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  • Thirunelli Temple

  • RBI advises banks to transit away from LIBOR

    Central Idea: The RBI has issued an advisory to banks and other RBI-regulated entities regarding the transition away from London Interbank Offered Rate (LIBOR) July 1.

    What is London Interbank Offered Rate (LIBOR)?

    Explanation
    Definition LIBOR is a benchmark interest rate used in financial transactions such as loans, derivatives, and bonds.

    It is the interest rate at which banks can borrow funds from other banks in the London interbank market.

    It serves as a benchmark rate for various financial transactions worldwide.
    Calculation Method LIBOR rates are calculated based on submissions from a panel of major banks in London.

    These banks estimate their borrowing costs for various currencies and tenors.

    The submissions are used to calculate an average rate, which is published daily by the Intercontinental Exchange (ICE), the administrator of LIBOR.
    Currencies and Tenors LIBOR is calculated for different currencies and tenors ranging from overnight to one year.

    The currencies include USD, EUR, GBP, JPY, CHF, and others.

    The tenors represent the time periods for which the rates are quoted.
    Importance It has been widely used since the 1980s as a benchmark for financial contracts worth trillions of dollars globally.

    It serves as a reference rate for various loans, derivatives, and other financial instruments.

     

    Why is RBI moving away from LIBOR?

    Like many other countries, has been working towards transitioning away from LIBOR. The primary reasons for this transition include:

    • Manipulation risks: Following the global financial crisis in 2008, there were concerns about the reliability and potential manipulation of LIBOR.
    • Discontinuation of LIBOR: The regulatory authority in the UK that oversees LIBOR, announced in 2017 that it will no longer compel banks to submit the necessary data to calculate LIBOR after the end of 2021.
    • Adoption of alternative Reference Rates: Various countries, including India, have identified and adopted alternative reference rates that are more reliable and based on actual market transactions. Ex RBI introduced the Secured Overnight Financing Rate (SOFR).
    • Alignment with International Standards: Many countries have already initiated the shift to alternative reference rates, necessitating India’s alignment to maintain consistency and harmonization in international financial markets.
    • Risk Mitigation: RBI’s move aims to mitigate the potential risks associated with an unreliable or manipulated benchmark rate.

    Related terminologies

    Mumbai Interbank Forward Outright Rate (MIFOR): MIFOR is a benchmark rate used in Indian financial markets. It represents the forward premium or discount on the USD-INR exchange rate based on the LIBOR rate.

    Fallbacks: They are provisions inserted into contracts to establish alternative reference rates if the original benchmark rate (such as LIBOR) becomes unavailable or unreliable.

     

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  • What is Carbon Dating? How does it work?

    carbon dating

    Central Idea: Allahabad high court ordered the ASI to conduct the carbon dating process of the ‘Shivling’ found in the premises of the Gyanvapi mosque, without causing any damage to the structure.

    What is Carbon Dating?

    • Carbon dating is a widely-used method for determining the age of organic materials that were once living.
    • The method is based on the radioactive decay of Carbon-14 (C-14), an isotope of carbon with an atomic mass of 14.
    • It works by measuring the ratio of C-12 to C-14 in the atmosphere, as well as in plants and animals that acquire carbon through photosynthesis or food consumption.

    The half-life concept

    • Carbon-14 has a half-life of 5,730 ± 40 years—i.e., half the amount of the radioisotope present at any given time will undergo spontaneous disintegration during the succeeding 5,730 years.
    • Because carbon-14 decays at this constant rate, an estimate of the date at which an organism died can be made by measuring the amount of its residual radiocarbon.

    Limitations of Carbon Dating

    • Carbon dating has certain limitations and cannot be applied in all circumstances.
    • It is not suitable for determining the age of non-living things such as rocks.
    • Carbon dating becomes less accurate for objects older than 40,000-50,000 years, as the amount of detectable C-14 becomes significantly small.
    • Other radiometric dating methods are employed to determine the age of inanimate objects, which rely on the decay of radioactive elements present in the material.
    • Examples of such methods include potassium-argon dating and uranium-thorium-lead dating, which analyze the ratios of specific isotopes to estimate the age of rocks.

    Other Dating Methods

    In addition to radiometric dating, there are alternative methods to determine the age of objects.

    • Cosmogenic nuclide dating: CRN is one such method that utilizes radioactive decay to estimate age and is commonly used to study the age of ice cores in Polar Regions.
    • Potassium-argon dating: A radiometric dating method that measures the ratio of potassium to argon isotopes in rocks to determine their age.
    • Uranium-thorium-lead dating: A radiometric dating method that analyses the ratios of uranium, thorium, and lead isotopes in rocks to estimate their age.

     

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  • Species in news: Alligator Gar

    alligator-gar

    Central Idea: The Jammu and Kashmir Lake Conservation and Management Authority (LCMA) discovered a rare type of fish known as “Alligator Gar” for the first time during the ongoing cleaning of famous Dal Lake in Srinagar.

    Alligator Gar

    Information
    Scientific Name Atractosteus spatula
    Size and Weight Up to 8 feet in length, over 300 pounds
    Appearance Long, narrow body; crocodile-like head; sharp teeth
    Distribution Central and North America, freshwater habitats
    Fossil Record Traces back to the Early Cretaceous, over 100 million years ago
    Feeding Habits Voracious predator, feeds on fish, turtles, waterfowl, etc.
    Coloration Brown or olive on upper body, lighter underside
    Longevity Can live for several decades
    Conservation Status Least Concerned (IUCN)

     

     

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  • 25th anniversary of Pokhran-II

    pokhran

    Central Idea: The article provides a historical context for India’s nuclear program and focuses specifically on the Pokhran-II nuclear tests conducted in 1998. This year is special, marking 25 years since we started celebrating National Technology Day.

    India’s Nuclear Journey: A quick recap

    • India conducted nuclear bomb test explosions at Pokhran Test Range in 1998.
    • Codenamed Operation Shakti, these tests showcased India’s capability to build nuclear weapons.
    • The tests marked the culmination of a long journey that began in the 1940s-50s.
    • Physicist Homi J Bhaba played a crucial role in laying the foundations of India’s nuclear program.
    • Prime Minister Jawaharlal Nehru supported Bhaba’s efforts and established the Department of Atomic Energy (DAE) in 1954.

    Reasons: Threat of China and Pakistan

    • India’s perspective on nuclear weapons changed after the 1962 Sino-Indian War and China’s nuclear bomb test in 1964.
    • The political establishment realized the need for self-sufficiency in the face of an unfriendly China and Pakistan.
    • India sought nuclear guarantees from established nuclear weapons states but was unsuccessful.
    • The path to obtaining nuclear weapons became a priority for India.

    The “Discriminatory” NPT

    • The Non-Proliferation Treaty (NPT) was established in 1968, creating a divide between nuclear-weapon states and non-nuclear states.
    • India refused to sign the treaty, as it felt it did not address its concerns about reciprocal obligations from nuclear weapons states.
    • The NPT gained widespread international acceptance, but India remained one of the few non-signatories.

    Pokhran-I and its Aftermath

    • In 1974, India conducted its first nuclear test at Pokhran, known as Pokhran-I or Operation Smiling Buddha.
    • The test was described as a “peaceful nuclear explosion” but faced international condemnation and sanctions.
    • Political instability, including the Emergency in 1975, hindered India’s nuclear program’s progress.
    • Clamor for nuclear weapons resurfaced in the 1980s due to Pakistan’s advancing nuclear capabilities.

    The Period between the Two Tests

    • India faced challenges due to domestic political instability and changing international dynamics.
    • The fall of the USSR in 1991 weakened India’s military alliances.
    • The US continued to support Pakistan despite concerns about its nuclear program.
    • India faced pressure to quickly develop nuclear weapons as the window of opportunity appeared to be closing.

    Pokhran-II: Projecting India’s Strength

    • In 1998, the National Democratic Alliance (NDA) came to power under Atal Bihari Vajpayee.
    • Operation Shakti, conducted as a response to Pakistan’s missile launch, marked the culmination of India’s nuclear weaponization.
    • India declared itself a nuclear weapons state following Pokhran-II.
    • The tests faced some sanctions, but India’s growing economy and market potential helped it withstand international pressure.

     

     

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  • Chheligada Irrigation Project in Odisha

    Central Idea: Officials recently directed to begin construction of the multipurpose irrigation project at Chheligada, Odisha.

    Chheligada Irrigation Project

    • The project is a multipurpose medium project located near the village of Chheligada in the Gajapati District of Odisha.
    • The project involves the construction of a 250m long and 30m high dam across the River Badjhore, a tributary of the River Vamsadhara.
    • It aims to preserve 5201 hectares of water and provide irrigation to 5760 hectares of land in Ganjam and 500 hectares of land in Gajapati districts.
    • The project will also supply drinking water to Brahampur City.
    • Furthermore, it includes the development of a mini hydel project at Shiali Loti, Kankata, and Dekili in the Gajapati district, with a capacity to generate 36 MW of electricity.

    Salient features of the project

    1. A centrally located Ogee-type gated spillway with a length of 90m.
    2. Construction of a 1.13 km long tunnel connecting the Chheligada reservoir with the Ghodahada river.
    3. Establishment of a canal system to facilitate irrigation in the Gajapati district directly from the dam.
    4. Implementation of a pipeline network for supplying drinking water to Berhampur in the Ganjam district.

     

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  • Early Childhood Care and Education through Anganwadis

    Central Idea: The Centre is planning to promote ‘Early Childhood Care and Education’ through anganwadi centres as part of the ‘Poshan Bhi, Padhai Bhi’ slogan announced by the Women and Child Development Minister.

    What is Anganwadi scheme?

    • The scheme was started in 1975 and aims at the holistic development of children and empowerment of mother.
    • It is a Centrally-Sponsored scheme. The scheme primarily runs through the Anganwadi centre.
    • The scheme is under the Ministry of Women and Child Development.

    Moto: Poshan Bhi, Padhai Bhi

    • The focus will be on both nutrition and early learning for children under 6 years, with a particular emphasis on those under 3 years.
    • Early learning has been neglected in the Integrated Child Development Scheme (ICDS) and seen as secondary to nutrition.
    • Anganwadi centres will be repositioned as pre-schools to provide early learning access to socially and educationally backward communities.

    Why such move?

    • Two emerging trends are noted: young children shifting to private pre-schools and under-age children being admitted to Class 1 in some states.
    • The quality of services provided at Anganwadi centres is perceived as inferior, leading to the shift to private nursery schools.

    Task Force and Recommendations

    • Rebranding anganwadis: The task force recommends a “mission-mode approach” to rebranding anganwadis, including infrastructure upgrades, materials, play equipment, etc.
    • Focus on volunteer support: It suggests involving panchayat raj institutions, women’s self-help groups, local NGOs, and college volunteers to enhance the learning environment.
    • Boost to Anganwadi sisters: The task force proposes re-designating anganwadi workers as anganwadi teachers and helpers as childcare workers.
    • Nutrition boost: Infrastructure improvements, additional nutrition supplements (such as eggs and milk), extended timings, creches, and day care services are recommended.
    • MGNREGS liasion: The task force suggests leveraging funds from the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS).

    Major target: Improve Child Nutrition

    • The task force highlights that over 35% of young children in India are stunted, according to the latest NFHS data.
    • Although there has been a reduction, India still has the largest population of stunted children globally.
    • Child stunting affects developmental outcomes and the ability to learn at school.
    • NFHS-5 reveals that only 11.3% of children below 2 years receive an adequate diet.
    • The task force recommends introducing eggs as an effective intervention for nutrition.

     

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  • Santiniketan in tentative list for UNESCO World Heritage list

    santiniketan

    Central Idea

    • The article announces that Santiniketan, the home of Nobel laureate Rabindranath Tagore in West Bengal, has been recommended for inclusion in UNESCO’s World Heritage List.

    About Santiniketan

    Santiniketan is a renowned cultural and heritage place located in Birbhum District, West Bengal, India. It holds historical significance and is known for its association with Nobel laureate Rabindranath Tagore. Here are key points about Santiniketan:

    • It was the home of Rabindranath Tagore, where he lived and composed many of his literary works, including songs, poems, and novels.
    • The Santiniketan campus is adorned with splendid sculptures, frescoes, murals, and paintings created by renowned artists such as Rabindranath Tagore, Nandalal Bose, Ramkinkar, Binodbehari Mukhopadhyay, and others.
    • The region of Birbhum District, where Santiniketan is located, is also famous for its fairs and festivals. Some notable ones are Poush Mela (December), Joydev Mela (January), Basanta Utsav (Holi) in March, and the famous mystic Baul Singers.
    • Special cultural events are held during Bengali New Year and Rabindra Janmotsav (birth anniversary of Rabindranath Tagore) in the Bengali month of Boisakh with great enthusiasm.
    • Santiniketan celebrates unique festivals like Briksharopan (festival of Planting Saplings) and Halakarshan (festival of Plowing the Fields) on the 22nd and 23rd days of Sravana (August), respectively.
    • Varshamangal, the festival of rains, is celebrated during August/September.
    • Poush Mela is an annual fair and festival held in Santiniketan, starting on the 7th day of the month of Poush. The fair officially lasts for three days, but vendors may stay until the end of the month. It is known for live performances of Bengali folk music, particularly by bauls (traditional wandering minstrels), and also features tribal dances like Santali.

    Recommendation by ICOMOS

    • The recommendation for Santiniketan’s inclusion was made by the International Council on Monuments and Sites (ICOMOS), which is the advisory body to the UNESCO World Heritage Centre.
    • ICOMOS is a France-based international cultural body dedicated to the conservation and enhancement of global architectural and landscape heritage.

    West Bengal’s Representation in World Heritage List

    • If selected, Santiniketan would be the second cultural symbol from West Bengal to be included in the UNESCO list.
    • In 2021, UNESCO included ‘Durga Puja in Kolkata’ in its list of Intangible Cultural Heritage of Humanity.

    Back2Basics: UNESCO World Heritage Sites

    Description
    UNESCO World Heritage Sites Landmarks or areas selected by UNESCO for their cultural, historical, scientific, or other significant value, legally protected by international treaties.
    Importance World Heritage Sites represent collective and preservative interests of humanity, signifying remarkable accomplishments and intellectual history.
    Selection Criteria Sites must be already-classified landmarks, unique and significant culturally or physically, such as ancient ruins, historical structures, cities, monuments, etc.
    Conservation World Heritage Sites require practical conservation to protect them from risks like trespassing, uncontrolled access, or administrative negligence.
    World Heritage Committee Selects and monitors World Heritage Sites, manages the World Heritage Fund, and provides financial assistance. Composed of 21 states parties elected for a four-year term.
    Membership India is not a member of the World Heritage Committee.

    Note: “States parties” refer to the countries that have ratified the World Heritage Convention and participate in the decision-making process.

     

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  • Indian Sludge Shows High Fertilizer Potential: First Study Reveals

    Central Idea: The article discusses the results of an analysis of the sludge found in Indian sewage treatment plants (STP) that were set up to treat polluted water from the Ganga under National Mission for Clean Ganga.

    About National Mission for Clean Ganga

    Description
    Launch 2014
    Aim Cleaning and rejuvenating the Ganga river
    Interventions Development of sewage treatment infrastructure, riverfront development, and public awareness campaigns
    Approach River basin approach, identifying pollution hotspots and implementing targeted interventions
    Implementing Agency NMCG
    Responsibilities Coordinating efforts across stakeholders, including state governments, municipalities, and civil society organizations
    Objective Improve water quality and ensure ecological and socio-economic sustainability of the Ganga river

     

    Sludge classification

    • India doesn’t yet have standards classifying sludge as class A or B.
    • Treated sludge can be classified as class A or class B, as per the standards of the United States Environment Protection Agency.
    1. Class A sludge: It is safe to be disposed of in the open and useful as organic fertilizer.
    2. Class B sludge: It can be used in restricted agricultural applications, with the edible parts of the crop not exposed to the sludge-mixed soil, and animals and people not come into extensive contact.

    Current sludge disposal practices

    • Currently, those awarded contracts for developing and maintaining STPs under the Namami Ganga Mission are also apportioned land for disposing off sludge.
    • However, the sludge is rarely treated, and during rains, it often makes its way back into rivers and local water sources.

    Study’s findings

    • The sludge analysed after drying fell into the class B category.
    • Nitrogen and phosphorus levels were higher than those recommended by India’s fertilizer standards, but potassium levels of some sludges were less than recommended.
    • The degree of pathogens, as well as heavy metal contamination, was above the recommended fertilizer standards.
    • The calorific value of sludge ranged from 1,000-3,500 kcal/kg, which is lower than the average calorific value of Indian coal.

    Recommendations to improve sludge quality

    • The report recommends storing the sludge for at least three months to kill pathogens and blending it with cattle manure and husk or local soil to reduce heavy metal.
    • However, this would still put it in class B, and converting it into grade A sludge would require far more extensive treatment.

     

     

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  • Significance of Meerut: Birthplace of India’s First War of Independence

    meerut

    Central Idea

    • The article highlights the historical significance of Meerut, a city in western Uttar Pradesh.
    • Alamgirpur, the easternmost settlement of the Harappa civilization, is located in Meerut and has archaeological importance.
    • However, Meerut gained fame for its role in India’s First War of Independence on May 10, 1857, also known as the Indian Mutiny or Revolt.

    Meerut: Historical origins and name

    • Meerut has historical origins, possibly deriving its name from Mayarashtra, the capital of Mayasura, who was Ravana’s father-in-law.
    • The archaeological site of Vidura-ka-tila, located northeast of Meerut, is believed to be the remains of Hastinapur, the ancient capital of the Kauravas and Pandavas from the Mahabharata.
    • Meerut was ruled by the Scindias before being ceded to the British in 1803, which eventually paved the way for the British exit from India.

    The 1857 Rebellion

    • The rebellion in Meerut was sparked by the introduction of the Enfield rifle and the use of cartridges rumored to be greased with a mixture of cow and pig fat.
    • Sepoys (Indian soldiers) who refused to use the cartridges were punished and stripped of their uniforms.
    • This incident led to a rebellion among the sepoys and a call for the uprising against British rule.

    Outbreak of the Mutiny

    • On May 10, 1857, while the European residents of Meerut were attending church, the sound of musketry and columns of smoke signalled the revolt of the native troops.
    • The sepoys, having revolted, marched towards Delhi, considering it the power center and the capital of Mughal India.

    Meerut’s Significance

    • Meerut played a crucial role in the Indian Mutiny, serving as the starting point for the rebellion that spread across the country.
    • The mutiny in Meerut inspired and influenced the subsequent events of the uprising.
    • D. Savarkar later referred to the Mutiny as the First War of Independence.

     

     

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