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  • Understanding IC15, India’s first Crypto Index

    Superapp CryptoWire recently launched India’s first cryptocurrency index, IC15, which will measure the performance of the 15 most widely traded cryptocurrencies listed on leading crypto exchanges by market capitalization.

    What is IC15?

    • CryptoWire constituted an Index Committee of domain experts, industry practitioners, and academicians that will select cryptocurrencies from the top 400 coins in terms of market capitalization.
    • The eligible cryptocurrency should have traded on at least 90% of the days during the review period and be among the 100 most liquid cryptocurrencies in terms of trading value.
    • Also, the cryptocurrency should be in the top 50 in terms of the circulating market capitalization.
    • The committee will then select the top 15 cryptocurrencies. The index will be reviewed quarterly.

    What is its significance?

    • IC15 can be replicated for creating index-linked products such as index funds or exchange-traded funds (ETFs).
    • Usually, the performance of a mutual fund scheme is assessed with reference to a benchmark, which could be a total return index of the Nifty or the Sensex.
    • IC15 is the first index in India that can act as a benchmark of the underlying cryptocurrency market and the performance benchmark for fund managers.
    • Moreover, robo-advisors, which provide financial advice with moderate to minimal human intervention, can use this index to create investment products at lower costs.

    How  does  IC15  correlate  with other market indicators?

    • IC15’s base value as on 1 April 2018 was 10,000.
    • It would mean that the index has gained 615% in absolute terms to 71,475.48 till 31 December 2021.

    Can  index-based  crypto investment reduce risks?

    • Index investing can be an effective way to diversify against risks as a fund invests in a basket of assets against a few limited coins.
    • However, index-based investing may not fully remove risks associated with investing in crypto assets.
    • Case in point: IC15 saw a 50% plunge in 2018, whereas other asset classes have seen a maximum drop in the range of 3-4%.
    • Further, bitcoin and ethereum have a combined weightage of 77% in the index, making it highly vulnerable to any volatility in these two coins.

    Can crypto funds be launched in India?

    • SEBI has recently asked mutual fund houses not to launch crypto-based funds until the Centre comes out with clear regulations.
    • This means asset management companies for now won’t be able to launch crypto funds based on IC15.
    • However, in the absence of any regulations, crypto platforms can offer products based on the index.
    • Global crypto investment platform Mudrex last year launched Coin Sets—crypto funds based on themes such as decentralized finance or market cap.

     

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  • [pib] What is Nai Talim?

    The Vice President of India has said that the New Education Policy follows the ‘Nai Talim’ of Mahatma Gandhi by giving importance to the mother tongue as the medium of instruction at the school level.

    What is Nai Talim?

    • The phrase Nai Talim is a combination of two words- Nai Means ‘New’ and Talim – a Urdu word-means ‘Education’.
    • In 1937, Gandhiji introduced the concept of Nai Talim in India. It aimed to achieve Gram Swaraj (liberation of villages).
    • In short, Gandhiji dreamed to make all villages independent; and self-reliant.
    • It is an approach to the total personality development of body, mind and spirit and was based on four principles namely:
    1. Education or learning in mother tongue along with handicraft work,
    2. Work should be linked with most useful vocational needs of the locality,
    3. Learning should be linked with vocational work, and
    4. Work should be socially useful and productive needed for living.

    Gandhiji and Education

    • Gandhi’s first experiments in education began at the Tolstoy Farm ashram in South Africa.
    • It was much later, while living at Sevagram (Wardha) and in the heat of the Independence struggle, that Gandhi wrote his influential article in Harijan about education.
    • In it, he mapped out the basic pedagogy (or teaching) with focus on:
    1. Lifelong character of education,
    2. Social character and
    3. A holistic process
    • Thus, for Gandhi, education is ‘the moral development of the person’, a process that is by definition ‘lifelong’.
    • He believed the importance of role of teacher in the learning process.

     

    Try this PYQ from CSP 2020:

     

    Q. One common agreement between Gandhism and Marxism is

    (a) The final goal of a stateless society

    (b) Class struggle

    (c) Abolition of private property

    (d) Economic determinism

     

     

    Post your answers here:

     

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  • 5th January 2022 | Prelims Daily with Previous Year Questions

    [WpProQuiz 875]

    [WpProQuiz_toplist 875]

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • Register for FREE Live Webinar Today if you don’t Want to Miss out on These 7 steps to Score Extra Marks in Prelims 2022 || By Mentors of 400 UPSC-CSE Toppers, Sajal Sir joined by Sudhanshu Sir|| Answer More Questions With Less Negative Marking|| Limited Slots Open, Register Now

    Register for FREE Live Webinar Today if you don’t Want to Miss out on These 7 steps to Score Extra Marks in Prelims 2022 || By Mentors of 400 UPSC-CSE Toppers, Sajal Sir joined by Sudhanshu Sir|| Answer More Questions With Less Negative Marking|| Limited Slots Open, Register Now

    REGISTER FOR FREE PRELIMS ORIENTATION WEBINAR BY SAJAL AND SUDHANSHU SIR

    Let’s admit this — As much as we have heard our seniors, mentors and toppers advise us to answer fewer questions in Prelims exams due to negative marking, do we want to follow it? All of us wish to answer as many questions as possible correctly. However, post 2014, questions have started getting tougher so much that now –

    “Prelims is no longer about selecting the right option. It’s searching for the correct option by eliminating the incorrect ones.”

    Let’s take a sample question from Prelims 2021 Paper —

    Constitutional government means:

    1. a representative government of a nation with federal structure
    2. a government whose Head enjoys nominal powers
    3. a government whose Head enjoys real powers
    4. a government limited by the terms of the Constitution

    An average aspirant gets confused between 2-3 options. Option a), b) and d) look equally correct but you have to select only one. The right answer is option d). How can you find out what was the missing criteria in option a) and b) which option d) fulfilled to emerge as the right answer?

    Attend the free webinar by Sajal and Sudhanshu sir to get the answer.

    Key Takeaways of Sajal & Sudhanshu Sirs’ Free Prelims Orientation Webinar

    1. Complete Analysis of Prelims Paper from last 5 years. How to change your preparation methods right now?

    2. The 7 Steps of Tackling Prelims 2022. How to maximize revision and minimize study materials?

    3. Significance of Current Affairs. Is it really declining in Prelims?

    4. Important Topics to Cover for Prelims 2022 for every subject. What are the correct study materials for these topics?

    5. Time-Tested Elimination Techniques. How to use these techniques in sample questions?

    register here for free prelims orientation webinar by sajal & sudhanshu sir

    Webinar Details

    Prelims question papers have become more or less like a game of Sudoko. Except, in Sudoko you can solve the puzzle at your leisure and over here you are limited by 2 hours. We hope this webinar will help all 2022 aspirants implement the suggestions of Sajal sir & Sudhanshu sir

    Date: 06 January 2022 (Thursday)

    Time: 7 P.M.

    About Sajal & Sudhanshu

    Sajal Singh has the distinction be being 2017 topper of GS Mains. He has appeared for interview 3 times. Over 400 students have emerged as toppers under Sajal Sir’s mentorship in the last 7 years.

    Sudhanshu (IIM-K, MBA cont.) has first-hand experience of UPSC civil services and helped many candidates sail through. Prior to this he had served in India’s largest industrial defense complex under Ministry of Defense for 10 years. He also keeps a keen interest in regional and global geopolitics with contributions in several online portals including CivilsDaily IAS.

    register here for free prelims orientation webinar by sajal & sudhanshu sir

  • Aiding in governance

    Context

    The collaborative effort of markets and the Government are key to the development of a country.

    How CSR law aids citizenry-private partnerships

    • Section 135 of the Companies Act mandates corporates who are beyond a certain level of profits and turnover to pay at least 2% of their net profits before tax to the development space.
    • Scope for collaboration with Non-state actors: This law gives corporates the necessary impetus to collaborate with non-state actors like Non-Governmental Organisations (NGOs) and Civil Society Organisations (CSOs). 
    • Using the depth of engagement of non-state actors: Non-state actors, because of their depth of engagement with communities, bring patient capital to corporate board rooms and help the state, too, by engaging in welfare activities.
    • Role of NGOs: A key pillar of democratic governance is citizens’ power to question the state.
    • NGOs and voluntary groups/organisations have played a significant role in building capacities of citizens to hold governments accountable.
    • Hence, Corporate Social Responsibility (CSR) grants, have assumed importance to provide the much-needed sustenance to NGOs and CSOs as key players in non-state governance.

    How Non-state actors differ from Governments

    • Risk-averse nature of bureaucracy: The Indian bureaucratic elite have little appetite for risk-taking and innovation because of the constant changing goalposts of their politician-bosses or because the quantum of work is more than what they can efficiently handle.
    • Bureaucrats, therefore, often take recourse to the status quo even if it is to at least get some work done and not stall everything by campaigning for change, especially in the realm of governance.
    • Fear of failure: There is also the fear of failure, with its deep-rooted consequence of non-risk-takers smoothly sailing to the top posts.
    • In such contexts, it is the non-state actor who innovates and creates breakthrough models of community engagement.
    • They also become the vehicle to carry the demands of people to formal institutions.
    • We saw this in the case of the Right to Information (RTI) campaign, which became a law after decades-long efforts by NGOs.
    • It is common knowledge that the District Collector calls on vetted NGOs/CSOs to implement various schemes during the normal course of the day or to step in at short notice when calamities strike.
    • When non-state actors take a large load off the state’s shoulder, the state can focus more on governance.
    • Research shows that it is the synergy of NGOs, Government and corporates which is the key to the development.

    Conclusion

    The CSR law has made the corporate world not only clean its own mess but has also created a legal framework for corporates to work with NGOs and CSOs. NGOs and CSOs in India, will play a major role in mobilising citizen action to right various wrongs.

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • Don’t miss out these 7 steps if you want to Score Extra Marks in Prelims 2022 || Free Webinar by Mentors of 400 UPSC-CSE Toppers, Sajal Sir joined by Sudhanshu Sir|| Answer More Questions With Less Negative Marking|| Limited Slots Open, Register Now

    Don’t miss out these 7 steps if you want to Score Extra Marks in Prelims 2022 || Free Webinar by Mentors of 400 UPSC-CSE Toppers, Sajal Sir joined by Sudhanshu Sir|| Answer More Questions With Less Negative Marking|| Limited Slots Open, Register Now

    REGISTER FOR FREE PRELIMS ORIENTATION WEBINAR BY SAJAL AND SUDHANSHU SIR

    Let’s admit this — As much as we have heard our seniors, mentors and toppers advise us to answer fewer questions in Prelims exams due to negative marking, do we want to follow it? All of us wish to answer as many questions as possible correctly. However, post 2014, questions have started getting tougher so much that now –

    “Prelims is no longer about selecting the right option. It’s searching for the correct option by eliminating the incorrect ones.”

    Let’s take a sample question from Prelims 2021 Paper —

    Constitutional government means:

    1. a representative government of a nation with federal structure
    2. a government whose Head enjoys nominal powers
    3. a government whose Head enjoys real powers
    4. a government limited by the terms of the Constitution

    An average aspirant gets confused between 2-3 options. Option a), b) and d) look equally correct but you have to select only one. The right answer is option d). How can you find out what was the missing criteria in option a) and b) which option d) fulfilled to emerge as the right answer?

    Attend the free webinar by Sajal and Sudhanshu sir to get the answer.

    Key Takeaways of Sajal & Sudhanshu Sirs’ Free Prelims Orientation Webinar

    1. Complete Analysis of Prelims Paper from last 5 years. How to change your preparation methods right now?

    2. The 7 Steps of Tackling Prelims 2022. How to maximize revision and minimize study materials?

    3. Significance of Current Affairs. Is it really declining in Prelims?

    4. Important Topics to Cover for Prelims 2022 for every subject. What are the correct study materials for these topics?

    5. Time-Tested Elimination Techniques. How to use these techniques in sample questions?

    register here for free prelims orientation webinar by sajal & sudhanshu sir

    Webinar Details

    Prelims question papers have become more or less like a game of Sudoko. Except, in Sudoko you can solve the puzzle at your leisure and over here you are limited by 2 hours. We hope this webinar will help all 2022 aspirants implement the suggestions of Sajal sir & Sudhanshu sir

    Date: 06 January 2022 (Thursday)

    Time: 7 P.M.

    About Sajal & Sudhanshu

    Sajal Singh has the distinction be being 2017 topper of GS Mains. He has appeared for interview 3 times. Over 400 students have emerged as toppers under Sajal Sir’s mentorship in the last 7 years.

    Sudhanshu (IIM-K, MBA cont.) has first-hand experience of UPSC civil services and helped many candidates sail through. Prior to this he had served in India’s largest industrial defense complex under Ministry of Defense for 10 years. He also keeps a keen interest in regional and global geopolitics with contributions in several online portals including CivilsDaily IAS.

    register here for free prelims orientation webinar by sajal & sudhanshu sir

  • 4th January 2022| Daily Answer Writing Enhancement(AWE)

    Topics for Today’s questions:

    GS-1    Modern Indian history from about the middle of the eighteenth century until the present- significant events, personalities, issues

    GS-2    Effect of policies and politics of developed and developing countries on India’s interests, Indian diaspora.

    GS-3    Indian Economy

    GS-4    Attitude: content, structure, function; its influence
    and relation with thought and behaviour; moral and political attitudes; social influence and persuasion.

    Question 1)

     

    Q.1 The reactionary policies of Lord Lytton and the liberal policies of his successor Lord Rippon acted as catalyst in the formation of the Indian National Congress. Discuss. (10 Marks)

     

    Question 2)

    Q.2 What made Indian diplomacy hectic during the year 2021 was a distinct change of style of openness and readiness to deal with friends and foes alike. Comment. (10 Marks)

    Question 3)

    Q.3 Examine the issues with India’s GDP data and the narrative of the economic recovery based on it. (10 Marks)

    Question 4)  

    Q.4 “Those who say religion has nothing to do with politics do not know what religion is”. Explain. Further examine the role of religion in formation of political attitude in the Indian context. (10 Marks)

     

    HOW TO ATTEMPT ANSWERS IN DAILY ANSWER WRITING ENHANCEMENT(AWE)?

    1. Daily 4 questions from General studies 1, 2, 3, and 4 will be provided to you.

    2. A Mentor’s Comment will be available for all answers. This can be used as a guidance tool but we encourage you to write original answers.

    3. You can write your answer on an A4 sheet and scan/click pictures of the same.

    4.  Upload the scanned answer in the comment section of the same question.

    5. Along with the scanned answer, please share your Razor payment ID, so that paid members are given priority.

    6. If you upload the answer on the same day like the answer of 11th  October is uploaded on 11th October then your answer will be checked within 72 hours. Also, reviews will be in the order of submission- First come first serve basis

    7. If you are writing answers late, for example, 11th October is uploaded on 13th October, then these answers will be evaluated as per the mentor’s schedule.

    8. We encourage you to write answers on the same day. However, if you are uploading an answer late then tag the mentor like @Staff so that the mentor is notified about your answer.

    *In case your answer is not reviewed, reply to your answer saying *NOT CHECKED*. 

    For the philosophy of AWE and payment: 

    CLICK HERE To join Daily AWE

  • A reality check on great CAPEX expectations

    Context

    Economists are predicting a potential virtuous capital investments (capex) cycle to kick in globally as we emerge from the pandemic.

    Why do analysts think that capital investment cycle is about to start?

    • Less leveraged: Corporates are less leveraged today compared to 2008.
    • Indian corporates repaid debts of more than Rs 1.5 trillion.
    • Fiscal and monetary support: Companies are also more confident of durable fiscal and monetary support.
    • Increased savings: Households have large excess savings built during Covid — $1.7 trillion in the US and roughly $300 billion in India as per a UBS report.
    • Cash: Lastly, corporates are sitting on a large cash pile – S&P 500 firms’ cash has soared from $1 trillion pre-pandemic to $1.5 trillion now.

    Why capex wave is difficult in India?

    • Fall in capital formation: India’s fixed capital formation rate has steadily fallen from 36 per cent of GDP in 2008 to 26 per cent in 2020.
    • For a set of 718 listed companies for which data is consistently available from 2005, the capex growth rate has decreased from 7 per cent in 2008 to around 2 per cent in 2020.
    • Low return on invested capital: The return on invested capital in FY21 is still low at 2-3 per cent compared with 16-18 per cent returns in 2005-08.
    • Structural issues: Land acquisition is still tough, changes to labour laws have been slow, and reform uncertainty has resurfaced with the rollback of the agriculture reform laws.
    • Discouraging current data: As per CMIE data, the quarter ending in June 2021 saw Rs 2.72 lakh crore worth of new projects announced. This fell to Rs 2.22 lakh crore for the September 2021 quarter.
    • This is much below the average of Rs 4 lakh crore a quarter of new project announcements during 2018 and 2019.
    • Further, new projects are concentrated in fewer industries (power, and technology) with the top three accounting for 44 per cent of the total of new projects announced.
    • Low capacity utilisation: At the same time, capacity utilisation for corporate India is at an all-time low.
    • From a peak of 83 per cent in 2010, when capex was running hot, utilisation levels declined to 70 per cent just before the pandemic, and further to 60 per cent in June 2021 as per the RBI’s latest OBICUS data.
    • Capex is funded either from fresh debt or equity issues or from accumulated cash. Large firms are repaying debt.

    Conclusion

    It is too early in the cycle to predict anything with confidence, but we need more evidence to predict a capex cycle.

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  • 4th January 2022 | Prelims Daily with Previous Year Questions

    [WpProQuiz 874]

    [WpProQuiz_toplist 874]

    UPSC 2022 countdown has begun! Get your personal guidance plan now! (Click here)

  • China’s new Border Law and India

    China’s new law on land borders has come into effect on January 1.

    Key takeaways of the Border Law

    China passed the law for the “protection and exploitation of the country’s land border areas”.

    • Sacrosanct nature of Borders: Under the law, “the sovereignty and territorial integrity of China are sacred and inviolable”.
    • Border defense: It mandates the state to take measures “to strengthen border defense, support economic and social development as well as opening-up in border areas.
    • Habitation near borders: It seeks to improve public services and infrastructure in such areas, encourage and support people’s life and work there.
    • Consultations with neighbors: The law asks the state to follow the principles of equality, mutual trust, and friendly consultation, handle land border related-affairs with neighboring countries.

    Why did China bring it?

    Several factors may have led to China’s move.

    • Aggressive actions: The new law is a tool the Chinese government will use if it wants, as its actions have been aggressive even before this law.
    • Maritime assertion: This law reflects Beijing’s renewed concerns over the security of its land border while it confronts a slew of unsettled disputes on its maritime front (in the South China Sea).
    • Land boundary issues: The confrontations on the Sino-Indian borders in recent years may have reminded Beijing about this law.
    • Fear of radicalization: Afghanistan under the Taliban may become a hotbed for terrorism and extremism that could spread to Xinjiang amongst Uyghurs.
    • One-China Policy: China officially (constitutionally) claims mainland China and Taiwan as part of their respective territories. It has similar assertions for Hong Kong.

    Does it concern India?

    • No specific mention: Although the law is not meant specifically for India, it is bound to have some impact.
    • May hamper disengagement:  The date for the round meeting is still awaited, amid concerns that the Chinese delegation can use the new law to try to bolster their existing positions.
    • Possible misadventures: The new law provides for the construction of permanent infrastructure close to the border. This has been observed in Arunachal Pradesh.

    What impact can it have on India-China relations?

    • Onus on China: The view is still divided. Much depends on China’s actions, regardless of the new law.
    • Unilateral action: The new law might be the latest attempt by China to unilaterally delineate and demarcate territorial boundaries with India and Bhutan.
    • Maintain status-quo: The new law will make China dig its heels in, on the ongoing standoff as well as for the resolution of the larger boundary issue.
    • Permanent demarcation of borders: There is also a possibility that Beijing appears to be signaling a determination to resolve the border disputes on its preferred terms.

    Recent mis-adventures

    • China has been building “well-off” border defense villages across the LAC in all sectors, which the new law encourages.
    • President Xi visited a village in Tibet near the border with Arunachal Pradesh followed by renamings.
    • China has constructed a bridge in Eastern Ladakh connecting the North and South Banks of Pangong Tso.

    Conclusion

    • The law only “states the obvious” as “every country is in the business of protecting its territorial integrity.
    • The big question is what your territory is, and there we don’t agree with each other.

     

    [RSTV Archive] India-China Ties Post-Galwan

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