely to complete secondary education when they have access to it. The data from UDISE+ (2021-22) shows that while there is a slight drop in the percentage of girls enrolled in secondary education (47.9%), those who do have access to secondary education are more likely to continue to higher secondary education, where the gender gap narrows again to 48.3%.
    • This trend indicates that providing access to secondary education facilities helps girls stay in school and complete their education.

    What needs to be done to ensure girls and boys, don’t drop out? (Way forward)

    • Addressing Socio-Cultural Barriers:  Raising awareness about social issues such as early marriage, which disproportionately affects girls, is essential. Collaborating with local authorities and community leaders to advocate for girls’ education can help mitigate these challenges
    • Community Involvement: Engaging parents and the community in the educational process can foster a supportive environment for students. This can include parent workshops, support groups, and regular communication about student progress.
    • Flexible Learning Options:  Offering flexible learning arrangements, such as part-time schooling or distance education, can accommodate students facing economic or personal challenges. This flexibility can help students balance their responsibilities while continuing their education.
    • Vocational Training and Skill Development: Incorporating vocational training programs into the school curriculum can equip students with practical skills that increase their employability. This can motivate students to stay in school as they see a direct link between education and future job opportunities

    Mains PYQ: 

    Q Can the vicious cycle of gender inequality, poverty and malnutrition be broken through microfinancing of women SHGs? Explain with examples. (2021)

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  • Modern Indian History-Events and Personalities

    National Flag Day, 2024

    Prelims Only | History | Mains Paper 1: Modern Indian History

    Why in the News?

    On 22nd July in 1947, the Constituent Assembly of India adopted the National Flag.

    PC: The Better India

    About the National Flag Day

    • The Constituent Assembly met in New Delhi at 10 o’clock, chaired by Dr. Rajendra Prasad.
    • The Assembly had been meeting since December 9, 1946, discussing various subjects.
    • The Chair announced the first agenda item: “a Motion by Pandit Jawaharlal Nehru about the Flag.”

    Jawaharlal Nehru’s Resolution on National Flag

    • India’s first Prime Minister, Jawaharlal Nehru, moved the Resolution:
      • The National Flag of India shall be a horizontal tricolour of deep Saffron (Kesari), white, and dark green in equal proportion.
      • In the centre of the white band, there shall be a navy blue Wheel representing the Charkha.
      • The design of the Wheel is based on the Chakra from the Sarnath Lion Capital of Ashoka.
      • The diameter of the Wheel approximates the width of the white band.
      • The ratio of the width to the length of the Flag shall be 2:3.
    • The motion was adopted unanimously by the Assembly.
    • Adoption by Popular Acclaim:
    • Nehru mentioned that the Flag was adopted by popular acclaim and sacrifice over the past decades.
    • Nehru clarified that the Flag was not meant to be seen in communal terms.
    • The design was intended to represent the spirit and tradition of India, grown over thousands of years.

    Reactions and Support

    • There were no significant objections to Nehru’s Resolution.
    • Several members, including Seth Govind Das, V I Muniswami Pillai, Chaudhri Khaliquzzaman, S Radhakrishnan, Saiyid Mohammad Saadulla, Frank R Anthony, and Sarojini Naidu, paid tributes to the Flag and supported the Resolution.
    • H V Kamath suggested adding a Swastika inside the Chakra to symbolize peace but withdrew the amendment after seeing the Flag’s design.
    • Dr. P S Deshmukh preferred retaining the original tricolour with the Charkha but did not push his amendment, respecting the House’s preference.

    Back2Basics: History of Our National Flag

    First Public Display in Kolkata (1906):

    • The first national flag of India was hoisted on August 7, 1906, in Kolkata at Parsee Bagan Square (Green Park).
    • The flag had three horizontal stripes of red, yellow, and green, with “Vande Mataram” inscribed in the center.
      • Symbolism: The red stripe included symbols of the sun and a crescent moon, while the green stripe featured eight half-open lotuses.
    • The flag is believed to have been designed by freedom activists Sachindra Prasad Bose and Hemchandra Kanungo.

    Indian Flag in Germany:

    • In 1907, Madame Cama and her group of exiled revolutionaries hoisted an Indian flag in Germany.
    • This event marked the first time the Indian flag was hoisted in a foreign country.

    Home Rule Movement Flag:

    • Dr. Annie Besant and Lokmanya Tilak introduced a new flag in 1917 as part of the Home Rule Movement.
    • The flag featured alternate red and green horizontal stripes, with seven stars in the Saptarishi configuration.
    • It included a white crescent and star in one top corner, and the Union Jack in the other.

    Version by Pingali Venkayya:

    • Pingali Venkayya, an Indian freedom fighter, is credited with the design of the modern Indian tricolour.
    • Venkayya first met Mahatma Gandhi in South Africa during the second Anglo-Boer War (1899-1902).
    • He conducted extensive research and published a book in 1916 that included possible designs for the Indian flag.
    • At the All India Congress Committee in Bezwada in 1921, Venkayya proposed a basic flag design to Gandhi, featuring two bands of red and green to represent Hindus and Muslims.

     

    PYQ:

    [2014] The national motto of India, ‘Satyameva Jayate’ inscribed below the Emblem of India is taken from

    (a) Katha Upanishad
    (b) Chandogya Upanishad
    (c) Aitareya Upanishad
    (d) Mundaka Upanishad

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  • International Space Agencies – Missions and Discoveries

    What is the Dyson Sphere?

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

    Why in the News?

    Recently, astronomers have made progress in finding possible candidates as Dyson Sphere, sparking new excitement and debate about extraterrestrial life.

    What is a Dyson Sphere? 

    • Imagine you are an astronomer looking for extraterrestrial life and you find a star covered by solar panels. This structure, collecting massive amounts of solar energy, is known as a Dyson sphere.
    • The concept is named after Freeman Dyson, a theoretical physicist who lived from 1923 to 2020.
    • Dyson proposed that advanced civilizations would need to harness a star’s energy, constructing a spherical array of solar collectors around it.
    • He suggested that the heat emitted as infrared radiation could indicate the presence of these massive structures and thus intelligent life.

    Who was Freeman Dyson (1923-2020)?

    • Dyson was a renowned British-American theoretical physicist and mathematician known for his work in quantum electrodynamics, solid-state physics, and astronomy.
    • Born on December 15, 1923, in England, he made significant contributions to science and technology, including the Dyson Sphere concept—a hypothetical structure that could encompass a star to capture its power output.
    • He was also a prominent futurist and author, exploring ideas on space travel, extraterrestrial life, and the future of humanity.
    • Dyson spent much of his career at the Institute for Advanced Study in Princeton and was known for his interdisciplinary approach to science.

     

    PYQ:

    [2015] The term ‘Goldilocks Zone’ is often seen in the news in the context of

    (a) The limits of habitable zone above the surface of the Earth

    (b) Regions inside the Earth-like planets in outer space

    (c) Search for the Earth-like planets in outer space

    (d) Search for meteorites containing precious metals

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  • Capital Markets: Challenges and Developments

    New Asset Class proposed by SEBI

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

    Why in the News?

    • The markets regulator, SEBI, has proposed a new asset class designed to offer investment products positioned between mutual funds (MFs) and portfolio management services (PMS).
      • This new category aims to fill an opportunity gap for investors and offer greater flexibility in portfolio construction.

    Note:

    • PMS provides customized investment solutions to high net-worth individuals (HNIs) with a minimum investment limit of Rs 50 lakh.
    • MFs, on the other hand, have a much lower minimum investment limit of just Rs 100, managed by a professional fund manager.

    About the New Asset Class

    • The new asset class aims to provide an intermediate option with more flexibility in portfolio construction, helping investors avoid unregistered and unauthorized schemes.
    • It will have a risk-return profile between MFs and PMS, targeting investors with higher risk tolerance and larger investment amounts than those typical of MFs but lower than PMS.
    • The current range of investment products includes:
    1. MF schemes: Focused on retail investors,
    2. PMS: For HNIs, and
    3. Alternative investment funds (AIF): For sophisticated investors.

    How will investments in the new asset class work?

    • The new asset class will be introduced under the MF structure with necessary relaxations in prudential norms.
    • The minimum investment amount is proposed to be Rs 10 lakh per investor within the asset management company (AMC)/MF.
    • This high threshold is intended to deter retail investors while attracting those with investible funds between Rs 10 lakh and Rs 50 lakh.

    Significance of the New Asset Class:

    • SEBI noted that the gap between investment opportunities in MFs and PMS has led some investors towards unauthorized investment avenues.
    • The new asset class will help curb the proliferation of unregistered investment products and provide a structured and regulated option for investors.
    • SEBI emphasized that the new asset class would offer a regulated and structured investment suited to investors looking for opportunities between MFs and PMS.

    Investment Strategies:

    • Like MF schemes, the new asset class will provide options for Systematic Investment Plan (SIP), Systematic Withdrawal Plan (SWP), and Systematic Transfer Plan (STP).
    • AMCs can offer ‘investment strategies’ under a pooled fund structure with tailored redemption frequencies (daily, weekly, monthly, etc.).

    PYQ:

    [2021] Indian Government Bond Yields are influenced by which of the following?

    1. Actions of the United States Federal Reserve
    2. Actions of the Reserve Bank of India
    3. Inflation and short-term interest rates

    Select the correct answer using the code given below.

    (a) 1 and 2 only
    (b) 2 only
    (c) 3 only
    (d) 1, 2 and 3

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  • Waste Management – SWM Rules, EWM Rules, etc

    CPCB plans to check violations in Plastic Waste Trading Regime 

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

    Why in the News?

    • The Central Pollution Control Board (CPCB) has started a national audit of about 800 plastic-waste recyclers across India.
      • This action follows the discovery that four firms in Karnataka, Maharashtra, and Gujarat issued nearly 600,000 fake certificates under the Extended Producer Responsibility (EPR) programme.

    About Central Pollution Control Board (CPCB): Overview

    • The Central Pollution Control Board (CPCB) is a statutory organization established in September 1974.
    • It was constituted under the Water (Prevention and Control of Pollution) Act, 1974.
    • CPCB is also entrusted with powers and functions under the Air (Prevention and Control of Pollution) Act, 1981.
    • It serves as a technical arm of the Ministry of Environment, Forests, and Climate Change, implementing the provisions of the Environment (Protection) Act, 1986.

    Principal Functions:

    • Water Pollution Control:
      • Promote the cleanliness of streams and wells in different states by preventing, controlling, and abating water pollution.
      • Oversee the National Water Quality Monitoring Program to collect, collate, and disseminate technical and statistical data relating to water pollution.
    • Air Pollution Control:
      • Improve the quality of air and prevent, control, or abate air pollution in the country.
      • Conduct air quality monitoring as part of air quality management.
      • Implement the National Air Monitoring Programme (NAMP) to determine current air quality status and trends, regulate pollution from industries, and provide background air quality data for industrial siting and town planning.

    Key Initiatives and Programs:

    • National Air Monitoring Programme (NAMP): Established to monitor air quality status and trends, and to control and regulate industrial pollution to meet air quality standards.
    • National Air Quality Index (NAQI): Provides real-time air quality data and trends.
    • Graded Response Action Plan (GRAP): A set of measures to be taken based on the severity of air pollution levels.
    • Clean Air Campaign: Initiatives aimed at reducing air pollution through public awareness and actionable measures.

    Role in Data Management:

    • CPCB collects, collates, and disseminates technical and statistical data related to water and air pollution.
    • Provides necessary data for regulatory and planning purposes, including industrial siting and urban planning.

    What is Extended Producer Responsibility (EPR) Programme?

    • Extended Producer Responsibility (EPR) means the responsibility of a producer for the environmentally sound management of the product until the end of its life.
    • India had first introduced EPR in 2011 under the:
    1. Plastic Waste (Management and Handling) Rules, 2011
    2. E-Waste Management and Handling Rules, 2011.
    • The EPR scheme requires businesses using plastic packaging to recycle a certain percentage of the plastic used in the previous two years.

    Implementation of EPR:

    • Registration: Producers must register with the Central Pollution Control Board (CPCB) and submit an EPR plan.
    • Collection Mechanisms: Producers set up collection centers, return schemes, or partner with authorized recyclers to manage waste.
    • Documentation: Producers are required to maintain detailed records of waste collected and processed and submit regular reports to the CPCB.
    • Compliance Audits: The CPCB conducts audits to ensure that producers comply with EPR requirements.

    Function of EPR Certificates:

    • Registered plastic waste recyclers generate EPR certificates by recycling plastic waste.
    • Every tonne of plastic recycled generates a certificate.
      • According to a CPCB report in May, nearly 3.7 million tonnes of recycled plastic generated certificates.
    • In 2022-23, about 18,000 companies using plastic packaging were registered with the CPCB, aiming to recycle about 3.3 million tonnes.

    Compliance and Targets:

    • Companies must recycle 70% of the packaging used in the previous two financial years for 2022-23 and 100% for 2023-24. Non-compliance with these targets can result in fines.
    • EPR certificates are uploaded on a dedicated portal maintained by the CPCB, allowing recyclers and buyers to trade online.

    PYQ:

    [2019] In India, ‘extended producer responsibility’ was introduced as an important feature in which of the following?

    (a) The Bio-medical Waste (Management and Handling) Rules, 1998

    (b) The Recycled Plastic (Manufacturing and Usage) Rules, 1999

    (c) The e-Waste (Management and Handling) Rules, 2011

    (d) The Food Safety and Standard Regulations, 2011

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