💥UPSC 2026, 2027, 2028 UAP Mentorship (March Batch) + Access XFactor Notes & Microthemes PDF

Type: Prelims Only

  • Global Study on Biomass Movement

    Why in the News?

    A new study published in Nature Ecology & Evolution highlights how species mobility, measured as biomass movement, shapes ecosystems and reflects human ecological dominance.

    About the Concept of Biomass Movement:

    • Overview: Biomass movement is the product of a species’ total biomass and the distance it travels annually, representing the mass of living matter displaced across ecosystems each year.
      • Biomass movement = (Total biomass of a species) × (Distance it travels annually).
    • Purpose: Quantifies how living organisms contribute to nutrient transport, seed dispersal, and energy flow through movement.
    • Comparative Metric: Enables cross-species comparison of ecological influence via mobility, bridging animal ecology and global biogeography.
    • Analytical Value: Provides a standardised ecological indicator to study both natural migrations and human-induced mobility patterns.
    • Anthropocene Context: Serves as a unified measure of ecological and energetic impact in a human-dominated epoch.
    • Scientific Basis: Concept explored in Nature Ecology & Evolution (2025) to assess species-level and anthropogenic movement on a global scale.

    Key Highlights with Example:

    • Arctic Tern: Weighing ~100 g, travels ~90,000 km annually (Arctic–Antarctica circuit), the longest animal migration known.
    • Collective Biomass Movement: Two million terns contribute only 0.016 gt/km/yr, due to low body mass despite vast distances.
    • Grey Wolf: Records 0.03 gt/km/yr, higher due to larger body size and wider terrestrial range.
    • Serengeti Migration: Over a million wildebeests, gazelles, and zebras generate biomass movement 20× greater than wolves.
    • Human Parallel: The total biomass moved in the FIFA World Cup equals that of major animal migrations, highlighting scale disparity between species.

    Human Biomass Movement and Its Consequences:

    • Magnitude: Humans move an estimated ~4,000 gt/km/yr, the largest on Earth, 40× greater than all wild land mammals combined.
    • Mobility Patterns: Average human travels 30 km/day, mostly motorised, 65% by cars/motorcycles, 10% by air, 5% by rail.
    • Economic Disparity: Two-thirds of total human mobility occurs in high- and upper-middle-income countries, reflecting global inequality.
    • Ecological Effects: Drives carbon emissions, urban sprawl, resource depletion, and land fragmentation.
    • Marine Decline: Marine animal mobility has halved since 1850 due to industrial fishing and whaling.
    • Livestock Factor: Domesticated cattle show biomass movement comparable to humans, indicating the ecological weight of livestock farming.
    • Wildlife Contrast: Combined biomass movement of all wild land mammals (excluding bats) is only 30 gt/km/yr, underscoring human dominance.
    • Anthropocene Insight: Demonstrates that human and domesticated animal mobility now defines Earth’s biogeochemical and ecological motion.
  • Panchayati Raj Institutions: Issues and Challenges

    Mayor in India

    Why in the News?

    Zohran Mamdani of Indian-origin has been elected as the mayor of New York City.

    Mayor in India:

    • Overview: The Mayor serves as the head of a Municipal Corporation, responsible for urban governance, civic infrastructure, and local service delivery in large cities.
    • Basis: Institutionalised under the 74th Constitutional Amendment Act, 1992, which gave constitutional status to Urban Local Bodies (ULBs) and transferred 18 functional subjects to them.
    • Administrative Framework: Municipal corporations function under state municipal laws, operating under the supervision of state urban development departments.
    • Historical Context: The first municipal corporation was created in Madras (1688), followed by Bombay and Calcutta (1762) under British rule.
    • Evolution of the office: The idea of an elected municipal President was first introduced through Lord Mayo’s Resolution (1870). The present form of local self-government was shaped by Lord Ripon’s Resolution (1882), earning him the title “Father of Local Self-Government in India.”
    • Election and Tenure:
      • Direct Election: Citizens directly elect the Mayor in cities like Bhopal, Indore, and Jaipur.
      • Indirect Election: Elected councillors choose the Mayor in cities like Mumbai, Delhi, and Bengaluru.
      • Tenure: Varies from 1 to 5 years, depending on state-specific legislation.
    • Powers and Functions:
      • Ceremonial Role: Acts as the first citizen of the city, representing it in official and public functions.
      • Presiding Officer: Chairs meetings of the Municipal Corporation and ensures smooth deliberations.
      • Limited Executive Power: Administrative authority lies with the Municipal Commissioner (IAS officer) appointed by the state government.
      • Policy and Representation: Serves as a political leader and civic advocate, voicing urban development concerns.

    How a Mayor in India differ from a Mayor in the U.S.?

    India U.S.
    System Type Parliamentary model under state supervision Executive or presidential city model
    Election Usually indirectly elected by councillors Directly elected by citizens
    Tenure 1–5 years, varies by state Fixed 4-year term, renewable once
    Administrative Power Ceremonial, executive power with Commissioner Full executive control over departments and budget
    Financial Authority Dependent on state approval Autonomous budgetary power (e.g., NYC manages $120+ bn)
    Legislative Role Chairs council meetings Can veto bills and issue executive orders
    Autonomy Subordinate to state Semi-autonomous, independent within city jurisdiction
    Nature of Office Symbolic and representational Powerful executive, city-level head of government

     

    [UPSC 2024] Consider the following statements:

    1. Powers of the Municipalities are given in Part IX A of the Constitution.

    2. Emergency provisions are given in Part XVIII of the Constitution.

    3. Provisions related to the amendment of the Constitution are given in Part XX of the Constitution.

    Select the answer using the code given below:

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

     

  • Indian Navy Updates

    [pib] Indian Navy commissions INS Ikshak

    Why in the News?

    The Indian Navy has commissioned INS Ikshak, the third Survey Vessel (Large) (SVL) and the first to be based at the Southern Naval Command, at Naval Base Kochi.

    About INS Ikshak:

    • Overview: It is the third vessel of the Survey Vessel (Large) [SVL] class and the first to be based at the Southern Naval Command.
    • Series Lineage: Third ship in the SVL series, following INS Sandhayak and INS Nirdeshak, replacing older Sandhayak-class vessels.
    • Builder & Origin: Constructed by Garden Reach Shipbuilders & Engineers (GRSE) Ltd., Kolkata, under Aatmanirbhar Bharat, with over 80% indigenous content sourced from Indian MSMEs.
    • Name Meaning: Means ‘Guide’ in Sanskrit – symbolising its role in charting unexplored waters and strengthening maritime safety in the Indian Ocean Region (IOR).
    • Mission Role: Designed primarily for hydrographic surveys but also configured for Humanitarian Assistance and Disaster Relief (HADR) operations and can serve as a hospital ship during crises.

    Key Features:

    • Dimensions & Displacement: 110 m long, 16 m wide, 3,400-ton displacement, with crew capacity of ~231 personnel.
    • Propulsion & Speed: Powered by twin main engines and twin-shaft configuration; achieves 14 knots cruising speed, 18 knots maximum.
    • Survey Systems: Equipped with multi-beam echo sounder, Autonomous Underwater Vehicle (AUV), Remotely Operated Vehicle (ROV), four Survey Motor Boats (SMBs), and advanced oceanographic sensors for coastal and deep-water mapping.
    • Aviation Facility: Features a helicopter deck, extending its range, reconnaissance, and operational versatility.
    • Dual Role Capability: Convertible for HADR and medical missions, enhancing naval disaster-response capability.
    • Gender-Inclusive Design: India’s first survey vessel with dedicated accommodation for women officers and sailors.
    [UPSC 2016] Which one of the following is the best description of ‘INS Astradharini’, that was in the news recently?
    Options: (a) Amphibious warfare ship
    (b) Nuclear-powered submarine
    (c) Torpedo launch and recovery vessel *
    (d) Nuclear-powered aircraft carrier

     

  • Gravitational Wave Observations

    Clearest Black Hole Merger signal allows probe of Hawking’s Law

    Why in the News?

    Researchers have detected the clearest gravitational wave signal, GW250114, from merging black holes, confirming Stephen Hawking’s 1971 Black Hole Area Theorem.

    Clearest Black Hole Merger signal allows probe of Hawking’s Law

    About GW250114:

    • Overview: GW250114 is the clearest gravitational wave signal ever detected, observed on January 14, 2025, by LIGO (US), Virgo (Italy), and KAGRA (Japan).
    • What Happened: It came from the collision of two black holes, each about 30 times the Sun’s mass, located 1.3 billion light-years away.
    • Importance: Published in Physical Review Letters (Sept 2025), it gave the strongest proof of Stephen Hawking’s Black Hole Area Theorem (1971) and confirmed Einstein’s General Theory of Relativity.

    Back2Bascis: Black Holes

    • Overview: A black hole is a region in space where gravity is so strong that even light cannot escape.
    • Formation: Created when a massive star collapses after using up its fuel.
    • Types:
    1. Stellar Black Holes – formed from dead stars.
    2. Supermassive Black Holes – at the centre of galaxies.
    3. Intermediate or Primordial – smaller or early-universe types.
    • Properties: Defined by mass, spin, and charge; grow by absorbing matter or merging with other black holes.

    What is a Black Hole Merger?

    • Process: Two black holes orbit each other, come closer, and finally collide to form a bigger black hole.
    • Phases:
    1. Inspiral – they lose energy and move inward.
    2. Merger – they collide, sending out gravitational waves.
    3. Ringdown – the new black hole settles down.
    • Observation: These mergers create powerful ripples in spacetime called gravitational waves, first detected by LIGO in 2015.

    What is the Hawking’s Black Hole Area Theorem (1971)?

    • Idea: The total surface area of black holes never decreases — it can only stay the same or increase.
    • Analogy: Similar to the Second Law of Thermodynamics, where disorder (entropy) always increases.
    • Meaning: When two black holes merge, the new black hole’s surface area is greater than or equal to the combined areas of the originals.
    • Proof: The GW250114 event (2025) confirmed this by showing that the total area increased, just as Hawking predicted.
    [UPSC 2019] Recently, scientists observed the merger of giant ‘blackholes’ billions of light-years away from the Earth. What is the significance of this observation?

    Options: (a) Higgs boson particles’ were detected.

    (b) Gravitational waves’ were detected. *

    (c) Possibility of inter-galactic space travel through ‘wormhole’ was confirmed.

    (d) It enabled the scientists to understand ‘singularity’.

     

  • Industrial Sector Updates – Industrial Policy, Ease of Doing Business, etc.

    Govt panel working on New SEZ Norms for Exporters to Access Domestic Market

    Why in the News?

    A government panel comprising officials from the Commerce and Industry Ministry, NITI Aayog, and exporters is drafting new Special Economic Zone (SEZ) norms to revive manufacturing and support exporters hit by steep U.S. tariffs in 2025.

    Back2Basics: Special Economic Zones (SEZs) in India

    • Overview: Duty-free enclaves treated as foreign territory for trade, designed to boost exports, investment, and employment.
    • Legal Framework: Governed by the SEZ Act, 2005 and SEZ Rules, 2006 with single-window clearances and liberal FDI norms.
    • Policy Evolution: Introduced in 2000, replacing Export Processing Zones (EPZs) to strengthen export-led industrialization.
    • Objectives: Promote export growth, foreign and domestic investment, and infrastructure creation.
    • Incentives: Include duty-free imports, tax holidays, zero-rated GST, and ECB up to $500 million annually.
    • Scale: As of 2025, India has 276 operational SEZs– notably GIFT City (Gujarat), SEEPZ (Mumbai), and Noida SEZ.
    • Reform Outlook: The Development of Enterprise and Service Hubs (DESH) Bill 2022 aims to evolve SEZs into flexible, multi-use economic hubs linking domestic and global value chains.

    Need for SEZ Norms Revision:

    • U.S. Tariff Impact: Recent U.S. tariff hikes on gems, jewellery, and textiles have reduced price competitiveness of India’s SEZ-based exporters, leading to production losses.
    • Export Decline: SEZ exports dropped to $172 billion (FY25), with domestic sales stagnating at 2%, exposing overdependence on foreign markets.
    • Idle Capacity & Job Losses: Fluctuating export demand left labour and machinery underutilised; reforms aim to let SEZs meet domestic orders during downturns.
    • Global Benchmarking: Indian SEZs lag China and Vietnam in scale, policy stability, and productivity, prompting structural reform for competitiveness.
    • Revenue Balance: The government seeks industry relief while safeguarding tax revenues, given SEZs’ extensive tax exemptions.

    Proposed SEZ Reforms under Review:

    • Reverse Job Work Permission: SEZs may be allowed to accept domestic processing contracts to use idle capacity during off-peak seasons.
    • DTA Sales Flexibility: Partial permission for direct domestic sales, with duty adjustments to protect local manufacturers.
    • Simplified De-notification Rules: Faster conversion of non-performing SEZs into industrial parks or enterprise hubs.
    • Sectoral Support: Gems and jewellery exporters seek moratoriums, longer export obligations, and interest relief.
    • Integration with DESH Bill (2022): Adoption of hybrid zone model for both exports and domestic production under the Development of Enterprise and Service Hubs framework.
    [UPSC 2010] The SEZ Act, 2005 which came into effect in February 2006 has certain objectives. In this context, consider the following:
    1. Development of infrastructure facilities. 2. Promotion of investment from foreign sources. 3. Promotion of exports of services only.
    Which of the above are the objectives of this Act?
    Options: (a) 1 and 2 only* (b) 3 only (c) 2 and 3 only (d) 1,2 and 3

    [UPSC 2016] Recently, India’s first ‘National Investment and Manufacturing Zone’ was proposed to be set up in-
    Options: (a) Andhra Pradesh* (b) Gujarat (c) Maharashtra (d) Uttar Pradesh

     

  • Wetland Conservation

    Bihar’s Gogabeel Lake declared India’s 94th Ramsar Site

    Why in the News?

    Gogabeel Lake, located in Katihar district, Bihar, has been officially designated as India’s 94th Ramsar Site and sixth from Bihar.

    Bihar's Gogabeel Lake declared India's 94th Ramsar Site

    About Gogabeel Lake:

    • Overview: An oxbow lake situated in Katihar district, Bihar, within the Trans-Gangetic Plains, formed between the Ganga and Mahananda rivers.
    • Hydrological Nature: Connects to both rivers during monsoon floods, functioning as a dynamic floodplain wetland.
    • Legal Status: Declared Bihar’s first community reserve, co-managed by local communities and forest authorities.
    • Ecological Significance: Serves as a key habitat for migratory birds and a breeding site for vulnerable species such as the Lesser Adjutant Stork, Black-necked Stork, and Smooth-coated Otter.
    • Biodiversity: Hosts 90+ bird species (including 30 migratory), wetland flora, and fish species like Helicopter Catfish (Wallago attu).
    • Ecosystem Services: Provides flood mitigation, groundwater recharge, carbon storage, and climate regulation, contributing to the Gangetic ecosystem’s stability.
    • Cultural Linkages: Integral to local festivals like Sirva, Adra, and Chhath, symbolising people–nature harmony in rural Bihar.
  • Gravitational Wave Observations

    Gamma-Ray Bursts from Black Hole ‘Morsels’ could expose Quantum Gravity

    Why in the News?

    A recent theoretical study (accepted in Nuclear Physics B, August 2025) introduces the idea of “black hole morsels”, tiny, asteroid-mass micro-black holes possibly formed during black hole mergers.

    What are Gamma-Ray Bursts (GRBs)?

    • Overview: They are extremely energetic cosmic explosions that emit intense bursts of gamma radiation, the highest-energy form of electromagnetic waves.
    • Discovery: First detected in the late 1960s by U.S. Vela satellites, initially built to monitor nuclear tests.
    • Duration-Based Classification:
      • Short GRBs: Lasting <2 seconds, typically formed by merging neutron stars or neutron stars–black hole collisions.
      • Long GRBs: Lasting 2–1000 seconds, arising from supernova collapses of massive stars (collapsars).
    • Energy Output: A single GRB can release as much energy in seconds as the Sun emits over its entire lifetime (~10⁵¹–10⁵⁴ ergs).
    • Afterglow: Follows the main burst in X-ray, optical, and radio wavelengths, allowing astronomers to study host galaxies and distances.

    Hypothesis about Black Hole ‘Morsels’:

    • Study Context: Research proposes the existence of “black hole morsels”, tiny remnants formed during black hole mergers.
    • Formation Mechanism: During merger, spacetime “pinches off” into ultra-dense pockets, creating micro-black holes or morsels that may later evaporate.
    • Emissions: These morsels are predicted to release gamma rays and high-energy particles via Hawking radiation, providing a possible observational signature of quantum gravity.
    • Scientific Goal: The hypothesis aims to bridge general relativity and quantum mechanics, offering a natural test case for quantum spacetime dynamics.

    What are Black Hole Morsels?

    • Overview: Hypothetical micro–black holes formed as fragments during black hole mergers under extreme gravitational stress.
    • Origin: Result from pinched-off regions of spacetime during coalescence of two black holes.
    • Mass & Size: Much smaller than parent black holes, roughly asteroid-scale mass but with extreme density.
    • Temperature & Radiation: Extremely hot, emitting intense Hawking radiation– photons, neutrinos, and high-energy particles.
    • Lifetime: Short-lived — ranging from milliseconds to years, depending on initial mass.
    • Detectability: Expected to produce isotropic gamma-ray bursts, unlike directional jets of typical GRBs.
    • Observation Instruments: Potential detection via HESS (Namibia), HAWC (Mexico), LHAASO (China), and Fermi Space Telescope (USA).

    Scientific Significance:

    • Quantum Gravity Evidence: Detection would confirm that gravity behaves quantum mechanically at microscopic scales.
    • Spacetime Structure: Provides direct insight into the quantum texture of spacetime near black hole singularities.
    • Cosmic Accelerator Analogy: Morsels could probe energy scales far beyond the LHC, acting as natural high-energy laboratories.
    • Current Status: None observed yet, but existing gamma-ray data are being analysed to set upper mass limits and refine the model.
    [UPSC 2019] Recently, scientists observed the merger of giant ‘Blackholes’ billions of light-years away from the Earth. What is the significance of this observation?

    Options: (a) Higgs boson particles were detected.

    (b) Gravitational waves were detected.*

    (c) Possibility of inter-galactic space travel through ‘wormhole’ was confirmed.

    (d) It enabled the scientists to understand ‘singularity’.

     

  • Dams and Hydroprojects

    Meghalaya’s Umngot River turns Muddy

    Why in the News?

    The Umngot River, celebrated for its crystal-clear waters and tourist appeal at Dawki and Shnongpdeng, has turned murky and opaque.

    Meghalaya’s Umngot River turns Muddy

    About Umngot River:

    • Location: Flows through West Jaintia Hills district, Meghalaya, close to the India–Bangladesh border.
    • Origin: Arises from the Jaintia Hills, traversing limestone-rich terrain that naturally filters impurities and maintains clarity.
    • Distinct Appearance: Known for its crystal-clear waters that create the illusion of boats floating on air, earning it global recognition.
    • Length & Course: Flows southward to Dawki town, where it merges with Bangladesh’s Piyain River.
    • Ecological Features: Possesses high dissolved oxygen levels, preventing algal growth and supporting diverse aquatic biodiversity.
    • Tourism Hub: Popular at Dawki and Shnongpdeng for boating, fishing, camping, and eco-tourism, drawing thousands of visitors annually.
    • Infrastructure Landmark: The Dawki Suspension Bridge (1932) is a heritage structure spanning the river and serving as a trade route link.
    • Economic Role: Sustains cross-border trade, local fishing, and tourism-driven livelihoods vital to Meghalaya’s rural economy.
    • Cultural Boundary: Serves as a natural divider between Ri Pnar (Jaintia Hills) and Hima Khyrim (Khasi Hills).

    Cause of Discoloration:

    • Primary Cause: Linked to Shillong–Dawki road-widening project upgrading it to a two-lane highway with a 400 m bridge at Dawki.
    • Pollution Source: Hill-cutting, excavation, and soil dumping along sites near Umtyngar and Dawki caused heavy sediment runoff.
    • Inspection Findings: The Meghalaya State Pollution Control Board (MSPCB) detected uncontained debris and sliding soil entering the river, reducing water transparency.
    [UPSC 2021] Consider the following rivers:

    1. Brahmani 2. Nagavali 3. Subarnarekha 4. Vamsadhara

    Which of the above rise from the Eastern Ghats?

    Options: (a) 1 and 2 (b) 2 and 4* (c) 3 and 4 (d) 1 and 3

     

  • Festivals, Dances, Theatre, Literature, Art in News

    ‘Phool Walon Ki Sair’ Festival

    Why in the News?

    For the first time since its 1962 revival (except during COVID-19), Delhi’s interfaith festival Phool Walon Ki Sair will not be held this year.

    About ‘Phool Walon Ki Sair’ Festival:

    • Timing: Held annually post-monsoon (September–November), attracting large participation from artisans, locals, and cultural groups.
    • Meaning: Literally translates to “Procession of the Florists,” celebrated annually in Mehrauli, Delhi.
    • Origin: Began in 1811 under Mughal Emperor Akbar Shah II when Begum Mumtaz Mahal offered floral chadars at both the Yogmaya Temple and the dargah of Khwaja Bakhtiar Kaki.
    • Symbolism: Represents Hindu–Muslim unity, interfaith respect, and religious harmony in Delhi’s cultural fabric.
    • Historical Timeline:
      • Banned by the British (1942) during the freedom movement.
      • Revived in 1962 by then Prime Minister Jawaharlal Nehru as a symbol of secular revivalism.
    • Celebrations: Include floral processions, decorative pankhas (fans), qawwali, folk dances, and traditional fairs.

    Cultural Significance:

    • Ganga–Jamuni Tehzeeb: Embodies Delhi’s composite Indo-Islamic culture, celebrating shared heritage and pluralism.
    • Interfaith Harmony: Promotes unity, peace, and mutual respect between communities.
    • Secular Ethos: Serves as a living symbol of Indian secularism, transcending religious and social boundaries.
    [UPSC 2017] Consider the following pairs:

    Traditions: Communities

    1. Chaliha Sahib Festival- Sindhis 2. Nanda Raj Jaat Yatra- Gonds 3. Wari-Warkari- Santhals

    Which of the pairs given above is/are correctly matched?

    Options: (a) 1 only * (b) 2 and 3 only (c) 1 and 3 only (d) None of the above

     

  • FDI in Indian economy

    Fully Accessible Route (FAR) of Investment

    Why in the News?

    In 2025, foreign investors have invested only about ₹69,000 crore ($7.8 billion) nearly half than expected, into Indian government bonds, even though the rules were made simpler and more flexible under the Fully Accessible Route (FAR) to attract more investment.

    What is Fully Accessible Route (FAR)?

    • Overview: A special investment framework launched by the Reserve Bank of India (RBI) in March 2020 to attract foreign investment in Indian government securities (G-secs).
    • Purpose: Aims to liberalise India’s debt market, enhance foreign participation, and integrate it with global financial systems.
    • Eligible Investors: Open to Foreign Portfolio Investors (FPIs), Non-Resident Indians (NRIs), and Overseas Citizens of India (OCIs) without investment caps.
    • Key Feature: Permits unlimited foreign investment in designated government bonds with free buy–sell access and no quantitative ceiling.
    • Liquidity & Integration: Designed to improve bond market depth, diversify funding sources, and boost India’s visibility in global debt indices.
    • Repatriation Freedom: Allows investors to repatriate capital and profits freely to their home countries.
    • Global Milestone: In June 2024, JP Morgan included 29 Indian G-secs under FAR in its Emerging Market Bond Index (EMBI), marking India’s debut in major global bond benchmarks.

    Comparison with Other Routes:

    1. Medium Term Framework (MTF): Allows foreign investment in G-secs but with limits and conditions on exposure and tenure.
    2. Voluntary Retention Route (VRR): Permits FPIs to invest in G-secs provided they retain investments for a minimum period, ensuring stable long-term inflows.

    Complementary Function: FAR, MTF, and VRR operate together, providing flexibility in investment terms and balancing market stability with foreign access.

    Why were higher inflows expected?

    • Projected Inflows: Index inclusion in 2024–25 was expected to attract $20–25 billion from global institutional and index-tracking investors.
    • Attractiveness Factors: India’s 7% stable yields, macroeconomic strength, and favourable risk–return ratio made it a promising destination for long-term capital.
    • Actual Outcome: Only $10.7 billion flowed in during 2024-25: well below expectations.
    • Key Reasons:
      • Global monetary uncertainty: investors awaited clarity on the US Federal Reserve’s rate policy.
      • Domestic caution: RBI removed 14- and 30-year bonds from FAR in 2024 to reduce volatility.
      • Geopolitical tensions and FPI withdrawals from equities reduced investor appetite.
    • Significance: Despite lower inflows, FAR remains a structural reform strengthening India’s position as a globally accessible and competitive bond market.
    [UPSC 2024] Consider the following statements:

    1. In India, Non-Banking Financial Companies can access the Liquidity Adjustment Facility window of the Reserve Bank of India.

    2. In India, Foreign Institutional Investors can hold the Government Securities (G-Secs).

    3. In India, Stock Exchanges can offer separate trading platforms for debts.

    Which of the statements given above is/are correct?

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