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Type: Prelims Only

  • Varunastra: Indigenous Heavy Weight Torpedo

    varunastra

    Central Idea

    • Test-firing achievement: The indigenously designed and developed heavy weight torpedo (HWT) Varunastra was successfully test-fired by the Indian Navy, targeting an undersea target with a live warhead.

    Varunastra: Feature Details

    • Advanced features: Varunastra is a ship-launched anti-submarine torpedo equipped with low drift navigational systems, acoustic homing, advanced acoustic countermeasures, autonomous guidance algorithms, an insensitive munitions warhead, and a GPS-based recovery aid for practice torpedoes.
    • Designed and developed by NSTL: Varunastra was designed and developed by the Naval Science and Technological Laboratory (NSTL) based in Vizag under the Defence Research and Development Organisation (DRDO).
    • Manufacturing by BDL: Bharat Dynamics Ltd (BDL) is responsible for the manufacturing of Varunastra.

    Technical Specifications and Capabilities

    • Speed, depth, and range: Varunastra boasts a maximum speed of 40 knots and a maximum operating depth of 600 meters. It has long-range and multi-manoeuvering capabilities.
    • Acoustic homing and tracking: The torpedo features acoustic homing with a wide look angle, allowing it to track silent targets effectively.
    • Advanced guidance and navigational systems: Varunastra incorporates autonomous advanced guidance algorithms and drift navigational systems, enabling precise targeting and long-endurance operations.

    Significance of the test fire

    • Mainstay of anti-submarine warfare: Varunastra is set to become the primary anti-submarine torpedo for all naval warships, replacing older torpedoes capable of firing HWT.
    • Enhanced anti-submarine warfare: The induction of Varunastra as the mainstay anti-submarine torpedo strengthens the Indian Navy’s capabilities in countering underwater threats.
    • Self-reliance and indigenous development: The successful development and deployment of Varunastra highlight India’s progress in indigenous defence technologies and reduce dependence on imports.

  • 50th anniversary of World Environment Day

    world environment day plastic

    Central Idea

    • Plastics have become an integral part of human life, despite their adverse environmental impact.
    • World Environment Day (5th June) serves as a reminder of our responsibility to address plastic pollution.

    Why in news?

    • 50th Anniversary of World Environment Day: The day, led by UNEP since 1973, marks its 50th anniversary this year.
    • Global Platform for Environmental Outreach: World Environment Day has grown into the largest global platform for environmental outreach.
    • Theme- #BeatPlasticPollution: This year’s World Environment Day focuses on the urgent need to combat plastic pollution.

    World Environment Day 2023
    Date June 5th
    Theme (2023) Ecosystem Restoration
    Host Country (2023) Pakistan
    Established World Environment Day was established in 1972 by the United Nations at the Stockholm Conference on the Human Environment
    Purpose To raise awareness and promote action for environmental protection
    Importance Platform for global environmental campaigns and initiatives
    Activities Various activities are organized worldwide, such as tree planting, clean-up drives, and educational programs
    Previous Themes Previous themes have focused on topics like biodiversity, air pollution, plastic pollution, and more
    Organized by United Nations Environment Programme (UNEP)

    Plastic pollution and the need for Solutions

    • Plastic pollution is a pressing global issue that requires immediate attention.
    • Over 400 million tonnes of plastic are produced annually, with less than 10% being recycled.
    • Plastic pollution negatively affects ecosystems and poses risks to human health.

    Understanding Plastic Pollution

    platic environment day

    • Versatile Nature of Plastics: Plastics are synthetic materials capable of being shaped and molded according to requirements.
    • Types of Plastics: Commodity plastics, such as PET, HDPE, PVC, LDPE, PP, and PS, dominate global production.
    • Identification Codes and Different Properties: Plastics can be identified by their resin identification codes (RIC) and possess distinct properties.

    Environmental impact of plastics

    • Plastics have revolutionized various industries but raise significant environmental concerns.
    • Plastics have a slow decomposition rate, leading to the persistence of plastic waste.
    • Microplastics, including primary and secondary types, accumulate in various environments.

    Health risks and toxic chemicals

    • Microplastics contain toxic chemicals that pose risks to human health.
    • Bisphenol A (BPA) in microplastics can have detrimental effects on human health.

    Worst examples of Plastic Pollution

    • The Great Pacific Garbage Patch is a vast collection of plastic and microplastic waste.
    • It was formed due to converging ocean currents and is situated in the North Pacific Ocean.
    • It covers a surface area of 1.6 million sq km, with smaller patches in other oceans.

    Actions against Plastic Pollution

    • Urgency for Collective Action: Plastic pollution necessitates collective efforts and immediate action.
    • World Environment Day’s Reminder of Responsibility: World Environment Day serves as a reminder of our responsibility to address plastic pollution.

    Way forward

    • Plastic Recycling: Advanced recycling technologies offer new ways to efficiently recycle plastic waste.
    • Promoting Circular Economy Models: Embracing circular economy principles can reduce plastic waste and promote sustainable resource usage.
    • Education and Awareness Campaigns: Spreading awareness and educating the public about the impact of plastic pollution can drive behavioral change.
    • Collaboration between Industries and Governments: Cooperation between industries and governments is essential to develop comprehensive strategies for tackling plastic pollution.

  • Kerala Fibre Optical Network (KFON)

    kerala kfon

    Central Idea

    • Free Internet: The Kerala government officially launched KFON, a flagship project aimed at reducing the digital divide and promoting e-governance.
    • Bridging the Digital Divide: KFON intends to provide high-speed broadband internet access to all households and government offices in Kerala.

    What is KFON?                          

    • KFON acts as an optical fibre cable network infrastructure provider, covering 30,000 km and 375 Points-of-Presence across Kerala.
    • KFON’s infrastructure is shared with all service providers, including cable operators, benefiting both government offices and individual beneficiaries.
    • Local ISP/TSP/cable TV providers are responsible for providing internet connectivity to households.

    Spread and Speed of KFON

    • Connectivity Goals: The initial stage of KFON aims to connect 30,000 government offices and 14,000 BPL (Below Poverty Line) families in Kerala.
    • Internet Speed and Mobile Connectivity: KFON promises internet speeds ranging from 10 Mbps to 10 Gbps and is expected to improve mobile phone call quality.
    • Progress: As of June 5th, 17,412 government offices and 2,105 houses have been connected, with cable networks laid down for 9,000 houses.

    Purpose: Empowering the Poor

    • Internet Connection for BPL Families: KFON aims to provide internet connections, free of cost, to 20 lakh families below the poverty line.
    • Phase 1 implementation: The first phase targets 14,000 BPL families, with a long-term plan to select 100 BPL families in each assembly constituency for high-speed internet access.

    Need for KFON

    • Left’s Alternative Model of Development: KFON is showcased by the CPI(M) government as part of their commitment to the public sector and an alternative development model.
    • Rural Connectivity Challenges: KFON addresses the limited infrastructure and bandwidth provided by private telecom operators in rural areas.
    • Enhanced Service Delivery: KFON was established to ensure efficient service delivery, quality, reliability, interoperability, and security.

    Stakeholders of KFON

    • Joint Venture and Ownership: KFON is a joint venture of Kerala State Electricity Board (KSEB) and Kerala State IIT Infrastructure Limited, with KSEB owning the infrastructure assets.
    • Project Implementation: A consortium led by Central PSU Bharat Electronics Limited (BEL) is responsible for implementing the KFON project.
    • Project Funding: The project is fully funded by the Kerala Infrastructure Investment Fund Board (KIIFB).

    Services Provided

    • Core Network Infrastructure: KFON aims to create an information highway with non-discriminatory access, connecting government offices and educational institutions.
    • Range of Services: KFON offers connectivity to government offices, leasing of dark fibre, internet leased line, fibre to the home, wifi hotspots, colocation of assets, IPTV, OTT, and cloud hosting.
    • Licenses and Facilities: KFON holds Infrastructure Provider (category one) and Internet Service Provider (category B) licenses, allowing access to optic fibre network infrastructure.

  • Places: Kakhovka Dam in Ukraine

    kakhova

    Central Idea

    • Breach of the Dnipro River Dam: A Soviet-era Kakhovka Dam on the Dnipro River in southern Ukraine was breached, resulting in floodwaters spreading across the war zone.
    • Conflicting Accounts: Ukraine accused Russia of destroying the dam, while Russian officials provided differing explanations, suggesting Ukrainian shelling or prior damage as potential causes.

    The Kakhovka Dam

    • Construction and Purpose: The Kakhovka Dam was built in 1956 as part of the Khakhovka hydroelectric power plant, with a height of 30 meters (98 feet) and a length of 3.2 kilometres (2 miles).
    • Water Supply: The dam’s reservoir supplies water to the Crimean peninsula, claimed by Russia since 2014, and the Zaporizhzhia nuclear plant, which is also under Russian control.
    • Reservoir Capacity: The reservoir holds approximately 18 cubic km of water, comparable in volume to the Great Salt Lake in Utah, USA.

    Accounts of the Dam Breach

    • Ukrainian Accusations: Ukraine attributed responsibility to Russia, stating that the dam was destroyed by “Russian terrorists” and accusing Russian occupying forces of the act.
    • Russian Claims: Russian-installed officials offered conflicting accounts, with some blaming Ukraine for shelling the dam, while others asserted that the dam collapsed due to pre-existing damage and water pressure.

    Human Impact and Evacuations

    • Potential Flooding: The surge in water levels poses a significant risk, potentially impacting thousands of people in the affected areas.
    • Evacuations: Evacuation efforts commenced on both sides of the front line to ensure the safety of civilians.
    • Population at Risk: Russian-installed officials indicated that 22,000 individuals across 14 settlements in Ukraine’s southern Kherson region were at risk of flooding, while the Ukrainian Prime Minister noted that up to 80 settlements were in danger.

    Impact on Crimea

    • Water Supply Concerns: The rupture of the dam raises concerns about water levels in the North Crimea Canal, which supplies fresh water to the Crimea peninsula from the Dnipro River.
    • Dependence on Canal: Crimea depends on the canal for fresh water, and its previous blockage by Ukraine after the 2014 annexation caused water shortages in the region.
    • Potential Consequences: Decreased water levels in the canal could have significant implications for water supply in Crimea.

    Other hotspots under threat: Zaporizhzhia Nuclear Power Plant

    • Cooling Water Source: The Zaporizhzhia Nuclear Power Plant, Europe’s largest, relies on the reservoir as a source of cooling water.
    • Russian Control: The plant is located on the southern side of the conflict zone, which is currently under Russian control.
    • Nuclear Safety Assurance: The International Atomic Energy Agency stated that there was no immediate nuclear safety risk at the Zaporizhzhia Nuclear Power Plant, and Russia’s state nuclear energy company affirmed that there was no threat to the plant.

    Try this question from CS Prelims 2023

    Consider the following pairs:

    Regions often mentioned in news: Reason for being in news

    1. North Kivu and Ituri: War between Armenia and Azerbaijan
    2. Nagorno-Karabakh: Insurgency in Mozambique
    3. Kherson and Zaporizhzhia: Dispute between Israel and Lebanon

    How many of the above pairs are correctly matched?

    (a) Only one

    (b) Only two

    (c) All three

    (d) None

  • Researchers observed rare Higgs Boson Decay

    higgs boson

    Central Idea

    • Physicists at CERN’s Large Hadron Collider (LHC) reported detecting a rare decay of the Higgs boson into a Z boson and a photon.
    • The decay process provides valuable insights into the Higgs boson and the nature of our universe.

    Large Hadron Collider (LHC)
    What is it? – The LHC is the world’s largest science experiment constructed by CERN.

    – It collides beams of hadrons, such as protons, for high-energy physics research.

    – Upgrades have enhanced the LHC’s sensitivity and accuracy for its third season of operations.
    Functioning – Protons are accelerated through a 27 km circular pipe using powerful magnets.

    – Magnetic fields guide the protons, reaching speeds close to the speed of light.
    Particle Collisions – Collisions of high-energy protons lead to the creation of various subatomic particles.

    – The LHC has achieved collision energies of up to 13.6 TeV.
    Scientific Discoveries at the LHC – LHC’s detectors, including ATLAS and CMS, discovered the Higgs boson in 2012.

    – Scientists have tested predictions of the Standard Model, observed exotic particles, and gained insights into extreme conditions.
    Future of the LHC – Upgrades are planned to increase the LHC’s luminosity by ten times by 2027, aiming to discover new physics.

    – There is a debate about investing in a larger LHC or smaller experiments to explore new realms of physics.

     

    Understanding the Higgs Boson

    • The Higgs boson is a type of subatomic particle that carries the force of particle movement through the Higgs field, present throughout the universe.
    • Interaction with Higgs bosons determines a particle’s mass, with stronger interaction leading to greater mass.

    Importance of Higgs Boson Decay

    • Studying how different particles interact with Higgs bosons and understanding the properties of Higgs bosons helps reveal information about the universe.
    • The recent detection of Higgs boson decay to a Z boson and a photon provides noteworthy insights.

    Role of Virtual Particles

    • Quantum field theory suggests that space at the subatomic level is filled with virtual particles that constantly appear and disappear.
    • Higgs bosons interact fleetingly with virtual particles during their creation, resulting in the production of a Z boson and a photon.

    New Result and Probability

    • The Standard Model predicts that the Higgs boson will decay into a Z boson and a photon 0.1% of the time.
    • The LHC needed to produce a significant number of Higgs bosons to observe this decay pathway.

    Confirmation and Statistical Precision

    • The ATLAS and CMS detectors, which previously observed the decay independently, combined their data for increased statistical precision.
    • Although the significance is not yet 100%, the combined data enhanced the confirmation of the Higgs boson decay.

    Significance for the Standard Model

    • Physicists seek to detect and validate the predicted decay pathways of the Higgs boson according to the Standard Model.
    • Precise testing of the model’s predictions helps identify potential deviations and explore new theories in physics.

    Implications for New Theories

    • Higher decay rates through the observed pathway could support new theories beyond the Standard Model.
    • Experimental evidence from the LHC could contribute to advancements in scientific understanding.

    Back2Basics: Standard Model

    • The Standard Model is a theoretical framework in physics that describes the fundamental particles and their interactions, except for gravity.
    • It provides a comprehensive understanding of three of the four fundamental forces: electromagnetic, strong nuclear, and weak nuclear forces.
    • Developed in the mid-20th century, the Standard Model has been highly successful in explaining and predicting the behaviour of elementary particles.

    Key points about the Standard Model:

    1. Particle Classification: The Standard Model classifies particles into two main categories: fermions and bosons.
    • Fermions: Fermions are particles that make up matter. They are further categorized into quarks and leptons. Quarks are the building blocks of protons and neutrons, while leptons include electrons and neutrinos.
    • Bosons: Bosons are force-carrying particles responsible for transmitting the fundamental forces. Examples include photons (electromagnetic force), gluons (strong nuclear force), and W and Z bosons (weak nuclear force).
    1. Fundamental Forces: The Standard Model explains the interactions between particles through the following fundamental forces:
    • Electromagnetic Force: Mediated by photons, this force governs the interactions between charged particles.
    • Strong Nuclear Force: Mediated by gluons, it binds quarks together to form protons, neutrons, and other particles.
    • Weak Nuclear Force: Mediated by W and Z bosons, it is responsible for certain types of radioactive decay.
    1. Higgs Field and Higgs Boson: The Standard Model introduces the concept of the Higgs field, an energy field that permeates the universe. Particles acquire mass through their interaction with this field. The existence of the Higgs boson, a particle associated with the Higgs field, was confirmed in experiments at the Large Hadron Collider (LHC) in 2012.

    Limitations and Open Questions:

    While the Standard Model has been highly successful in describing particle interactions, it has some limitations:

    • Gravity: The theory does not include a description of gravity, which is described by general relativity. Combining gravity with the other forces remains a challenge.
    • Dark Matter and Dark Energy: The Standard Model does not account for dark matter and dark energy, which are believed to constitute a significant portion of the universe.
    • Unification: The theory does not provide a unified description of all forces, including electromagnetism, weak nuclear force, and strong nuclear force.

  • Global Organic Textile Standard (GOTS)

    textile cotton

    Central Idea

    • Collaboration between the European Space Agency (ESA), Global Organic Textile Standard (GOTS), and Marple (an AI company) aims to track cotton certification in India.
    • Utilizing satellite images and artificial intelligence, the project focuses on identifying and classifying cotton fields in India.

    What is GOTS?

    • The Global Organic Textile Standard (GOTS) is a globally recognized standard for the processing and manufacturing of organic textiles.
    • It is a leading certification for organic fibers, including cotton, throughout the entire supply chain, from harvesting of raw materials to labeling of the final product.
    • GOTS ensures that organic textiles meet strict environmental and social criteria, providing credible assurance to consumers.

    Key aspects of GOTS include:

    1. Organic Fiber Criteria: GOTS requires that at least 95% of the fibers in a textile product must be certified organic. It prohibits the use of genetically modified organisms (GMOs) and restricts the use of certain synthetic chemicals.
    2. Environmental Criteria: GOTS sets strict environmental criteria for processing and manufacturing organic textiles. It includes guidelines for wastewater treatment, chemical inputs, and energy usage, promoting sustainability and minimizing the environmental impact.
    3. Social Criteria: GOTS also encompasses social criteria, ensuring fair and safe working conditions for employees throughout the supply chain. It includes provisions for workers’ rights, prohibition of forced labor, and compliance with International Labor Organization (ILO) standards.
    4. Supply Chain Traceability: GOTS requires full traceability of the supply chain, from the source of the organic fibres to the final product. This ensures transparency and integrity throughout the production process.
    5. Labelling and Certification: GOTS-certified products are labelled accordingly, allowing consumers to identify and choose organic textiles with confidence. Certification is carried out by independent third-party organizations that assess compliance with GOTS standards.

    What is the new program about?

    • ESA’s programme will train AI models to analyze ESA satellite data and identify cotton fields in India.
    • The project will help GOTS generate accurate estimates of organic cotton yields and incorporate standardized yield metrics.
    • The initiative aims to identify cotton fields meeting predetermined standards and support a seamless transition to organic cultivation.
    • Traditional and ecologically friendly farming practices will be encouraged.

  • Role of Evapotranspiration in Earth’s Dynamic Processes

     

    evapotranspiration

    Central Idea:  Evapotranspiration is a key process in Earth’s dynamic systems, impacting the movement of water and nutrients, influencing the water cycle, and providing crucial information for farmers to manage irrigation and water resources effectively.

    Understanding Evapotranspiration

    • Definition: Evapotranspiration refers to the movement of water from terrestrial surfaces into the atmosphere and is a crucial part of the planet-wide water cycle.
    • Water cycle and its connection to evapotranspiration: Evapotranspiration is an amalgamation of evaporation (water loss from soil) and transpiration (water movement and loss by plants), both of which contribute to the overall movement of water in the water cycle.
    • Breakdown of the term: Evapotranspiration encompasses the movement of water upward through plants and its subsequent loss into the air from exposed plant parts.

    Factors affecting Evapotranspiration

    • Rate of evapotranspiration: Several factors impact the rate of evapotranspiration, including solar radiation, day length, soil moisture levels, ambient temperature, wind conditions, and the amount of water vapour already present in the air.
    • Insolation and its effect: The intensity of solar radiation directly affects the rate of evapotranspiration, as it provides the energy needed to evaporate water from terrestrial surfaces.
    • Role of day length: The length of the day, soil moisture content, ambient temperature, wind patterns, and the moisture content of the air all contribute to the rate at which evapotranspiration occurs.

    Historical significance of evapotranspiration

    • Origin and age of the term: The term “evapotranspiration” has been in use for at least 86 years and was initially published with a hyphenated form.
    • Contribution of Charles Warren Thornthwaite in 1944: Thornthwaite, an American climatologist, defined and popularized the term “evapotranspiration” in 1944.
    • Relevance for farmers in estimating water needs for crops: Even today, evapotranspiration remains significant for farmers who utilize it to estimate the amount of water required to irrigate their crops effectively.

    Back2Basics: Water Cycle

    • The water cycle, also known as the hydrological cycle, is the continuous movement and circulation of water on, above, and below the Earth’s surface.
    • Stages of the Water Cycle include:
    1. Evaporation: The process by which water changes from a liquid state to a gaseous state, rising into the atmosphere.
    2. Condensation: The cooling of water vapor in the atmosphere, causing it to change from a gaseous state back to a liquid state, forming clouds.
    3. Precipitation: When condensed water droplets combine and fall from the atmosphere as rain, snow, sleet, or hail.
    4. Runoff: The movement of water on the Earth’s surface, flowing into streams, rivers, lakes, and eventually into the oceans.
    5. Infiltration: The process by which water seeps into the ground and becomes groundwater.
    6. Transpiration: The release of water vapor from plant surfaces into the atmosphere.

     

  • Oil Reserves in Salt Caverns: The Potential in India

    salt cavern oil reserve india

    Central Idea

    • Engineers India (EIL) is conducting a feasibility study for developing salt cavern-based strategic oil reserves in Rajasthan, India, to increase the country’s storage capacity.
    • If successful, it would be India’s first oil storage facility using salt caverns, different from the existing rock cavern-based strategic storage facilities.

    Cavern-based Oil Storage

    • Cavern-based strategic oil storage facilities are storage facilities for crude oil or petroleum products that utilize naturally occurring underground caverns for storage purposes.
    • These caverns are typically formed in salt formations or other geological formations through processes such as solution mining or excavation.
    • In the case of salt cavern-based storage facilities, the storage space is created by dissolving salt deposits with water.
    • The process involves pumping water into the geological formations with large salt deposits, which dissolves the salt and creates caverns.
    • Once the brine (water with dissolved salt) is pumped out, the space can be used to store crude oil or other petroleum products.

    Advantages offered

    • Secure and safe: They are naturally well-sealed, providing a secure and impermeable barrier against liquid and gaseous hydrocarbons.
    • Impermeable: This inherent sealing property makes them suitable for long-term storage of oil, minimizing the risk of leaks or environmental contamination.
    • Efficient pumping: Furthermore, cavern-based storage facilities often have high injection and extraction rates, allowing for rapid and efficient operations.
    • Huge capacity: The large volume capacity of caverns enables significant storage capacity, making them ideal for strategic oil reserves intended to address supply disruptions or emergencies.
    • Strategic asset: Countries build strategic crude oil reserves to mitigate supply disruptions and ensure energy security during global supply shocks and emergencies.

    India’s Current Strategic Oil Reserves

    spr

    • Existing strategic oil storage facilities: India’s three current strategic oil storage facilities are located in Mangaluru, Padur, and Visakhapatnam, consisting of excavated rock caverns.
    • Current capacity and days of demand met: India’s current strategic oil reserves have a capacity of 5.33 million tonnes, equivalent to around 39 million barrels, meeting approximately 9.5 days of demand.
    • Expansion plans: India is in the process of expanding its strategic oil reserves by 6.5 million tonnes at Chandikhol in Odisha and Padur.

    Salt Cavern-Based Reserves vs. Rock Cavern-Based Reserves

    Salt Cavern Rock Cavern
    Development Process
    • Developed through solution mining
    • Dissolving salt deposits with water to create storage space
    • Excavated from solid rock formations
    Advantages
    • Naturally well-sealed
    • Rapid injection and extraction of oil
    • Less labour-intensive and cost-intensive compared to rock caverns
    • Excavation process
    • Suitable for certain geological formations
    Suitability for Oil Storage
    • Low oil absorbency
    • Impermeable barrier
    • Suitable for storing crude oil
    • Depends on specific geological formations
    • May have varying degrees of oil absorbency and permeability

     

    Examples of Salt Cavern-Based Storage

    • US Strategic Petroleum Reserve: The US has the world’s largest emergency oil storage, with storage caverns created in salt domes along the Gulf of Mexico coast. It has a capacity of around 727 million barrels.
    • Salt caverns for other purposes: Salt caverns are also used for storing liquid fuels, natural gas, compressed air, and hydrogen in various parts of the world.

    Potential for such storage in Rajasthan

    • Rajasthan’s conducive conditions: Rajasthan, with abundant salt formations, is seen as a favorable location for developing salt cavern-based strategic storage facilities.
    • Previous plans and current renewal: Earlier plans for a strategic oil reserve in Bikaner did not materialize, but the exploration of salt cavern-based storage in Rajasthan can be seen as a renewed proposal.
    • Infrastructure suitability: The presence of a refinery in Barmer and existing crude pipelines in Rajasthan make the infrastructure conducive for building strategic oil reserves.
    • Importance of technology access: Previously, no Indian company possessed the necessary technical expertise for building salt cavern-based strategic hydrocarbon storage.

    Future plans in India

    • Emergency stockpiles: India’s strategic oil reserves are intended to provide emergency stockpiles and are managed by the Indian Strategic Petroleum Reserve (ISPRL).
    • Import protection: The International Energy Agency (IEA) suggests that countries should hold oil stockpiles sufficient for 90 days of import protection.
    • Commercialization plans and partnerships: India plans to commercialize its strategic petroleum reserves through public-private partnerships, reducing government spending and leveraging the commercial potential of the reserves.
    • Recent actions and releases: India took advantage of low crude oil prices to fill its reserves, leading to cost savings. It also released oil from its strategic reserves as part of coordinated actions with other major oil-consuming countries.

    Conclusion

    • Compared to rock cavern-based reserves, salt caverns offer unique benefits that align with India’s goals of increasing storage capacity and ensuring energy security.

  • RBI issues draft on Cybersafety for PSOs

    pso payment

    The Reserve Bank of India has released the draft Master Directions on Cyber Resilience and Digital Payment Security Controls for Payment System Operators (PSOs).

    What are Payment System Operators (PSOs)?

    • A payment system operator means a legal entity responsible for operating a payment system.
    • The PSO provides services by operating on certain models.
    • They largely outsource their payment and settlement-related activities to various other entities.
    • Examples of PSOs include: Google Pay (and other apps), Clearing Corporation of India, National Payments Corporation of India, Cards Payment Networks, Cross border Money Transfer, ATM networks, Prepaid Payment Instruments, White Label ATM Operators, Instant Money Transfer, and Trade Receivables Discounting System, Bharat Bill Payment System etc.

    Key points from the draft

    (1) Governance Mechanisms:

    • The draft emphasizes the need for robust governance mechanisms to manage cybersecurity risks effectively.
    • It covers information security risks and vulnerabilities that PSOs should address.
    • PSOs are expected to establish and maintain a comprehensive cybersecurity framework.

    (2) Baseline Security Measures:

    • The draft specifies baseline security measures to be implemented by PSOs.
    • These measures are designed to protect digital payment systems from cybersecurity threats.
    • PSOs must implement controls related to data security, access controls, incident response, and business continuity planning.

    (3) Resilience to Cybersecurity Risks:

    • The directions aim to ensure that PSOs are resilient to both traditional and emerging information systems and cybersecurity risks.
    • PSOs are required to conduct periodic risk assessments and implement appropriate controls to mitigate identified risks.
    • The draft emphasizes the importance of continuous monitoring and review of cybersecurity measures.

    (4) Safeguarding Digital Payment Transactions:

    • The focus of the directions is to enhance the security of digital payment transactions.
    • PSOs must implement strong authentication mechanisms, encryption standards, and secure communication protocols.
    • The draft highlights the need for robust fraud monitoring and reporting mechanisms.

     

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  • India’s GDP expanded 6.1% in 2022-23’s last quarter

    gdp

    Central Idea

    • The National Statistical Office (NSO) has released provisional national income data revealing that India’s GDP growth in the January to March 2023 quarter reached 6.1%.
    • This growth in the fourth quarter is the fastest among major economies, indicating better prospects for the current year compared to previous expectations.

    Key Highlights

    (1) Manufacturing Sector Growth Slows, Despite Q4 Rebound

    • Gross Value Added (GVA) in the economy rose by 7% in 2022-23, compared to 8.8% in the previous fiscal year.
    • Manufacturing GVA growth declined significantly, reaching only 1.3% compared to 11.1% a year ago.
    • The sector experienced a rebound of 4.5% in the final quarter after six months of contraction, but overall growth remained subdued.

    (2) Agri and Services Sectors Propel Economic Growth

    • The agricultural GVA grew by 4% in 2022-23, an increase from 3.5% in the previous year.
    • Financial, real estate, and professional services sectors experienced a 7.1% growth in GVA, compared to 4.7% in 2021-22.
    • Trade, hotels, transport, and communication sectors, along with services related to broadcasting, witnessed a marginal increase of 14% in GVA.

    (3) Revised GDP and GVA Figures Reflect Changes in Economic Performance

    • The NSO revised GDP and GVA numbers for the first half of 2022-23, with slight decreases, but the third-quarter figures were slightly increased.
    • The first quarter’s GDP growth in 2022-23 is now pegged at 13.1%, followed by 6.2% in the second quarter and 4.5% growth in the third quarter.
    • GVA growth estimates for the first and second quarters were revised to 11.9% and 5.4% respectively, while the third quarter GVA growth increased to 4.7% from the earlier estimate of 4.6%.

    (4) Consumer Sentiment and Consumption Growth

    • Despite a slight uptick in private final consumption expenditure to 2.8% in Q4 from 2.2% in Q3, consumption growth remained muted.
    • This contradicted the uptick in consumer sentiments as per the RBI’s consumer confidence survey, highlighting the disparity between sentiment and actual spending.

    (5) Outlook and Challenges for Future Growth

    • Maintaining growth above 6% will be challenging amid a global economic slowdown, according to economists.
    • Higher-than-expected GDP growth in the previous year may temper growth expectations for the current year, with the government and central bank projecting around 6.5% growth.
    • Pent-up demand that supported growth previously may not be as strong, and private sector investment needs to pick up since exports are not expected to contribute significantly to growth.

    What can we as an Aspirant infer?

    • The resilience of the Indian economy and its promising trajectory despite global challenges is often highlighted in news.
    • This article justifies this perception about better performance of Indian Economy.

    Conclusion

    • To sustain and enhance economic growth, focus on stimulating private sector investment to complement the performance of agriculture and services sectors.
    • Addressing the challenges in the manufacturing sector and boosting consumer confidence can lead to increased consumption and overall economic expansion.
    • Efforts to diversify and promote exports should be prioritized to contribute to future growth and reduce dependence on domestic consumption.

    Tap to read more about:

    [Static Revision] National Income Determination, GDP, GNP, NDP, NNP, Personal Income

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