Daily Prelims Notes 13 January 2024

Daily Prelims Notes

13 January 2024

Table Of Contents

1. SC refuses to stay law on selection of CEC and EC
2. LS privileges panel calls for revoking suspension of 3 MPs
3. What is breach of privilege?
4. Prepare zone management plans soon, NGT tells coastal States, Union Territories
5. Census records a 27% increase in waterbirds in Kaziranga
6. Focus on best practices as global meet on pulses returns to India
7. Thirty Meter Telescope (TMT) project
8. WHO certifies Cabo Verde malaria-free; third African country to do so
9. US oil & gas lobby pushes massive ad campaign promoting fossil fuels
10. The first-ever IUCN assessment of the Himalayan Wolf is out. And it is grim
11. Coral reefs and Types of coral reefs
12. DRDO conducts successful flight-test of New Generation AKASH missile off Odisha coast
13. Ministry of Tourism Organizes Conference on Mahabharat Circuit
14. Generalized System of Preferences (GSP)
15. Overview of Retail Inflation
16. US SEC approves Bitcoin ETFs: A Game-Changer for Cryptocurrency Industry
17. Global Unemployment Outlook – ILO Report 2024
18. Impacts of Growing Household Credit on Indian Economy

1. SC refuses to stay law on selection of CEC and EC

Subject : Polity

Section: National Body

Context:

• The Supreme Court declined to stay a new law which brushed aside a top court judgment to include the Chief Justice of India as a member of the high­ powered selection committee to appoint the Chief Election Commissioner (CEC) and Election Commissioners (ECs).
• “The CEC and Other Election Commissioners(Appointment, Conditions of Service  and Term of Office) Act, 2023 has diluted the Supreme Court judgment by replacing the Chief Justice of India with a Union Cabinet Minister.

Key Provisions of the “The CEC and Other Election Commissioners(Appointment, Conditions of Service and Term of Office)Act, 2023 

• The act replaces the Election Commission (Conditions of Service of Election Commissioners and Transaction of Business) Act, 1991.
• It addresses the appointment, salary, and removal of the CEC and ECs.

Appointment Process:

• The CEC and ECs will be appointed by the President upon the recommendation of a Selection Committee.
• The Selection Committee will consist of the Prime Minister, a Union Cabinet Minister, and the Leader of Opposition/leader of the largest opposition party in Lok Sabha.
• Recommendations of the Selection Committee will be valid even when there is a vacancy in this Committee.
• A Search Committee headed by the Cabinet Secretary will propose a panel of names to the Selection Committee.
• Eligibility for the posts includes holding (or having held) a post equivalent to the Secretary to the central government.

Changes in Salary and Conditions:

• The salary and conditions of service of the CEC and ECs will be equivalent to that of the Cabinet Secretary.
• Under the 1991 Act, it was equivalent to the salary of a Supreme Court Judge.

Removal Process:

• The act retains the constitutional provision (Article 324(5))that allows the CEC to be removed like a Supreme Court Judge, while ECs can only be removed on the recommendation of the CEC.

Protection for CEC And ECs:

• The Act safeguards CEC and ECs from legal proceedings related to actions taken during their tenure, provided such actions were carried out in the discharge of official duties.
• The amendment aimed to shield these officials from civil or criminal proceedings related to their official functions.

2. LS privileges panel calls for revoking suspension of 3 MPs

Subject: Polity

Section: Parliament

Context:

• The Privileges Committee of the Lok Sabha have accepted  the “regrets” expressed by MPs for their alleged disrespect to the Chair  during the Winter Session of Parliament.

What is Parliamentary Privilege?

• Parliamentary privilege refers to rights and immunities enjoyed by Parliament as an institution and MPs in their individual capacity, without which they cannot discharge their functions as entrusted upon them by the Constitution.

Are these parliamentary privileges defined under law? 

• According to the Constitution, the powers, privileges and immunities of Parliament and MP’s are to be defined by Parliament.
• No law has so far been enacted in this respect. In the absence of any such law, it continues to be governed by British Parliamentary conventions.

3. What is breach of privilege?

Subject : Polity

Section: Parliament

• A breach of privilege is a violation of any of the privileges of MPs/Parliament.
• Among other things, any action ‘casting reflections’ on MPs, parliament or its committees; could be considered breach of privilege.
• This may include publishing of news items, editorials or statements made in newspaper/magazine/TV interviews or in public speeches.

About Committee of Privileges

• This committee consists of 15 members in Lok Sabha (10 in case of Rajya Sabha) nominated by the Speaker (Chairman in case of Rajya Sabha).
• In the Rajya Sabha, the deputy chairperson heads the committee of privileges.

Powers and Functions:

• The committee examines every question involving a breach of privilege of the House or of the members or of any Committee thereof referred to it by the House or by the Speaker/Chairman. 
• It also determines with reference to the facts of each case whether a breach of privilege is involved and makes suitable recommendations in its report.
• It also states the procedure to be followed by the House in giving effect to its recommendations.
• When a question of privilege is referred to the Committee by the House, the report of the Committee is presented to the House by the Chairman or, in his absence, by any member of the Committee.
• Where a question of privilege is referred to the Committee by the Speaker, the report of the Committee is presented to the Speaker who may pass final orders thereon or direct that it be laid on the Table of the House.
• The Speaker/Chairman may refer to the Committee any petition regarding the disqualification of a member on the ground of defection for making a preliminary inquiry and submitting a report to him.
• The procedure to be followed by the Committee in these cases is so far as may be the same as applicable to questions of breach of privilege.

4. Prepare zone management plans soon, NGT tells coastal States, Union Territories

Subject : Environment

Section: Environmental laws

Context:

• The National Green Tribunal (NGT) has asked the Ministry of Environment, Forest and Climate Change to ensure that coastal States and Union Territories prepare a Coastal Zone Management Plan (CZMP) or the Island Coastal Regulation Zone Plan (ICRZP) as per the Coastal Regulation Zone notification, 2019, within a time­bound period.
• Only three States – Odisha, Karnataka and Maharashtra – have formulated the CZMP/ ICRZP as per the notification. The  only Great Nicobar and Little Andaman Islands have approved the ICRZP.

About Coastal Regulation Zone (CRZ) 

• Ministry of Environment and Forests (MoEF) under the Environment Protection Act, 1986, issued the Coastal Regulation Zone notification for regulation of activities in the coastal area.
• As per the notification, the coastal land up to 500m from the High Tide Line (HTL) and a stage of 100m along banks of creeks, estuaries, backwater and rivers subject to tidal fluctuations, is called the Coastal Regulation Zone(CRZ).
• CRZ along the country has been placed in four categories, which are as follows:
  • CRZ I – Ecologically Sensitive Areas.
    • They lie between low and high tide line.
    • Exploration of natural gas and extraction of salt are permitted
  • CRZ II  – Shore Line Areas
    • The areas that have been developed up to or close to the shoreline.
    • Unauthorized structures are not allowed to construct in this zone.
  • CRZ III – Undisturbed Area
    • Rural and Urban localities which fall outside I and II.
    • Only certain activities related to agriculture even some public facilities are allowed in this zone.
  • CRZ IV – Territorial Area
    • An area covered between Low Tide Line and 12 Nautical Miles seaward.
    • Fishing and allied activities are permitted in this zone.
    • Solid waste should be let off in this zone.

5. Census records a 27% increase in waterbirds in Kaziranga

Subject :Environment

Section: Protected Area

Context:

• The Kaziranga National Park and Tiger Reserve have recorded a 27% increase in the number of resident and winter migratory waterbirds.
• It was the fifth waterbird census conducted through the citizen scientist initiative.

About Kaziranga National Park:

• Located in the Golaghat and Nagaon districts of the state of Assam, India.
• The park, which hosts two-thirds of the world’s Indian rhinoceroses, is a UNESCO World Heritage Site.
• With its unique terrestrial and aquatic habitats, Kaziranga is one of the best-protected areas in the world.
• Apart from being the home of the Big Five mammals — rhino, tiger, elephant, Asiatic water buffalo, and eastern swamp deer — the park sustains more than 500 avian species.
• Kaziranga is a vast expanse of tall elephant grass,marshland, and dense tropical moist broadleaf forests, crisscrossed by four major rivers, including the Brahmaputra, which bisects the park. Other rivers are: Dhansiri, Difloo, and Laokhowa Suti.
• More than 50% of its landmass under grasslands is dotted with waterbodies, locally known as bells.
• Listed as ‘Important Bird Area’ by the Bombay Natural History Society (BNHS) and BirdLife International.
• Notable wetlands adjoining the tiger reserve that recorded significant bird presence are Hukuma Beel (3049 individuals), Joysagar Doloni (1765), Gonak Beel (973), Sahala Beel (424), and Sisubari Beel (348).
• Key avian species in Kaziranga:
  • Bengal florican, swamp francolin, and various species of raptors, vultures, and waterfowl.
  • It has the highest concentration of ‘Bengal florican’ after the Manas and Orang National Parks.

Source: The Hindu

6. Focus on best practices as global meet on pulses returns to India

Subject : Geography

Section: Economic geography

Context:

• India is set to be the world’s largest producer of lentil (masur) this year on the back of an expected surge in production estimated at 1.6 million tonnes (mt).
• Lentil production in Canada, the top player in the global market, is projected at around 1.5 mt and in Australia at 1.4 mt.

Pulses as a superfood:

• India is the largest producer and consumer of pulses globally.
• Pulses are considered to be a superfood because of their nutritional benefits, ability to reduce greenhouse gas emissions, and suitability for cultivation in arid conditions with minimal water.

About the Global Pulse Convention:

• The Global Pulse Convention, jointly organized by the National Agricultural Cooperative Marketing Federation of India Ltd. (NAFED) and the Global Pulse Confederation (GPC), is set to take place in New Delhi in February.
• The event will gather around 800 representatives from governments, commercial entities, and non-profit organizations involved in pulse production and processing.
• The convention aims to facilitate knowledge sharing among experts, stakeholders, and policymakers.
• Pulses are significant in sustainable food systems. The convention will focus on promoting pulses as smart crops and is expected to attract participants from over 40 countries.

Global Pulse Confederation (GPC):

• Formerly known as CICILS IPTIC, GPC represents all segments of the pulse industry value chain from growers, researchers, logistics suppliers, traders, exporters and importers to government bodies, multilateral organizations, processors, canners and consumers.
• Its membership includes 24 national associations and over 600 private sector members.
• GPC is based in Dubai and licensed by the Dubai Multi Commodity Centre (DMCC).
• India is a member.
• Mr. Vijay Iyengar is the current President of GPC.

India Pulses and Grains Association (IPGA):

• IPGA is the apex body representing India’s pulses and grains industry and trade. Registered in Mumbai under Section 8 of the Companies Act 2013, it boasts a membership of over 400, including regional pulse industry associations, reaching over 10,000 stakeholders across the value chain.
• IPGA aims to globally enhance the competitiveness of India’s pulses and grains industry, contributing to the nation’s food and nutrition security.
• Since 2011, IPGA has engaged with Agriculture and Consumer Affairs Ministries to advocate for policy amendments, including the incorporation of pulses into the Public Distribution System and the Food Security Act.
• Additionally, it has worked towards allowing free exports of all pulses and ensuring trading at Minimum Support Price (MSP), with government intervention if trading prices drop.
• IPGA also monitors foreign trade in pulses and grains, offering forward-looking guidance to aid the government in policy formulation.

Source: The Hindu

7. Thirty Meter Telescope (TMT) project

Subject :S&T

Section: Space tech

Context:

• An official delegation from the Department of Science and Technology recently visited Mauna Kea, an inactive volcano in Hawaii, to address challenges facing the Thirty Meter Telescope (TMT) project.

Thirty Meter Telescope (TMT) Project:

• TMT is a planned extremely large telescope (ELT) that has become controversial due to its location on Mauna Kea on the Island of Hawaii, USA.
• The TMT, a collaborative effort involving the U.S., Japan, China, Canada, and India, aims to build a 30-meter diameter telescope for optical and infrared observations into deep space and toobserve cosmic objects with unprecedented sensitivity.

Alternate site:

• Despite Indian approval in 2014, the project has encountered obstacles, including local opposition on cultural and religious grounds.
• There are plans to relocate the Thirty Meter Telescope (TMT) to an alternate site due to challenges faced at Mauna Kea.
• The Observatorio del Roque de los Muchachos (ORM) in Spain’s Canary Islands is considered a potential alternative.

India’s contribution:

• India plans to be a significant contributor to the Thirty Meter Telescope (TMT) project, offering hardware, instrumentation, and software valued at $200 million.
• The contributions include segment support assemblies, actuators, edge sensors, segment polishing, segment coating, and 83 of the 492 precisely polished mirrors required for the telescope.
• The Indian Institute of Astrophysics (IIAP) is spearheading the consortium of Indian institutions involved in the TMT project.

Other global scientific collaborations of India:

About Mauna Kea:

• An inactive volcano located on the island of Hawaiʻi, with a peak altitude of 4,207.3 meters (13,803 feet) above sea level.
• It is the highest point in the state of Hawaii and the second-highest island peak globally, just 38 meters shorter than its neighbour, Mauna Loa.
• Some authorities consider it the tallest mountain globally, measured from its underwater base, surpassing Mount Everest’s height above sea level.
• Mauna Kea is also ranked eighth by topographic isolation.

Source: The Hindu

8. WHO certifies Cabo Verde malaria-free; third African country to do so

Subject : Science and Tech

Section: Health

Context:

• Cabo Verde has been certified as a malaria-free country by the World Health Organization (WHO), making it the third nation in the African region to achieve this status.

Details:

• Cabo Verde alongside Mauritius (in 1973) and Algeria (in 2019), received certification as a Malaria-free country.
• Africa bears the highest malaria burden globally, with approximately 95% of cases and 96% of related deaths in 2021.
• The certification is granted after a country demonstrates the interruption of indigenous malaria transmission for at least three consecutive years and the capacity to prevent re-establishment.
• Cabo Verde, facing significant malaria challenges in the past, eliminated the disease twice before experiencing a reemergence.
• Since 2017, through targeted interventions and improvements, Cabo Verde has maintained zero indigenous cases on the islands of Santiago and Boa Vista.

About Malaria:

• Caused by the Plasmodium parasite.
• The parasite is spread to humans through the bites of infected mosquitoes. People who have malaria usually feel very sick with a high fever and shaking chills.
• Once the parasites enter the human body, they travel to the liver — where some types can lie dormant for as long as a year.
• When the parasites mature, they leave the liver and infect your red blood cells. This is when people typically develop malaria symptoms.
• Disease-causing Microbes:
  • 5 Plasmodium parasite species cause malaria in humans.
  • falciparum and P. vivax pose the greatest threat.
  • falciparum – deadliest malarial parasite and the most prevalent on the African continent. 95% of all cases of P. falciparum occur in the African region and are associated with severe disease and disease-associated mortality.
  • P. vivax – geographically most widespread in tropical and subtropical regions. Dominant in most countries outside of sub-Saharan Africa
  • Other 3 Plasmodium species infecting humans – P. malariae, P. ovale and P. knowlesi.

Cabo Verde:

• Cabo Verde is an archipelago and island country of West Africa in the central Atlantic Ocean, consisting of ten volcanic islands with a combined land area of about 4,033 square kilometres.
• These islands lie between 600 and 850 kilometres (320 and 460 nautical miles) west of Cap-Vert, the westernmost point of continental Africa.
• The Cape Verde islands form part of the Macaronesia ecoregion, along with the Azores, the Canary Islands, Madeira, and the Savage Isles.
• Capital: Praia
• Colonised by the Portuguese.

Source: DTE

9. US oil & gas lobby pushes massive ad campaign promoting fossil fuels

Subject : Environment

Section: Environmental law

In the news:

• The United States has surpassed Qatar and Australia to become the world’s top natural gas exporter in 2023.
• The biggest oil and gas lobby in the country — the American Petroleum Institute (API) — has launched an eight-figure ad campaign “Lights on Energy” to promote the need for fossil fuels among voters.

Details about the Campaign- “Lights on Energy”:

• The campaign emphasizes the essential role of fossil fuels, framing them as crucial for national security and comfort.
• It says that ‘Without access to reliable American energy provided by natural gas and oil, our nation’s security can be weakened, and its future put at risk’.
• The per capita emissions of the US, like other developed countries, are among the highest in the world largely because of lifestyle or luxury emissions.
• While India’s per capita emissions are markedly lower and are attributed to survival or subsistence emissions.
• The campaign also downplays the environmental impact of methane emissions from oil and natural gas. Notably, it aligns with the concept of “transitional fuels” recognized in the Global Stocktake text, exploiting this as a justification for continued natural gas use.

Source: DTE

10. The first-ever IUCN assessment of the Himalayan Wolf is out. And it is grim

Subject : Environment

Section: Species in news

About Himalayan Wolf:

• The Himalayan wolf, scientifically known as Canis lupus chanco, is a canine with uncertain taxonomy, characterized by distinctive genetic markers.
• Its mitochondrial DNA suggests it is genetically primitive compared to the Holarctic grey wolf and is genetically identical to the Tibetan and Mongolian wolves, with connections to the African wolf.
• Although there are no significant morphological differences between Himalayan and Tibetan wolves, the former are adapted to high-altitude environments above 4,000 meters.
• The Himalayan wolf’s distribution includes the Himalayan range and the Tibetan Plateau.
• Wolves in India and Nepal are endangered, listed on CITES Appendix I due to international trade.

Assessment of Himalayan Wolf:

• They have been evaluated for the first time on the IUCN Red List and are now classified as ‘Vulnerable.’
• The assessment estimates a population size of 2,275-3,792 mature individuals in a single subpopulation across Nepal, India, and the Tibetan Plateau.
• The continuous decline in the population is attributed to significant threats and a lack of conservation efforts.
• In India, there are 227-378 mature individuals in the Himalayan region, with potential additional presence in Uttarakhand and Sikkim states.

Causes of decline:

• The Himalayan Wolf is identified as a genetically unique species in a 2018 study.
• The assessment notes a continuing decline in the habitat of these wolves, primarily due to depredation conflicts, habitat modification, and illegal hunting for trade.
• Hybridization with feral dogs poses a growing threat in Ladakh and Spiti.
• The assessment recommends measures such as securing prey populations, implementing effective livestock guarding methods, managing feral dog populations, and fostering transboundary conservation efforts.
• Additionally, it calls for incorporating the Himalayan Wolf into conservation programs to enhance public acceptance and reduce persecution.

Source: DTE

11. Coral reefs and Types of coral reefs

Subject : Geography

Section: Oceanography

Coral reefs are some of the most diverse ecosystems in the world. Coral polyps, the animals primarily responsible for building reefs, can take many forms: large reef building colonies, graceful flowing fans, and even small, solitary organisms.

Types of coral reefs

• Fringing reefs grow near the coastline around islands and continents. They are separated from the shore by narrow, shallow lagoons. Fringing reefs are the most common type of reef.
• Barrier reefs also parallel the coastline but are separated by deeper, wider lagoons. At their shallowest points, they can reach the water’s surface forming a “barrier” to navigation.
• An atoll is a ring-shaped coral reef, island, or series of islets. The atoll surrounds a body of water called a lagoon. Sometimes, atolls and lagoons protect a central island. Channels between islets connect a lagoon to the open ocean or sea.

How do Atolls develop?

• Atolls develop with underwater volcanoes, called seamounts.
• Formation of Fringe Reefs:
  • First, the volcano erupts, piling up lava on the seafloor. As the volcano continues to erupt, the seamount’s elevation grows higher, eventually breaking the surface of the water. The top of the volcano becomes an oceanic island.
  • In the next stage, tiny sea animals called corals begin to build a reef around the island. The type of corals that build reefs are called hermatypic corals, or hard corals. Hermatypic corals create a hard exoskeleton of limestone (calcium carbonate).
  • This coral reef, called a fringing reef, surrounds the island just below the ocean surface. The thin, shallow strip of water between the fringing reef and the island is the lagoon.
• Formation of Barrier Reef:
  • Over millions of years, the volcanic island erodes and sinks to the seafloor. This process is called subsidence. The seamount erodes into the sea, its top made flat by the constant pounding of powerful ocean waves. As it subsides, the flat-topped seamount is called a ‘guyot’.
  • As the island subsides to become a guyot, its ring-shaped fringing reef turns into a barrier reef. A barrier reef is farther from the shore and has a deeper lagoon. The barrier reef protects the lagoon from the harsh winds and waves of the open ocean.
  • Subsidence brings slight differences in ocean chemistry that change the reef radically. The outer, ocean-facing side of the reef remains a healthy marine ecosystem. Corals on the inner, lagoon-facing side, however, begin to slowly decay. The algae that corals need to survive face much more competition for fewer nutrient resources. The limestone decays, changing the color of the lagoon from deep ocean blue to bright teal.
• Atoll formation:
  • In the final stage of an atoll’s formation, ocean waves break apart pieces of the limestone reef. They pound, break, and erode the coral into tiny grains of sand.
  • This sand and other material deposited by waves or wind pile up on the reef. This material, including organic matter such as plant seeds, forms a ring-shaped island or islets. This is an atoll.
  • Hermatypic corals only live in warm water. An island that is located where ocean temperatures are just warm enough to support hermatypic corals is said to be at “Darwin Point,” named after Charles Darwin. The famous naturalist was the first to outline how atolls form.

Patch reefs:

• Patch reefs are small, isolated reefs that grow up from the open bottom of the island platform or continental shelf.
• They usually occur between fringing reefs and barrier reefs. They vary greatly in size, and they rarely reach the surface of the water.

Pseudo-Atolls:

• The island nation of Bermuda is sometimes called the world’s “northernmost atoll.”Bermuda is a pseudo-atoll, a ring of islands that look like an atoll, but have several distinguishing characteristics: high elevations, mostly submerged reefs, and a wide reef-front terrace (the broad, sloping shelf running from the island’s highest elevation to the sea).

12. DRDO conducts successful flight-test of New Generation AKASH missile off Odisha coast

Subject: Science and Tech

Section: Defence

Context: 

• Defence Research and Development Organisation (DRDO) conducted a successful flight-test of the New Generation AKASH (AKASH-NG) missile from the Integrated Test Range (ITR), Chandipur off the coast of Odisha on January 12, 2024.

 More on news:

• The flight-test was conducted against a high-speed unmanned aerial target at very low altitude.
• The successful development of the system will further enhance the air defense capabilities of the country.

Recent Flight Test:

• During the flight-test, the target was successfully intercepted by the weapon system and destroyed. 
• It has been  validated that the functioning of the complete weapon system consisting of the missile with indigenously developed
  • Radio Frequency Seeker, Launcher, 
  • Multi-Function Radar and Command and
  • Control & Communication system.
• The system performance was also validated through the data captured by a number of Radars, Telemetry and Electro Optical Tracking System deployed by ITR, Chandipur. 

About AKASH- NG:

• The AKASH-NG system is a state-of-the-art missile system capable of intercepting high speed, agile aerial threats.
• It is a surface-to-air missile defense system developed by the Defence Research and Development Organisation (DRDO) and produced by Bharat Dynamics Limited and Bharat Electronics.
• This missile is a successor to the Akash and Akash-1S series of missiles with improvements such as a:
  • Dual-pulse solid rocket motor, 
  • A canisterised launcher and 
  • An AESA Multifunction targeting radar
• These improvements will help in improving its probability of kill with a smaller ground operations and logistics footprint.
• Akash-NG will have an improved reaction time and higher level of protection against saturation attacks.

About AKASH Missile:

• AKASH is a Short Range Surface to Air Missile System to protect vulnerable areas and points from air attacks.
• Akash Weapon System (AWS) can simultaneously engage Multiple Targets in Group Mode or Autonomous Mode.
• It has built-in Electronic Counter-Counter Measures (ECCM) features. 
• It is developed by the Defence Research and Development Organisation (DRDO) and produced by Bharat Dynamics Limited (BDL). 

13. Ministry of Tourism Organizes Conference on Mahabharat Circuit

Subject :History

Section: Art and Culture

Context:

• The Ministry of Tourism, Govt. of India (Northern Region Office) organized a Conference on Mahabharat Circuit.
• This was followed by a Familiarisation Trip to Kurukshetra, Jyotisar and Thanesar on 10th January, 2024.

More on news:

• This  Conference was  aimed at  exploring, promoting and highlighting Kurukshetra and the Places of Significance related to Mahabharat as a preferred tourist destination amongst the Domestic Tourists and overseas visitors.

Important Places Related To Great Epic Mahabharata:

Kurukshetra:

• According to the Puranas, Kurukshetra is a region named after King Kuru, the ancestor of Kauravas and Pandavas in the Kuru kingdom, as depicted in epic Mahabharata.
• The Kurukshetra War of the Mahabharata is believed to have taken place here.
• Thaneswar whose urban area is merged with Kurukshetra is a pilgrimage site with many locations attributed to Mahabharata.

Jyotisar:

• Jyotisar is the place where the sacred Jyotisar, the birthplace of Gita, is the most venerated tirtha of Kurukshetra.
• It is believed that the Mahabharata battle started from Jyotisar, where on the eve of the battle deluded Arjuna received the eternal message of Gita from its propounder Lord Krishna.
• It is said that Adi Sankaracharya has identified the place during his sojourn to Himalaya in the 9th centenary of Christian era.
• Jyotisar is located on the banks of Jyotisar Sarovar wetland, is a Hindu pilgrimage site in the city of Kurukshetra in Haryana state of India.

Thanesar:

• Thanesar (also known as Sthanishvara) is a historic city and Hindu pilgrimage center in the Kurukshetra district of Haryana, India.
• It is located approximately 160 km northwest of Delhi.
• The city Kurukshetra’s area merges with Thanesar.

HASTINAPUR:

• The Sites Related To Mahabharata in Hastinapur are Vidur Tila, Pandaveswar Temple, Baradari, Draupadeshvar Temple, Karna Temple, Draupadi Ghat, Karna Ghat And Draupadeshwar Mahadev Temple Etc.
• Hastinapur is Also a Sacred Place For Jain Devotees. 
• Few of them are:
  • Shwetambar Jain Temple
  • Prachin Digambar Jain Temple
  • Ashtapad Jain Temple
  • Shri Kailash Parvat Jain Temple, Having Sumeru Parvat And Kamal Temple In Jambudweep Jain Temple

About Mahabharata Circuit of Uttrakhand:

• The Mahabharata Circuit covers all the places associated with the epic in the state of Uttarakhand. 
• Around 250-300 km long, this circuit spans from Mana, the last village of India towards the international border, all the way to scenic Dodital.
• Various places of Uttarakhand Mahabharata Circuit are:

BADRINATH

• It is in this holy destination, it is said, that the sage-author of the epic had resided.
• Close to the Badrinath temple stands the Vyas Gufa, a cave where it is believed the sage had sat and composed the epic with the help of Lord Ganesha.

MANA

• The last village of India, along the Indo-China border, Mana is around 5 km from Badrinath.
• Mana is believed to have been the site from where the Pandavas had started on their mahaprasthan(last journey), and their wife Draupadi was the first to fall, after crossing the Saraswati river.

PANDUKESHWAR TEMPLE

• The Pandukeshwar Temple lies on the way to Badrinath.
• Here  Pandu who was the father of the Pandavas, worshiped Lord Shiva.

LAKHAMANDAL

• Lakhamandal Temple is dedicated to Lord Shiva, who is represented in the form of a graphite lingam that shines when water is poured on it.
• A very interesting tale says that Lakhamandal or the palace of lac was a beautiful structure built by the Kauravas for their cousins, the Pandavas.

HANOL-THADIYAR

• Hanol, near Chakrata, is a scenic destination with several tales from the Mahabharata attached to it.
• It is said that when Lord Krishna disappeared at the end of the Dwapara yuga, the Pandavas followed him and crossed the Tons river.

NETWAR

• Netwar is the most popular location in Tons valley. 
• This is where the temple of Karna is located. Karna is said to be the firstborn of Kunti, the mother of the Pandavas.

DEORA

• Deora is home to another temple of Karna. 
• The temple has a compound on the right where six miniature temples stand, representing Karna and the Pandavas.

DODITAL

• Legend has it that the Pandavas came to be beautiful Dodital on their way to heaven after winning the war of Mahabharata.

14. Generalized System of Preferences (GSP)

Subject: Economy

Section: External Sector

1. Pharma Exports Boost:
   • The Union government has urged the US to enhance inspections by the US Food and Drug Administration in India to elevate pharmaceutical exports.
   • This appeal is part of the broader effort to strengthen trade ties, as highlighted in the joint statement of the Trade Policy Forum.
2. Longstanding Demand for GSP Restoration:
   • A reiterated demand in the statement is restoring the Generalised System of Preferences (GSP), aiming for smoother access to American markets for Indian goods.
3. Challenges Faced by Indian Business Visitors:
   • addressed challenges faced by Indian business visitors due to prolonged visa processing times, emphasizing the disruptions caused post-Covid-19.
4. US Response to Indian Trade Measures:
   • The US took note of various trade measures implemented by India, including Quality Control Orders (QCO) and the laptop import monitoring system.
   • These measures, perceived as strategies to curb imports from China, have been met with scrutiny.
5. Commitment to Address Technical Regulations:
   • Both nations reaffirmed their commitment to ensuring technical regulations, like Quality Control Orders (QCOs), don’t create undue trade barriers.
   • Stakeholder consultations and alignment of domestic standards with international ones were stressed to mitigate trade hurdles.
6. Diversity in Pharma Supply Chain:
   • Discussions encompassed the overdependence and lack of diversity in active pharmaceutical ingredients (APIs) within the global pharma supply chain.
   • India’s strategic identification of API manufacturing, under the PLI scheme, was highlighted as a significant move.
7. Mutual Recognition for Conformity Assessment:
   • The governments agreed to establish a pathway for mutual recognition of results from accredited conformity assessment bodies.
   • This move aims to address issues where Indian exports face rejection in the US due to differences in standards.
8. Emphasis on FDA Inspections:
   • There was a strong emphasis on increasing the number of inspections by the US Food and Drug Administration in India.
   • This is seen as vital for facilitating smoother trade and reducing existing backlogs.

Generalized System of Preferences (GSP):

1. Withdrawal and India’s Appeal:
   • The Generalized System of Preferences (GSP) trade privilege for India was withdrawn by the Trump administration in June 2019.
   • India has been actively urging the Biden Administration to reinstate this trade privilege.
2. Overview of GSP:
   • GSP is a U.S. trade program initiated on January 1, 1976, under the Trade Act of 1974.
   • GSP is a preferential trade program that allows certain developing countries to pay fewer or zero duties on their exports to developed countries.
   • The aim is to promote economic growth in the beneficiary countries by facilitating their exports.
   • Under GSP, eligible products from beneficiary countries receive preferential treatment in terms of reduced tariffs or duty-free access to the markets of the developed countries offering GSP privileges.
3. Non-Reciprocal Basis and Concerns:
   • GSP has historically been granted on a non-reciprocal basis, supporting development in beneficiary countries.
   • However, the U.S. has linked GSP with market access and tariff reduction, deviating from its non-reciprocal nature.
4. Objective of GSP:
   • The primary objective of GSP is to provide development support to less affluent countries by promoting their exports to developed nations.
   • It facilitates sustainable development by aiding beneficiary countries in increasing and diversifying their trade with the United States.
5. Benefits of GSP:
   • Indian exporters indirectly benefit from GSP through reduced tariffs or duty-free entry granted to eligible Indian products.
   • The lowered import duty enhances the competitiveness of Indian products in the U.S. market, benefiting both new and established exporters.
   • GSP serves as a tool for market penetration and allows exporters to improve market share and profit margins in the donor country.

15. Overview of Retail Inflation

Subject: Economy

Section: Inflation

1. Data Release:
   • The Ministry of Statistics and Programme Implementation released data on Friday indicating retail inflation growth in December at 5.7%.
2. Understanding Retail Inflation (CPI):
   • Retail inflation, also known as Consumer Price Inflation (CPI), reflects the price rise affecting consumers.
   • This data is pivotal in policymaking, particularly for the Reserve Bank of India (RBI) when deciding interest rate adjustments, impacting EMIs on car loans and home loans.
3. Inflation Definition and Significance:
   • Inflation refers to the general increase in price levels, not specific to a single commodity.
   • The inflation rate signifies the percentage by which prices rise; for instance, a 5.7% inflation rate implies a 5.7% increase in the price level compared to December 2022.
4. Recent Data Analysis:
   • The latest data revealed a retail inflation rate of 5.7%, surpassing the RBI’s target rate of 4%, which is not desirable as per the targets given to MPC.
   • Notably, inflation had dipped below 5% in September and October but rose again in November.
5. RBI’s Comfort Zone:
   • The RBI has a comfort zone for inflation, mandated by law, ranging from 2% to 6%.
   • Despite the disappointment, the 5.7% reading falls within this comfort zone, considering supply disruptions due to the pandemic and geopolitical events.
6. Inflation Over the Past 10 Years:
   • Assuming an annual inflation rate of 4%, the general price level would be 22% higher in five years and 48% higher in ten years.
   • Data analysis shows a 24% rise in the price level during the first five years from 2014 – 2019.
   • Assuming a 5.5% annual inflation rate for the current financial year, the price level has grown by another 32% over the past five years.
7. Real Terms Impact on People:
   • To keep up with a 4% annual inflation over five years, a person’s income would need to increase by 22% to maintain their real purchasing power.

Wholesale Price Index (WPI):

1. Definition:
   • WPI is a widely used inflation indicator in India, published by the Office of Economic Adviser, Ministry of Commerce and Industry.
2. Scope:
   • It includes all transactions at the first point of bulk sale in the domestic market.
3. Criticism:
   • Major criticism lies in its focus on wholesale prices, as the general public does not make purchases at wholesale rates.
4. Base Year:
   • The base year for All-India WPI was revised from 2004-05 to 2011-12 in 2017.

Consumer Price Index (CPI):

1. Purpose:
   • CPI measures price changes from the perspective of a retail buyer.
2. Base Year:
   • The base year for CPI is 2012.
3. Measurement Scope:
   • It tracks changes over time in the retail prices of selected goods and services, reflecting the spending patterns of a defined group of consumers.
4. Types of CPI:
   • CPI for Industrial Workers (IW).
   • CPI for Agricultural Labourer (AL).
   • CPI for Rural Labourer (RL).
   • CPI (Rural/Urban/Combined).
5. Compilation Authorities:
   • The first three types are compiled by the Labour Bureau in the Ministry of Labour and Employment.
   • The fourth type is compiled by the Central Statistical Organisation (CSO) in the Ministry of Statistics and Programme Implementation.

Index of Industrial Production (IIP):

1. Definition:
   • IIP is an index that reflects the growth rates in various industry groups of the economy over a fixed period.
2. Base Year:
   • The base year for IIP is 2011-2012.
3. Compilation Authority:
   • Compiled and published monthly by the Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation.
4. Composite Indicator:
   • IIP is a composite indicator measuring the growth rate of industry groups categorized under broad sectors (Mining, Manufacturing, and Electricity) and use-based sectors (Basic Goods, Capital Goods, and Intermediate Goods).
5. Core Industries:
   • The eight core industries in India, representing about 40% of the IIP weight, significantly contribute to this index.

16. US SEC approves Bitcoin ETFs: A Game-Changer for Cryptocurrency Industry

Subject: Economy

Section: Monetary Policy

1. Landmark SEC Approval:
   • The US Securities and Exchange Commission (SEC) has approved the establishment of Bitcoin exchange-traded funds (ETFs) by 11 investment firms, including BlackRock, Fidelity, and Franklin Templeton.
2. Listing on Major Exchanges:
   • Investment firms can now list Bitcoin-based ETFs on major US exchanges such as Nasdaq and the New York Stock Exchange.
3. Potential Impact on Bitcoin and Crypto Industry:
   • This decision is seen as a potential revival for Bitcoin and the broader crypto industry, which has faced challenges such as declining token prices and failed projects.
4. Analyst Projections:
   • Analyst predicts that Bitcoin ETFs may attract $100 billion in institutional investments in Bitcoin by the end of the year.
   • A surge in Bitcoin’s price is projected to reach $100,000 this year and $200,000 by the next.
5. Mixed Reactions:
   • Some view ETFs as a more accessible route for investors to engage with Bitcoin, while skeptics express concerns about Bitcoin’s actual use cases.
6. SEC Statement:
   • SEC emphasizes that the approval should not be seen as an endorsement of cryptocurrencies by the US market regulator.
7. Impact on India’s Cryptocurrency Market:
   • In India, reactions are optimistic, anticipating institutional investments to flow in through ETFs and expecting increased stability in Bitcoin prices.
8. Taxation Impact in India:
   • India’s cryptocurrency market was previously affected by taxation rules introduced in the Union Budget 2022.
   • ETFs could potentially attract investors back to local exchanges, driven by expectations of a price surge.

Exchange-Traded Funds (ETFs):

ETFs are investment funds that are traded on stock exchanges, much like individual stocks. They represent a diversified portfolio of assets such as stocks, bonds, commodities, or a combination of these.

1. Structure:
   • ETFs pool funds from multiple investors to invest in a basket of assets.
   • They are structured to track the performance of a specific index or a group of assets.
2. Liquidity:
   • ETFs are traded on stock exchanges throughout the day at market prices.
   • This provides liquidity, allowing investors to buy and sell shares during trading hours.
3. Diversification:
   • ETFs offer diversification by holding a variety of assets, reducing the risk associated with investing in individual stocks or bonds.
4. Management Fees:
   • ETFs typically have lower management fees compared to traditional mutual funds, making them cost-effective investment options.
5. Passive vs. Active Management:
   • Some ETFs passively track an index’s performance, while others are actively managed by fund managers.

Bitcoin ETFs:

1. Introduction:
   • Bitcoin ETFs are a specific type of exchange-traded fund that focuses on Bitcoin as the underlying asset.
2. Purpose:
   • Bitcoin ETFs allow investors to gain exposure to the price movements of Bitcoin without directly owning the cryptocurrency.
   • They provide a more accessible and familiar route for investors to engage with Bitcoin, avoiding the complexities of purchasing and storing the cryptocurrency.
   • Bitcoin ETFs are listed on traditional stock exchanges, making them accessible through brokerage accounts like other ETFs.
3. Impact on Bitcoin Markets:
   • Bitcoin ETFs are seen as a way to bring more institutional investment into the cryptocurrency market, potentially impacting Bitcoin’s liquidity and price dynamics.
4. Risks and Concerns:
   • Critics argue that Bitcoin ETFs may undermine the decentralized nature of cryptocurrency by involving traditional financial institutions.
   • Some express concerns about market manipulation and regulatory uncertainties.

17. Global Unemployment Outlook – ILO Report 2024

Subject: IR

Section: International Organisation

1. Projected Increase in Unemployment Rate:
   • The International Labour Organization (ILO) predicts a global unemployment rate of 5.2% in 2024, a slight increase from 5.1% in the previous year.
2. Cause:
   • The main factor contributing to the rise is an increase in joblessness in advanced economies.
3. Forecasted Unemployed Population:
   • The ILO’s World Employment and Social Outlook report estimates a growth of 2 million unemployed people globally.
4. Reasons for Modest Performance:
   • ILO attributes the anticipated modest fall in labour market performance to global economic deceleration.
5. Post-Pandemic Recovery:
   • Despite a brief growth spurt during the post-pandemic recovery, overall labour productivity growth has returned to a low pace similar to the previous decade.
6. Impact on Income and Wages:
   • Slow productivity growth periods can make real disposable income and wages susceptible to sudden price shocks.
7. Employment Gains Across Countries:
   • While upper-middle-income countries may experience minimal employment gains in the coming years, low-income and lower-middle-income countries are expected to maintain robust job growth.
8. Global Economic Deceleration:
   • The ILO emphasizes that the global economic slowdown is a contributing factor to the projected increase in the unemployment rate.

International Labour Organization (ILO) and its report

The International Labour Organization (ILO) is a specialized agency of the United Nations that focuses on issues related to labour and employment.

It has published various reports covering a wide range of topics related to global labour markets, employment trends, and social issues.

Some of the key reports published by the ILO include:

1. World Employment and Social Outlook (WESO):
   • The WESO report provides an in-depth analysis of global employment trends and social issues. It covers topics such as unemployment rates, income inequality, and the impact of economic trends on the labor market.
2. Global Wage Report:
   • This report examines global wage trends, income disparities, and the factors influencing wage growth or decline. It provides insights into the challenges faced by workers in different parts of the world.
3. ILO Global Estimates on International Migrant Workers:
   • Focusing on international migration, this report provides estimates and analysis of migrant workers globally. It covers aspects such as migration patterns, labor market integration, and the rights of migrant workers.
4. World Social Protection Report:
   • The ILO’s social protection report assesses the status of social protection globally. It examines social protection policies, access to healthcare, and measures to address poverty and inequality.
5. Global Employment Trends:
   • This report analyses emerging trends in the global labour market, including changes in employment rates, sectoral shifts, and the impact of technological advancements on jobs.
6. ILO Monitor: COVID-19 and the World of Work:
   • In response to the COVID-19 pandemic, the ILO has regularly published monitors providing updates on the impact of the pandemic on the world of work. It covers aspects such as job losses, policy responses, and recovery strategies.
7. ILOSTAT:
   • ILOSTAT is the ILO’s statistical database, providing a wealth of labour-related statistics. It covers data on employment, unemployment, wages, and working conditions, among other indicators.

ILO Conventions

The ILO Declaration on Fundamental Principles and Rights at Work was adopted in 1998, and it commits member states to respect and promote eight fundamental principles and rights in four categories, irrespective of whether they have ratified the relevant conventions.

These principles and rights are as follows:

1. Freedom of Association and The Right to Collective Bargaining:
   • Convention 87: Freedom of Association and Protection of the Right to Organize.
   • Convention 98: Right to Organize and Collective Bargaining.
2. Elimination of Forced or Compulsory Labour:
   • Convention 29: Forced Labour Convention.
   • Convention 105: Abolition of Forced Labour Convention.
3. Abolition of Child Labour:
   • Convention 138: Minimum Age Convention.
   • Convention 182: Worst Forms of Child Labour Convention.
4. Elimination of Discrimination in Respect of Employment and Occupation:
   • Convention 100: Equal Remuneration Convention.
   • Convention 111: Discrimination (Employment and Occupation) Convention.

These fundamental conventions form an integral part of the United Nations Human Rights Framework, and their ratification signals member states’ commitment to human rights. Unfortunately, as of now, 48 member states, including those with the highest populations, have yet to complete ratification of all eight conventions.

The eight-core conventions of the ILO are crucial in the face of global economic challenges, contributing to the welfare and livelihood of workers worldwide.

India and ILO Scenario:

• India, as a founding member of the ILO, has been a permanent member of the ILO Governing Body since 1922.
• The first ILO Office in India was established in 1928, marking decades of productive partnership grounded in mutual trust, respect, and the building of sustained institutional capacities.
• India has ratified six out of the eight-core/fundamental ILO conventions, covering various aspects such as forced labour, child labour, and discrimination. However, it has not ratified two conventions related to freedom of association and collective bargaining (Convention No. 87 and No. 98).
• The non-ratification of Conventions No. 87 and 98 is attributed to certain restrictions imposed on government servants, including the right to strike, openly criticize government policies, accept financial contributions, and join foreign organizations.

Convention No. 144 of the International Labour Organization (ILO) is known as the “Convention on Tripartite Consultation (International Labour Standards).”

This convention was adopted in 1976 and emphasizes the application of a fundamental principle on which the ILO was founded, which is tripartite social dialogue in the development and implementation of international labor standards.

Convention No. 144 of the ILO reflects the organization’s commitment to tripartite social dialogue as a means to develop and implement international labor standards. Tripartism is seen as a cornerstone for promoting cooperation, inclusivity, and consensus-building in addressing labor-related issues on a global scale.

18. Impacts of Growing Household Credit on Indian Economy

Subject: Economy

Section: National Economy

Positive Effects on Consumption and GDP:

• Research department emphasizes the positive effects of growing household credit on consumption and, consequently, GDP growth. Increased household credit is seen as a driver for economic expansion.

Scope for Augmentation:

• Compared to developed countries, India has room for augmentation in household credit. The higher ratios observed in developed nations suggest that there is ample scope for Indian banks to enhance credit in this segment.

Importance of Asset Quality:

• While growing household credit is beneficial, maintaining asset quality is imperative. Disruptions in terms of asset quality can have adverse effects and set back the financial system. Prudent regulation is emphasized to prevent such shocks.

Credit to GDP Ratio:

• India ranks 10th among major G20 economies in terms of the household credit-to-GDP ratio. The country’s ratio stands at 40.3%, lower than developed economies like the US, the UK, Germany, and Japan. However, compared to major emerging markets, India’s ratio is impressive, surpassed only by South Korea and China.

Comparison with Emerging Markets:

• India’s household credit-to-GDP ratio outperforms other emerging markets, including South Africa, Indonesia, and Russia. The ratio reflects a developed credit market in India, showcasing its strength in comparison to the median level of credit to GDP ratio of households in emerging markets.

Credit as a Contributor to Growth:

• Analysis shows that regressing household consumption to household credit, indicates that credit has become a significant contributor to fueling private consumption demand. This positive correlation is viewed as beneficial for overall economic growth.

Prudent Regulation and Economic Growth:

• Under the umbrella of prudent regulation, quality consumer credit is identified as a potential driver of economic growth. This suggests that, with appropriate regulatory measures, household credit can play a constructive role in stimulating economic activity.

In summary, the report underscores the merit of growing household credit in India, emphasizing its positive impacts on consumption, GDP growth, and the overall economic landscape. However, it emphasizes the importance of maintaining prudent regulation and asset quality to sustain these positive effects.

Impact of growing household credit on the Indian economy

Positive Impacts:

Consumption Boost:

• Growing household credit allows individuals to access funds for various purposes, including consumption. This, in turn, can boost overall consumer spending, contributing positively to economic growth.

GDP Growth:

• Increased household credit can stimulate economic activity, leading to higher demand for goods and services. As consumption rises, businesses may expand to meet the demand, positively impacting GDP growth.

Financial Inclusion:

• Household credit expansion can contribute to financial inclusion by providing access to credit for a broader section of the population. This helps individuals meet their financial needs and participate more actively in the economy.

Investment in Assets:

• Households often use credit to finance the purchase of assets such as homes and vehicles. This can drive investments in the real estate and automotive sectors, supporting related industries and job creation.

Negative Impacts:

Debt Burden:

• A rapid increase in household credit may lead to a higher level of indebtedness among individuals. If households struggle to manage their debt, it could result in financial stress and negatively impact their overall financial well-being.

Asset Price Inflation:

• Increased demand for assets, particularly in the real estate market, driven by easy access to credit, may lead to asset price inflation. This could make housing less affordable for certain segments of the population.

Credit Quality Concerns:

• A surge in household credit raises concerns about credit quality. If lending standards are not adequately maintained, there is a risk of a rise in non-performing loans, impacting the stability of financial institutions.

Interest Rate Sensitivity:

• Households with variable-rate loans are vulnerable to interest rate fluctuations. If interest rates rise, the cost of servicing debt increases, potentially causing financial strain for borrowers.

Macroprudential Risks:

• Excessive household credit growth can pose macroprudential risks to the financial system. Regulators may need to implement measures to curb speculative lending and maintain financial stability.

In summary, while growing household credit can contribute to economic expansion and financial inclusion, it requires careful monitoring to prevent the build-up of systemic risks and ensure the overall stability of the financial system. Regulatory measures and prudent lending practices play a crucial role in mitigating potential negative impacts.