Daily Prelims Notes 14 July 2023

Daily Prelims Notes

14 July 2023

Table Of Contents

1. Artificial sweetener: WHO panel says no need to cut daily intake
2. Sun To Reach Solar Maximum In 2 Years, May Lead To “Internet Apocalypse”
3. Indian met coke makers reduce capacity utilization to one-third amid rising imports
4. 41 mt of coal to be transported through inland waterways in FY24
5. How Russia has become world’s top wheat exporter at Ukraine’s expense
6. India’s diabetes epidemic is making its widespread TB problem worse
7. Indo-Japanese researchers develop treatment for Duchenne’s Muscular Dystrophy
8. VSSC unit to undertake system checkouts ahead of Chandrayaan-3 launch
9. GST Appellate Tribunal
10. The first GSI survey of the Siachen
11. Centre lists new Bill to replace Delhi Ordinance in House
12. India curbs gold imports to check rising Indonesian shipments
13. Chandrayaan­3’s sling­shot route to the moon
14. The CPI basket: problem of relevance and true measurement of inflation
15. SEBI to set up a panel to suggest changes to SCRA
16. ESG: Top 150 listed companies to subject their BRSR Core to “reasonable assurance” by FY 2023-24
17. Pension regulator invites bids for tech transformation project

1. Artificial sweetener: WHO panel says no need to cut daily intake

Subject: Science and technology

Section : Health

Context:

• A World Health Organization’s (WHO) committee categorised artificial sweetener aspartame as “possibly carcinogenic to humans”.

WHO findings:

• The analysis by WHO’s International Agency for Research on Cancer found the product to be “possibly carcinogenic to humans” — a categorisation generally used for things when there is either limited, but not convincing, evidence for cancer in humans or convincing evidence for cancer in experimental animals, but not both.
  • It is the third-highest level out of the four levels in which the IARC categorises carcinogens.
  • The committee also said there was “limited evidence” from mechanistic studies that show that aspartame characteristics are similar to cancer-causing agents such as inducing oxidative stress, chronic inflammation and alterations to cell death mechanisms.
• The second assessment by WHO and Food and Agriculture Organization’s (FAO) Joint Expert Committee on Food Additives (JECFA) said “there was no convincing evidence from experimental animal or human data that aspartame has adverse effects after ingestion”.
  • The committee said there was no reason to change the established acceptable daily intake (ADI) of 0–40 mg/kg body weight.

Aspartame (Artificial sweetener):

• Aspartame is widely used as a sugar substitute in various food and beverage products, including diet soft drinks, chewing gum, ice creams and breakfast cereals.
• These sweeteners are chemically synthesized and provide a sweet taste without the high-calorie content of regular sugar.
• The current acceptable daily intake (ADI) of 0-40 mg/kg body weight is pretty high.
• Other examples of artificial sweeteners are: Sucralose, Saccharin, Stevia, Neotame and Erythritol.

What is Erythritol?

• Erythritol is a popular artificial sweetener that is widely available throughout the world.
• It is an organic compound – a naturally occurring, four-carbon sugar alcohol (or polyol).
• It is used as a food additive and sugar substitute.
• Erythritol is 60–70% as sweet as sucrose (table sugar).
• However, it is almost completely noncaloric and does not affect blood sugar or cause tooth decay.
• Synthesis: It is synthesized from corn using enzymes and fermentation.

2. Sun To Reach Solar Maximum In 2 Years, May Lead To “Internet Apocalypse”

Subject: Science and technology

Section :Space technology

Context:

• The Sun will reach “solar maximum” – a particularly active period – in 2025 and today’s digital world is not prepared for it.

About Solar Maximum:

• The sun goes through a natural solar cycle approximately every 11 years. The cycle is marked by the increase and decrease of sunspots– visible as dark blemishes on the sun’s surface, or photosphere.
• The greatest number of sunspots in any given solar cycle is designated as “solar maximum.” The lowest number is “solar minimum.”
• Impacts:
  • This increased solar activity can cause extreme space weather events, including solar flares and eruptions.
  • It can also disrupt radio communications and the power grid and have serious health consequences for astronauts.
  • A strong solar storm could hit Earth – a rare event that has not happened in the interconnected world so far – causing widespread internet outages.

What is the Solar Cycle?

• The Sun is a huge ball of electrically-charged hot gas. This charged gas moves, generating a powerful magnetic field.
• Every 11 years or so, the Sun’s magnetic field completely flips. This means that the Sun’s north and south poles switch places.
• Then it takes about another 11 years for the Sun’s north and south poles to flip back again.
• Thus, the solar cycle is the cycle that the Sun’s magnetic field goes through approximately every 11 years.
• The solar cycle affects activity on the surface of the Sun, such as sunspots which are caused by the Sun’s magnetic fields.
• As the magnetic fields change, so does the amount of activity on the Sun’s surface.
• The beginning of a solar cycle is a solar minimum, or when the Sun has the least sunspots. Over time, solar activity—and the number of sunspots—increases.
• The middle of the solar cycle is the solar maximum, or when the Sun has the most sunspots.
• As the cycle ends, it fades back to the solar minimum and then a new cycle begins.

3. Indian met coke makers reduce capacity utilization to one-third amid rising imports

Subject: Geography

Section :Economic geography

Context:

• Indian met coke or metallurgical coal producers are operating at 30-35 per cent of their capacities (one-third of their installed capacity) in the face of increased imports.

Details:

• Met Coke is a key steel-making feedstock, and India is the second largest crude steel maker in the world.
• Bhutan (1st), India (2nd) and Pakistan (3rd) are the top 3 importers of met coke in the world.
• India imports most of its Metallurgical coke from China, Poland and Colombia and is the 2nd largest importer of Metallurgical coke in the World.

Factors Influencing Increased Imports:

• The Russia-Ukraine conflict and sanctions imposed on Russia by Western countries.
• The global increase in coal prices, driven by higher raw material costs (coking coal).
• Sanctions on Russia, a major coal exporter, have caused supply constraints and price hikes.

About Metallurgical Coke:

• Metallurgical coke, also known as met coke or coke breeze, is a carbonaceous material derived from the destructive distillation of coal in the absence of air.
• It is a hard, porous, and carbon-rich material with high carbon content (typically ranging from 85% to 90%).

Production Process:

• Metallurgical coke is produced by heating specific grades of coal in the absence of air in a coke oven or coking chamber.
• The coal is heated to high temperatures (around 1000 to 1100 degrees Celsius) in the presence of controlled amounts of heat and pressure.
• The volatile components of coal, such as water, tar, and gases, are driven off, leaving behind the solid carbonaceous residue known as metallurgical coke.

Properties and Characteristics:

• Metallurgical coke has several important properties that make it suitable for various industrial applications:

1. High Carbon Content: Met Coke has a high carbon content, which provides it with excellent fuel properties and makes it an efficient source of heat in industrial processes.
2. Porosity: It possesses a porous structure that allows for the efficient flow of gases and facilitates the combustion process.
3. Low Moisture Content: Met Coke has a low moisture content, which contributes to its high calorific value and ensures efficient burning.
4. High Strength: It has good mechanical strength, enabling it to withstand the physical demands of industrial operations.
5. Low Ash Content: Met Coke has relatively low ash content, which reduces impurities and helps maintain product quality.

Applications:

• Metallurgical coke finds extensive use in various industries:

1. Steel Production: It serves as a primary fuel and reducing agent in blast furnaces for the production of iron and steel. Met coke reacts with iron ore to remove impurities, facilitating the extraction of molten iron.
2. Chemical Industry: Met Coke is used in the production of chemicals, such as calcium carbide, which is essential for manufacturing acetylene gas, synthetic rubber, and other chemical compounds.
3. Foundries: It is utilized in foundries for melting metals and alloys, providing the necessary heat and reducing agents for the casting process.
4. Ferroalloy Production: Met coke is crucial in the production of ferroalloys, which are alloy metals used in the steelmaking process to introduce specific desirable properties.
5. Pig Iron Production: It is employed in the manufacturing of pig iron, an intermediate product used in the production of steel and cast iron.

Importance in the Steel Industry:

• Metallurgical coke plays a vital role in the steel industry due to the following reasons:

1. Fuel Source: It provides the primary source of fuel for the intense heat required in blast furnaces during iron and steel production.
2. Chemical Reducing Agent: Met Coke acts as a reducing agent by reacting with iron ore, facilitating the extraction of iron and removing impurities.
3. Structural Support: The strength and porosity of met coke allow for the uniform distribution of gases, ensuring efficient combustion and maintaining furnace integrity.

Environmental Concerns:

• The production and use of metallurgical coke raise environmental concerns due to its association with carbon emissions and air pollution.
• Efforts are being made to develop alternative processes and technologies that reduce the environmental impact of coke production, such as the use of bio-coke or carbon capture and storage (CCS) techniques.

4. 41 mt of coal to be transported through inland waterways in FY24

Subject: Geography

Section :Economic geography

Context:

• The Ministry of Ports, Shipping, and Waterways (MoPSW) in India is aiming to increase coal supplies through the inland waterways network.

Details:

• They are looking to transport 41.06 million tonnes of coal in the current fiscal year, a 17% increase from the previous year.
• Coal transportation through waterways has seen significant growth, with a compounded annual growth rate of 16.71% since 2019.
• Currently, only five out of over 400 river networks in India have been developed into National Waterways, but a study conducted by the Ports Ministry has identified 111 river systems that could be developed into National Waterways, with 26 of them being navigable.
•  The focus is currently on the development of National Waterways 5 along the Brahmani-Mahanadi route.

Coal production and consumption:

• India is among the top five coal-producing countries in the world.
• Despite being a major producer, India also imports coal to meet some of its demands.
• India is a significant consumer of coal, which is used for power generation and industrial processes.

Key terminologies

• Coking coal: a type of coal that is used in the production of steel.
• Anthracite: a hard and compact type of coal that has a high carbon content.
• Pulverised coal injection (PCI coal): a method of injecting pulverized coal into a blast furnace to improve the efficiency of the iron-making process.
• Met coke: a type of coke made by heating coal in the absence of air, which is used as a fuel in blast furnaces to produce iron.
• Pet coke: a carbon-rich solid material that is derived from oil refining. It is used as a fuel in industrial processes.

Water transport:

• Waterways are the cheapest means of transport and are most suitable for carrying heavy and bulky materials having low specific costs.
• Water transport is a fuel-efficient and environmentally friendly mode of transportation which has vast employment generation potential.
• The main drawback is that it takes longer time than roads and railways to deliver a product.
• Currently, coastal and inland waterways contribute 6% of the country’s freight modal mix, while adjacent developing economies, such as Bangladesh (16%) and Thailand (12%) have a higher share of water-based transport, highlighting the scope for improvement for India.

Inland Water Transport in India:

• India has over 5,000 km of navigable inland waterways under development.
• It has lower operating costs (30% lower than the railways and 60% lower than road) and a sustainable mode of freight logistics and passenger transport
• To harness the potential of IWT, the Inland Waterways Authority of India (IWAI) was established in 1986.
• The Government has identified a few important Waterways, which are given the status of National Waterways
• From only five waterways recognised as National Waterways (NWs), the government of India notified 106 additional waterways as National Waterways, by the National Waterways Act, of 2016.
• The major waterways identified in India, are as in the table below:

5. How Russia has become world’s top wheat exporter at Ukraine’s expense

Subject: Geography

Section :Economic geography

Context:

• Russia is consolidating its position as the world’s top wheat exporter, even as Ukraine’s shipments are projected to more than halve from their peak and production plunge to a 11-year-low.

Global wheat export:

• Russia’s wheat exports are expected to touch a new high of 47.5 mt in 2023-24, way ahead of the EU (38.5 mt), Canada (26.5 mt), Australia (25 mt) and Argentina (11 mt).
• The US Department of Agriculture (USDA) has estimated Russia’s wheat exports at a record 45.5 million tonnes (mt) in 2022-23 (July-June), up from 33 mt, 39.1 mt and 34.5 mt in the preceding three marketing years.
• It has left behind the European Union, which had exported 39.8 mt in 2019-20, before slipping to 29.7 mt, 32 mt and 34 mt in the following three years.
• Ukraine’s exports fell from 21 mt in 2019-20 to 16.8 mt in 2022-23 and are forecast to further decline to 10.5 mt in 2023-24.

Primary destination of Russia’s wheat:

• The primary destinations for Russian wheat are the Middle East, North Africa and Central Asia, led by Egypt, Iran and Algeria.
• While the Black Sea Grain Initiative helped Ukraine export 16.8 mt in 2022-23, about 39% of its wheat actually moved via the land route to Eastern Europe, instead of the specially-created corridors for shipping from the three designated ports of Odesa, Chornomorsk and Yuzhny.

Global wheat prices:

• Ample supplies from Russia have helped soften global wheat prices.
• Russian wheat is now being exported at around $235 per tonne, as against $275 three months ago,$310 six months ago and $375 a year ago.

Implication for India:

• The relatively low international prices of wheat can be a comfort factor for countries like India.
• It might have to consider the option of wheat imports if the kharif rice crop does not turn out too good due to poor monsoon rain in major paddy-growing states.

About Black Sea Grain Initiative:

• It was set up to resume vital food and fertilizer exports from Ukraine to the rest of the world.
• It was brokered between Russia and Ukraine by the United Nations and Turkey.
• The Initiative allowed exports of grain, other foodstuffs, and fertilizer, including ammonia, to resume through a safe maritime humanitarian corridor from three key Ukrainian ports: Chornomorsk, Odesa, and Yuzhny/Pivdennyi, to the rest of the world.

6. India’s diabetes epidemic is making its widespread TB problem worse

Subject : Science and technology

Section: Health

Concept :

• India has been experiencing the double burden of two debilitating and severe epidemics – type 2 diabetes (a.k.a. diabetes mellitus, DM) and tuberculosis (TB). The figures for both are staggering.
• Currently, India has around 74.2 million people living with diabetes while TB affects 2.6 million Indians every year. Yet few know how deeply these diseases are interlinked.

How do DM and TB ‘work’ together?

• DM not only increases the risk of TB, it also delays the sputum smear and culture conversion of an individual affected by both diseases.
• In other words, reducing the number of TB bacteria to below the threshold required to claim they have ‘healed’ will take longer than usual.
• DM impairs cell-mediated immunity; uncontrolled DM affects the cytokine response and alters the defences in the alveolar macrophages.
• The altered functions of small blood vessels in the lung (due to hyperglycaemia) along with poor nutritional status may facilitate the invasion and establishment of TB.
• Aspeople with diabetes have already compromised immune function, the risk of TB infection is high. They will also have a higher bacterial load.
• A study revealed that the TB-DM group showed reduced lung functioning after TB treatment completion compared to the TB non-DM group. There was a greater improvement in radiographic scores among people with TB non-DM compared to DM.
• DM also increases the likelihood of unfavourable TB treatment outcomes, such as treatment failure, relapse/reinfection, and even death. So people with DM and TB suffer more severely and must fight harder to survive

How does DM affect people with TB?

• In individuals affected by both diseases, the lungs are severely affected (in studies, researchers have observed multiple and large lung cavities).
• Persistent inflammation has also been seen in people with DM and TB – even after they have completed their TB treatment, speaking to the combined impact of these diseases even after a ‘cure’.
• Also, This indicates that one’s nutritional status is important for favourable TB treatment outcomes.
• The most common cause of deaths were respiratory complications (50%) followed by events related to cardiovascular disease (32%) in those affected with TB DM as compared to TB only (27% and 15%).

About Diabetes

• Diabetes is a chronic issue that can lead to complications like cardiovascular diseases, kidney disease, neuropathy, blindness etc. Hence it becomes crucial to keep it away.
• Diabetes mellitus is a metabolic disease of high blood sugar (glucose) levels that result from problems with insulin secretion, its action, or both. Normally, blood glucose levels are tightly controlled by a hormone produced by the pancreas known as insulin.
• When blood glucose levels rise (for example, after eating food), insulin is released from the pancreas to normalize the glucose level.

Type 1 diabetes:

• An absolute lack of insulin, usually due to destruction of the insulin-producing beta cells of the pancreas, is the main problem in type 1 diabetes.
• It is to be due to an autoimmune process, in which the body’s immune system mistakenly targets its own tissues (islet cells in the pancreas. This tendency for the immune system to destroy the beta cells of the pancreas is likely to be, at least in part, genetically inherited, although the exact reasons that this process happens are not fully understood.

Type 2 diabetes:

• People who have type 2 diabetes can still produce insulin, but do so relatively inadequately for their body’s needs.
• Genetics plays a role in the development of type 2 diabetes, and having a family history and close relatives with the condition increases your risk; however, there are other risk factors, with obesity being the most significant.

For further notes on TB , refer – https://optimizeias.com/tb-in-india/

7. Indo-Japanese researchers develop treatment for Duchenne’s Muscular Dystrophy

Subject : Science and technology

Section: Health

Concept :

• A team of doctors from Tamil Nadu along with scientists from Japan have developed a disease-modifying treatment for Duchenne Muscular Dystrophy (DMD), a rare genetic disease, using a food additive — a beta-glucan produced by N-163 strain of a yeast Aureobasidium pullulans.

Duchenne Muscular Dystrophy (DMD)

• DMD is a progressive muscle degeneration disorder caused by alterations in the dystrophin protein.
• It is the most common and fatal type of muscular dystrophy, primarily affecting boys.
• It leads to progressive muscle degeneration, weakness, and eventually wheelchair dependency, assisted ventilation, and premature death.

Symptoms and Impact of DMD

• Muscle Weakness: Muscle weakness is the primary symptom of DMD, initially affecting proximal muscles and later distal limb muscles. Difficulties in jumping, running, and walking are common.
• Other Symptoms: Enlargement of calves, a waddling gait, lumbar lordosis (inward curve of the spine), and later heart and respiratory muscle involvement. Pulmonary function impairment and respiratory failure may occur.

Current Challenges

• Costly treatment: Current therapeutic options for DMD are minimal and expensive, with costs reaching up to Rs 2-3 crore per child per year.
• Limited Treatment Options: The treatments are predominantly imported, making them financially unattainable for most families.

Efforts to Develop Affordable Therapeutics

Antisense Oligonucleotide (AON)-Based Therapeutics

• The IIT Jodhpur researchers are working on enhancing the efficacy of AON-based therapeutics.
• AONs can mask specific exons in a gene sequence, addressing the challenges faced in DMD patients.
• Personalized medicine is necessary due to the variations in mutations among DMD patients.

Clinical Trials and Molecular Tags

• The research team has received approval from the Drugs Controller General of India (DCGI) to conduct multi-centric clinical trials on AON-based exon skipping in DMD patients.
• They are also working on reducing the therapeutic dose of AON through new molecular tags.

8. VSSC unit to undertake system checkouts ahead of Chandrayaan-3 launch

Subject : Science and technology

Section: Space technology

Concept :

• On Friday afternoon, the spotlight will be on the Satish Dhawan Space Centre, Sriharikota, from where India’s third moon mission will take to the skies. But some of the action before the lift-off will take place at the Vikram Sarabhai Space Centre (VSSC) in Thumba.
• The VSSC is ISRO’s lead unit for launch vehicles, and is responsible for the design and development of the LVM3 (formerly GSLV Mk-III) launch vehicle

Virtual Launch Control Centre

• Background
• A replica of the launch control centre at Sriharikota, the VLCC at Thumba was operationalised during the COVID-19 pandemic when large-scale movement of personnel for space missions was out of the question.
• Since then, the facility, manned by a small group of scientists, has been activated for various missions including the LVM3 M2/OneWeb India-1 mission in October 2022.

Role in ISRO Missions

• The virtual launch control centre (VLCC) at the VSSC will have an important role to play in safely seeing off the powerful LVM3 launch vehicle carrying the Chandrayaan-3 spacecraft.
• System check-outs, including those of the electronics, actuators and commands, will be carried out from the VLCC to make sure that they are operating properly.
• Provides crucial advice and analysis of the various parameters.
• The facility allows the Indian Space Research Organisation (ISRO) to remotely carry out system checkouts on the launch vehicle prior to a mission.

9. GST Appellate Tribunal

Subject :Economy

Section: Fiscal Policy

Concept :

• The 50th meeting of the Goods and Services Tax (GST) Council was held under the chairpersonship of Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman recommended the notification of the GST appellate tribunal by the centre with effect from 01.08.2023.

Goods and Service Tax Appellate Tribunal (GSTAT)

• The Central Goods and Service Tax Act, 2017 (CGST Act) mandates the constitution of a Goods and Service Tax Appellate Tribunal(GSTAT) and its Benches.
• GSTAT would be a specialized appellate authority for resolving disputes.
• The GSTAT is envisaged as the body that will help adjudicate and resolve disputes around the indirect tax scheme and protect the rights of taxpayers and the revenue interests of the union and state governments.

Delay in setting up of GSTAT

• GSTAT has not yet been applied even after 5 years of GST execution.
• Multiple reasons exist for the late GSTAT creation such as the qualification and experience criteria of technical members, the number and constitution of Benches, and the figure of a search and selection committee.

Proposed composition of GSTAT

• A four-member appellate tribunal is likely to be set up in each state.
• Each state appellate tribunal would have two technical members (one officer each from the centre and states) and two judicial members.
• The judicial members will be selected from a panel of serving or retired High Court and District Court judges.
• Division Bench
• A division bench comprising two members — one technical and one judicial — will decide the appeals brought before it.
• As per the proposal, each state appellate tribunal will have two division benches and thus will be able to deal with more appeals.

National Appellate Tribunal

• There will also be a National Appellate Tribunal, which would be set up in Delhi. It will comprise one judicial member and one technical member.
• The national appellate bench will mainly look into appeal cases on disputes between the department and assessee over the ‘place of supply’ under the GST regime. It, however, will not take up any appeal with regard to divergent rulings by state appellate tribunals.
• The Goods and Services Tax (GST) Appellate Tribunal is likely to be headed by a former Supreme Court judge or a former Chief Justice of a High Court.
• Framework of GST Tribunal is likely to permit the resolution of disputes involving dues or fines of less than Rs. 50 lakh by a single-member bench.

10. The first GSI survey of the Siachen

Subject : Geography

Section: Places in news

Concept :

• NJ 9842 vs. 5Q 131 05 084 : Exploring India-Pakistan’s last demarcated point and the Siachen glacier’s assigned number by the Geological Survey of India (GSI).
• Lack of recognition: Despite the historical importance, the first Siachen survey remains overlooked by scholars and mountaineers.

The First Siachen Survey

• K. Raina’s leadership: In June 1958, V.K. Raina, an Indian geologist, conducted the inaugural Siachen survey.
• Unforeseen conflict: The peaceful region surveyed in 1958 became a disputed area between India and Pakistan, leading to Operation Meghdoot in 1984.

About Siachen Glacier

• It is the highest battleground on Earth. Troops are deployed at elevations of up to 6,700 metres (22,000 feet) at minus 60 degrees C.
• India occupied Siachen glacier under Operation Meghdoot in 1984.
• Siachen Glacier, piedmont glacier located in the Karakoram Range.
• It lies in the heavily glaciated Himalayan region known as the “Third Pole,” because mountain glaciers in this region contain more fresh water than is found anywhere else on Earth except for the polar ice caps.
• The Siachen Glacier lies between the Saltoro Ridge, a subrange of the Karakorams, to the west and the main Karakoram Range to the east.
• It is 75 km (47 miles) long, which makes it the second longest nonpolar glacier in the world, after Fedchenko Glacier in Tajikistan.
• The Siachen Glacier is positioned from northwest to southeast.
• It originates at the base of the Indira Col West, a col (low point) on the Indira Ridge, at an altitude of 6,115 metres (20,062 feet), and it descends to an altitude of 3,570 metres (11,713 feet).
• On its left flank are three tributary glaciers: TeramShehr, North Terong, and South Terong.
• On its right flank are tributary glaciers: Zingrulma, Gyongla, Lolofond
• Nubra River originates from Siachen glacier.
• The name Siachen refers to a land with an abundance of roses.

11. Centre lists new Bill to replace Delhi Ordinance in House

Subject : Polity

Section: Constitution

Concept :

• The government has listed the Bill to replace the contentious ordinance on Delhi services for the upcoming Monsoon Session of Parliament, that begins on July 20.
• The ordinance amending the Government of National Capital Territory (NCT) of Delhi Act, 1991 curtails State Government’s powers over bureaucracy.
• Aam Aadmi Party (AAP) convenor and Delhi Chief Minister Arvind Kejriwal met the heads of various Opposition parties over the last one-month garnering support for AAP’s campaign against the Bill.

Sessions of Parliament:

• The summoning of Parliament is specified in Article 85 of the Constitution.
• The power to convene a session of Parliament rests with the Government.
• The decision is taken by the Cabinet Committee on Parliamentary Affairs which is formalised by the President, in whose name MPs are summoned to meet for a session.
• India does not have a fixed parliamentary calendar. By convention (i.e. not provided by the Constitution), Parliament meets for three sessions in a year.
• The longest, Budget Session (1st session), starts towards the end of January, and concludes by the end of April or first week of May. The session has a recess so that Parliamentary Committees can discuss the budgetary proposals.
• The second session is the three-week Monsoon Session, which usually begins in July and finishes in August.
• Winter Session (3rd session), is held from November to December.

Summoning of Parliament:

• Summoning is the process of calling all members of the Parliament to meet. The President summons each House of the Parliament from time to time. The gap between two sessions of the Parliament cannot exceed 6 months, which means the Parliament meets at least two times in one year.

Adjournment:

• Adjournment terminates the sitting of the House which meets again at the time appointed for the next sitting. The postponement may be for a specified time such as hours, days or weeks. If the meeting is terminated without any definite time/ date fixed for the next meeting, it is called Adjournment sine die.

Prorogation:

• Prorogation is the end of a session. A prorogation puts an end to a session. The time between the Prorogation and reassembly is called Recess. Prorogation is the end of session and not the dissolution of the house (in case of Lok Sabha, as Rajya Sabha does not dissolve).

12. India curbs gold imports to check rising Indonesian shipments

Subject : economy

Section: External Sector

Concept :

• The sudden spurt in duty-free imports of gold jewellery from Indonesia under the free trade agreement was one of the main reasons for the Indian Government’s decision to ban shipments of certain gold jewellery products.
• The Government suspects that gold is being re-routed into India from other countries without payment of any duty under the India-ASEAN free trade agreement as Indonesia was never known for exporting gold jewellery to India.
• In a notification, the Directorate General of Foreign Trade amended the import policy for unstudded jewellery made of gold and other gold articles to “restricted” category from “free”.

India-ASEAN Free Trade Agreement

• The initial framework agreement for ASEAN–India Free Trade Area (AIFTA) was signed on 8 October 2003 in Bali, Indonesia.
• The FTA came into effect on 1 January 2010.
• The FTA had emerged from a mutual interest of both parties to expand their economic ties in the Asia-Pacific region.

Background of the AIFTA

• India’s Look East policy was reciprocated by similar interests of many ASEAN countries to expand their interactions westward.
• After India became a sectoral dialogue partner of ASEAN in 1992, India saw its trade with ASEAN increase relative to its trade with the rest of the world.
• Between 1993 and 2003, ASEAN-India bilateral trade grew at an annual rate of 11.2%, from US$2.9 billion in 1993 to US$12.1 billion in 2003.
• Total Indian FDI into ASEAN from 2000 to 2008 was US$1.3 billion.
• Acknowledging this trend and recognising the economic potential of closer linkages, both sides recognised the opportunities to pave the way for the establishment of an ASEAN–India Free Trade Area (FTA).

Structure of the AIFTA

• The signing of the ASEAN-India Trade in Goods Agreement paves the way for the creation of one of the world’s largest FTAs – a market of almost 1.8 billion people with a combined GDP of US$2.8 trillion.
• It sees tariff liberalisation of over 90 percent of products traded between the two dynamic regions, including the so-called “special products”.
• The products include palm oil (crude and refined), coffee, black tea and pepper.

13. Chandrayaan­3’s sling­shot route to the moon

Subject : Science and technology

Section: Space technology

Concept :

• Besides, Chandrayaan­3, like its predecessor Chandrayaan­2, will take a rather intriguing route to the moon. It will circle the earth five ­six times, to get the sling­shot effect.
• It will likewise circle the moon 5­6 times before the lander began its descent on to the moon’s surface.

Sling shot Effect

• The slingshot effect is also known as a planetary swing-by or a gravity-assist manoeuvre.
• It is performed to achieve an increase in speed and/or a change of direction of a spacecraft as it passes close to a planet.
• As it approaches, the spacecraft is caught by the gravitational field of the planet, and swings around it.
• The speed acquired is then sufficient to throw the spacecraft back out again, away from the planet.
• By controlling the approach, the outcome of the manoeuvre can be manipulated and the spacecraft can acquire some of the planet’s velocity, relative to the Sun

Why Sling Shot effect in Chandrayaan 3?

• To use the earth’s gravity to impart enough velocity to the spacecraft to shoot off to the Moon. In other words, the earth’s gravity  does some of the function of the rocket fuel.
• Kepler’s Second Law of planetary motion says the line connecting a satellite and the parent body sweeps equal areas in equal intervals of time.
• This means that as the satellite gets closer to the parent body, it acquires more velocity. And the farther the object comes from, the higher the velocity it acquires when it turns around the parent body.
• After the LVM­3 puts Chandrayaan­3 above the earth, the spacecraft will start circling the earth on its own, in an elliptical orbit.
• When it reaches the farthest point, ground engineers will nudge it slightly to change the direction a little so that its next loop is bigger than the first.
• So, when the spacecraft approaches the earth on its second loop, it will acquire a higher velocity.
• Again, when it reaches the farthest point, called apogee, the engineers will once again change the direction a little, so that on the third loop, the spacecraft acquires an even higher velocity.
• So on for 5­6 laps, at which point the spacecraft would have acquired enough velocity to sling itself towards the moon.
• When it is about 100 km from the moon’s surface, the lander will detach itself and begin its descent.
• On reaching the moon, the reverse will happen.

14. The CPI basket: problem of relevance and true measurement of inflation

Subject :Economy

Section: Inflation

In Brief: India’s consumer price index (CPI) basket of goods continues to include items that are no longer relevant to a normal consumer (eg. Radio, DVD player). The consumption basket changes because of both technological changes, but also because of economic growth.

Key Points:

• To correctly measure inflation, the CPI basket composition should correctly reflect the actual consumption of an average person. This is important as wage revision, monetary policy are all dependent on the actual inflation experienced.
• There are majorly two factors that necessitate revision of consumption basket in terms of composition:
  • Development: With development, the proportion of income spent on food reduces and the budget for other goods such as leisure, education increases.  The real consumption basket is fluid and continually evolving, reflecting the shifts in societal needs, preferences, and economic conditions. As time progresses, consumption patterns of individuals and households inevitably change.
  • Technology: With change in technology and economic development many items become obsolete, such as radio, cassette player, etc. Although these have a minimal weight in the overall CPI calculation, we are clinging onto the past, tracking items that no longer hold the same relevance in our consumption patterns.
• Importance of changing weights: Apart from the composition of the basket, the weights given to each item too are flawed.
  • In the current CPI (base year 2012), weights of various groups are as follows: food and beverages (45.86); paan, tobacco and intoxicants (2.38); clothing and footwear (6.53); housing (10.07); fuel and light (6.84); miscellaneous (28.32).
  • The weightage of food in the CPI basket has decreased from 60.9 (in 1960) to 57.0 (in 1982) and to 46.2 (in 2001).
  • This gradual decline indicates that as the economy grows, the proportion of income spent on food decreases. This is a common trend known as Engel’s Law, which suggests that as income rises, the proportion of income spent on food falls, even if the absolute expenditure on food rises.
  • As people’s income rises, they tend to allocate a larger proportion of their spending towards non-food items such as housing, education, healthcare, personal care, entertainment, and digital services such as the Internet. This reflects a general improvement in living standards and a broadening of consumer demands.
  • Over-reliance on food inflation today distinguishes Indian inflation from many other developed countries where the food weight is much smaller.
• Change within food basket:
  • The high weight of 9.67 assigned to cereals in the current CPI brings focus on two critical issues.
    • With economic advancement and societal progress, there is a diversification of the food intake and expenditure on nutrient-rich options other than cereals increases. This change in relative expenditure on food items other than cereals is not reflected in a revision of sub-weights or the item list within the food basket.
    • Additionally the government food support in form of Pradhan Mantri Garib Kalyan Yojana has substantially reduced cereal expenditure for a large segment of the populace. It also hints towards a change in the consumption pattern and a reduction in the relative expenditure on cereals.

Household consumer expenditure survey (HCES) and CPI basket design 

• Household consumer expenditure survey (HCES) is the primary source of statistical indicators on social consumption and wellbeing, living and inequality thereof and for estimating various other parameters.
• Information collected in the Household Consumption Expenditure Survey will be primarily used for preparation of weighting diagram, through determination of budget shares of different commodity groups in total consumption. The data availed is further analyzed for the designing and compilation of consumer price indices for rural and urban India.

Significance of Consumption expenditure measurement

• It is difficult to have updated weights for a revised inflation basket, without access to up-to-date consumption expenditure data.
• Currently, the Ministry of Statistics and Programme Implementation (MoSPI) is in the midst of the Consumption Expenditure Survey (CES), with the first round slated to conclude in July 2023 and the second round a year later, in July 2024.
•      The absence of CES also results in inability to determine the population under the poverty line accurately, and our ability to track inflation effectively has been severely undermined. Our tools for understanding and managing our economic reality are grossly inadequate.

15. SEBI to set up a panel to suggest changes to SCRA

Subject :Economy

Section: Capital Market

In News: The Securities and Exchange Board of India (Sebi) plans to form an expert committee to suggest changes to the 67-year-old Securities Contract Regulation Act (SCRA)

Key Points:

• SCRA is a key legislation under which Sebi and the stock exchanges derive various operational powers. Over the years, the Act has been amended several times to accommodate newer positions since it was passed by Parliament in 1956.
• Sebi functions under two types of laws: rules and regulations. Rules, such as the Sebi Act, are enacted by Parliament and can only be amended by it. On the other hand, Sebi, in its role as a markets regulator, issues regulations that can be revised internally. SCRA falls under the category of rules that can be amended only by Parliament. For recommending changes to the SCRA an expert committee is to be set up.
• The purpose of changes:
  • The changes are expected to be made to simplify the law and weed out redundant provisions.
  • Several changes will be discussed for various aspects of the Act, including Sebi’s penalty powers and the regulatory framework for market institutions
  • Compliance rules around stock exchanges in SCRA would need a lot of changes. These rules were introduced during a time when India had dozens of regional stock exchanges
  • With regards to the derivatives market, SCRA is a crucial law as it defines the basic rules for such contracts. There is a need to update the rules in derivative contracts, as we witness newer kinds of regulatory challenges emerging on that front.
  • There is a discussion going on about enhanced criminal prosecution powers for Sebi—this issue is also likely to be examined by the committee.
  • SCRA provides the framework for Sebi to impose penalties and initiate criminal proceedings for market violations. Sebi has powers akin to a civil court to issue directions and impose monetary penalties on wrongdoers.
  • However, if Sebi wants to prosecute someone under criminal law, it has to go through regular criminal courts.
  • Sebi has sparingly used the provision, preferring to punish violators through penalties, discussions are now ongoing to enhance its powers in this regard.
• Reform push agenda:
  • The central government has initiated a comprehensive revamp of all outdated laws to improve the ease of doing business in India. On one front, the government plans to repeal 1,500 obsolete laws, as announced in 2022.
  • For instance, the government revamped the Foreign Exchange Management Act (FEMA) rules two years ago. The Sebi Act, passed by Parliament in 1992, is also in the process of revamping.
• SEBI regulation reforms:
  • Even Sebi has followed a similar trend of replacing older rules with newer ones more suitable for current-day markets.
  • Sebi has already revamped regulations pertaining to insider trading rules, fraudulent trade practices and foreign portfolio investors, among others.

16. ESG: Top 150 listed companies to subject their BRSR Core to “reasonable assurance” by FY 2023-24

Subject :Economy

Section: Capital market

In News: Market regulator SEBI has specified a “glide path” for the mandatory “reasonable assurance” of Core – Business Responsibility and Sustainability Reporting (BRSR Core), which is a novel ESG reporting framework.

Key Points:

• BRSR Core is a sub-set of the full BRSR that focuses on the critical elements of BRSR and mandates 49 parameters for ESG reporting.  BRSR is intended to ensure quantitative and standardised disclosures on environment, social and governance (ESG) parameters to enable comparability across companies, sectors and time. Such disclosures will aid investment decisions.
• SEBI had recently brought in changes to its listing obligations and disclosure requirement (LODR) regulations to empower itself to specify the date on which this mandatory assurance norm will come into effect and the manner in which such assurance must be obtained from time to time.
• The circular on BSR-Core is based on the recommendations of the ESG Advisory Committee constituted in May 2022. SEBI has updated its BRSR format and incorporated the BRSR Core’s new key performance indicators (KPIs).
• For this BRSR Core disclosure and assurance top 1,000 listed entities (by market capitalization), starting from the top 150 will be required to comply with the BRSR Core framework over the next three financial years.
• ESG disclosure for value chain
  • SEBI has now stipulated that ESG disclosures for value chain would be applicable to the top 250 listed entities (by market capitalisation) on a comply-or-explain basis from FY 2024-25. The limited assurance on this would be applicable on a comply-or-explain basis from FY 2025-26.
  • The framework has been introduced to ensure that the sustainability targets reached by the organization from their business operations reach down to their value chain.
  • the value chain shall encompass the top upstream and downstream partners of a listed entity, cumulatively comprising 75 per cent of its sales (by value) respectively for this purpose.
• Guidelines:
  • SEBI has now directed the boards of listed companies to ensure there is no conflict of interest with the assurance provider appointed for BRSR Core.
  • The BRSR Core disclosures and assurance for the value chain of listed entities will be reported under nine ESG attributes/key performance indicators (KPIs).
  • They are identified for assurance such as greenhouse gas (GHG) emissions, job creation in small towns, openness of business, gross wages paid to women and so on.

17. Pension regulator invites bids for tech transformation project

Subject :Economy

Section: Capital market

In News: Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) has invited bids from technology firms to participate in the tendering process for PINTRA, the PFRDA intranet system.

Key Points:

• PINTRA is the first phase of the Authority’s Technology Architecture (TARCH) project, and the pension regulator is in the process of selecting a Systems Integrator (SI) vendor for this module.
• Going forward, PFRDA also proposes to roll out more technology modules under the TARCH project, including Website Revamp and Chat-bot; PFRDA Online Intermediary Supervision Engine (POISE), and the PFRDA Repository & Information Systems Management: Data and Analytics Platform (PRISM).
• India’s pension assets (NPS and APY) have been growing at a compounded annual growth of over 20 per cent in recent years, and its assets under management touched ₹9.8 lakh crore as of end-June 2023.