Daily Prelims Notes 24 November 2023

November 24, 2023
Posted by: OptimizeIAS Team
Category: DPN

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Daily Prelims Notes

24 November 2023

Table Of Contents

1. COP 28: India’s equity demand

Subject: Environment

Section: Environmental Conventions

Context:

There is an almost linear relationship between global warming and cumulative carbon dioxide (CO2) emissions.

Common But Differentiated Responsibilities and Respective Capabilities (CBDR-RC):

The UNFCCC recognises the CBDR-RC principle.
This means different States have different responsibilities and respective capabilities in tackling climate change.
This principle has been reaffirmed in the Paris Agreement, whose main aim is to hold “the increase in the global average temperature to well below 2 degrees Celsius above pre-industrial levels’‘ and pursue efforts “to limit the temperature increase to 1.5 degrees Celsius above pre-industrial levels”.
According to the Intergovernmental Panel on Climate Change’s Sixth Assessment Report (IPCC AR6), every 1,000 billion tonnes of CO2 in emissions causes an estimated 0.45 degrees Celsius rise in the global surface temperature.

Global Carbon Budget:

It refers to the maximum cumulative global anthropogenic CO2 emissions – from the pre-industrial era to when such emissions reach net- zero, resulting in limiting global warming to a given level with a given probability. The remaining carbon budget indicates how much CO2 could still be emitted, from a specified time after the pre-industrial period, while keeping temperature rise to the specified limit.
The IPCC AR6 has shown that the world warmed by a staggering 1.07 degrees Celsius until 2019 from pre-industrial levels, so almost four-fifths of the global carbon budget stands depleted. Only a fifth remains to meet the target set in the Paris Agreement.

Who’s responsible for cumulative global emissions?

The developed countries have appropriated a disproportionately larger share of the global carbon budget to date.
The contribution of South Asia (including India) to historical cumulative emissions is only around 4% despite having almost 24% of the entire world population.
The per capita CO2-FFI (fossil fuel and industry) emissions of South Asia was just 1.7 tonnes CO2-equivalent per capita, far below North America (15.4 tonnes CO2-eq. per capita) and also significantly lower than the world average (6.6 tonnes CO2-eq. per capita).

How does the carbon budget matter for India?

The share of the global carbon budget is limited for every nation.
India must recognise a ‘fair share of the carbon budget’ as a strategic national resource whose reserves are depleting rapidly due to over-exploitation by developed countries.
- According to the NITI Aayog-U.N. Development Programme’s Multidimensional Poverty Index Report 2023 review, India has been able to lift more than 135 million poor out of poverty in less than five years (2015-2021).
In 2022, oil, coal and gas accounted for 30%, 27% and 23% of the world’s total energy, while solar and wind energy together contributed only 2.4%.
The world is still largely powered by non-renewable energy.
Based on India’s historical emissions (1850-2019), it has a carbon credit equivalent of 338 GtCO2-eq., equal to around $17 trillion at $50/tCO2-eq.
Developed countries have failed to provide US $100 billion dollars a year, as promised at the COP 15 talks in Copenhagen in 2009.

India’s Effort Towards Renewable Energy Production:

India has set up the International Solar Alliance, the Coalition for Disaster Resilient Infrastructure, and the Global Biofuel Alliance.
Through the ‘Lifestyle for Environment’ (LiFE) mission, the Indian government also aims to spread awareness of good lifestyle practices and establish that sustainable lifestyles are the best way forward.

Source: The Hindu

2. Threatened species up by 25% in Queensland’s Wet Tropics due to climate change

Subject: Environment

Section: Biodiversity

Context:

Climate change has pushed 25 per cent more organisms in Australia’s biodiversity-rich northern rainforests into the list of threatened species since 2020, a new report showed. The rainforests are world heritage sites.

Details of the report:

Report name: State of the Wet Tropics
Prepared and submitted by the management and conservation authority for the UNESCO-listed Queensland wet tropics to the state government.
It highlighted the growing threats and declining health of species such as ringtail possum.
- It was given international protection in 1988, but climate change, habitat loss and degradation of supporting ecosystem, invasive species and Disease pose threats.
Other threatened species: Endemic rainforest frogs, high-altitude birds, ringtail possums and plants of the Myrtaceae family, Euastacus crayfish, Spiny crayfish, Robert’s crayfish, Apollo jewel (Hypochrysops apollo apollo) butterfly, Flying fox (Pteropus conspicullatus), Tooth-billed bowerbird (Scenopoeetes dentirostris).
The Wet Tropics bioregion contains 26 per cent of Australia’s vascular plant species. Some 314 of these are classified as Vulnerable, Endangered or Critically Endangered, according to the Nature Conservation Act (NCA) or Environment Protection and Biodiversity Conservation (EPBC) Act with a further 98 species listed as Near Threatened.
Bushfires in 2019 affected 53 per cent of the Gondwana World Heritage Rainforests and 80 per cent of the Greater Blue Mountains World Heritage Area.

Source: Down To Earth

3. Venezuela govt fans dispute with Guyana over oil-rich region

Subject :IR

Section: Places in news

Essequibo region:

Venezuela considered the Essequibo region of Guyana as their own territory since gaining independence from Spain in 1811.
It does not recognise the international border with Guyana decided in 1899, when Guyana was a British colony.
Essequibo region near the Atlantic coast is a territory larger than Greece and rich in oil and minerals.
In 2015, ExxonMobil found oil in commercial quantities off the Essequibo coast.
The Essequibo River is the largest river in Guyana and the largest river between the Orinoco and Amazon. Rising in the Acarai Mountains near the Brazil–Guyana border.

Guyana:

Guyana is the world’s fastest-growing economy (GDP growth of 62.3% in 2022) and is on track to grow by more than 100% by 2028. The growth is largely fueled by profits from its oil production and export sector.
It is a country on the northern mainland of South America.
Guyana is an indigenous word which means “Land of Many Waters”.
The capital city is Georgetown.
It is the third-smallest sovereign state by area in mainland South America after Uruguay and Suriname.
Bordered by the Atlantic Ocean to the north, Brazil to the south and southwest, Venezuela to the west, and Suriname to the east.

Venezuela:

Venezuela has the world’s largest known oil reserves and has been one of the world’s leading exporters of oil.
Capital and largest city- Caracas.
Colonized by Spain in 1522.
It was a part of the Republic of Colombia and separated as a full sovereign country in 1830.

4. Mirabai a unique example of pure devotion and faith

Subject : History

Section: Medieval India

Context:

Prime Minister Narendra Modi on Thursday offered prayers at Sri Krishna Janmabhoomi Temple in Mathura and attended ‘Mirabai Janmotsav’, organised to celebrate the 525th birth anniversary of the poet and Krishna devotee.

About Mirabai:

Mirabai (Meera), was born into the Rathore Rajput royal family in Kudki, located in the present-day Pali district of Rajasthan.
She spent her formative years in Merta and was the great-granddaughter of Rana Jodhaji, the founder of Jodhpur.
In 1516, she was unwillingly married to Bhoj Raj, the crown prince of Mewar, and faced various challenges in her marital life.
Mirabai’s life took a transformative turn when she became a devoted follower of Lord Krishna. Her unwavering devotion led her to abandon the royal palace and embark on a spiritual journey. She saw Krishna as the beloved and is considered to be high example of Premabhakti.
After the death of her husband, she left the kingdom of Mewar and embarked on pilgrimages.
In her later years, she is said to have lived in Dwarka or Vrindavan.
Mirabai advocated for the inclusion of all, irrespective of factors like birth, poverty, age, and sex, in receiving divine grace.
Mirabai’s contribution to the Bhakti movement is manifested in her devotional songs and lyrics, constituting a rich cultural heritage and her bhajans continue to be sung across India.
Mirabai’s legacy endures through the continued singing of her compositions, especially the popular ‘Payoji Maine Naam Ratan Dhan Payo.’
She is mentioned in Bhaktamal written by Nabha Dass.

Bhakti movement in India

It originated in the Tamil region during the 6th-7th centuries AD and gained prominence through the poetic expressions of the Alvars and Nayanars, representing Vaishnavite and Shaivite perspectives, respectively.
In the 12th century, Basavanna initiated a significant phase of the Bhakti movement in the Kannada region.
Despite posing a threat to the caste hierarchy and societal fabric, Basavanna (a minister of King Bijjala from Kalachuri Dynasty) and his disciples, including Akkamahadevi, Allama Prabhu, and Devara Dasimayya, produced a rich literary tradition known as Vachana sahitya.
These Vachanas conveyed profound observations on spiritual and social aspects.
In Maharashtra, the Bhakti movement gained momentum in the late 13th century, led by the Varkaris. Influential figures like Jnanadev, Namdev, and Tukaram played a pivotal role, leaving behind verses that encapsulated the essence of Bhakti.
Tukaram, a Shudra by caste, rebelled against societal norms by becoming a merchant and defying Brahminical injunctions against writing on religious matters.
Writing in Marathi rather than Sanskrit, Tukaram faced opposition from the orthodoxy.

Expansion of Bhakti movement to the North:

As the Bhakti movement gained traction in South India, Vaishnava scholars and saints played a pivotal role in elucidating its philosophical teachings.
Ramanuja, for instance, introduced the doctrine of Vishistadvaita, also known as qualified monism, which stood in contrast to the absolute monism advocated by Adi Sankara.
The Bhakti movement originating in Kerala and Tamil Nadu, subsequently spread to Karnataka, Maharashtra, and eventually reached North India in the 15th century.
It reached its pinnacle during the 15th and 17th centuries.

Causes for the origin of Bhakti movement:

Social evils and dissatisfaction

The genesis of the Bhakti movement can be traced to the prevalent social evils in Hindu society.
The rigid caste system, irrelevant rituals, blind faiths, and economic disparities due to casteism created discontent among common people.
The monopolization of religion by Brahmins further fuelled dissatisfaction, prompting a need for a more liberal form of religion.

Challenge from Islam

The emergence of Islam in India posed a significant challenge to Hinduism.
Unlike Buddhism and Jainism, which lost vitality over time due to the tolerant outlook of Hinduism, Islam presented a formidable challenge.
With Muslims becoming rulers by the 13th century AD, their religion, characterized by universal brotherhood, equality, absence of caste system, and monotheism, attracted Hindus, especially the oppressed Sudras.

Influence of Sufism

Sufism, a reform movement within Islam, played a crucial role in the origin of the Bhakti movement.
Prominent Sufi saints like Hazrat Khwaja Moinuddin Chisti and Hazrat Khwaja Nizamuddin Auliya fostered a spirit of reconciliation between Hindus and Muslims.
The liberal approach of Sufism influenced Hindu saints, contributing to the development of Bhakti ideals.

Appeal of simple devotion

The complexity of Vedic and Upanishadic philosophy led common people to seek a simpler form of worship and religious practices.
The paths of Gnana marga and Karma marga were perceived as difficult, making Bhakti marga, a simple way of devotion, an appealing alternative for salvation from worldly life.

Role of religious reformers

Hindu religious reformers responded to the egalitarian message of Islam, especially appealing to the lower classes of Hindu society.
The medieval period witnessed various revivalist movements in Hinduism under different sages and saints, all rooted in the Bhakti philosophy.

Salient features of Bhakti movement:

Bhakti reformers championed the principle of monotheism, advocating the belief in the oneness of God. This foundational concept sought to unify spiritual practices and direct devotion towards a singular divine entity.
The Bhakti movement underscored the significance of self-surrender as a means to attain divine bliss and grace. Devotees were encouraged to submit themselves entirely to the will of God in their spiritual journey.
Recognizing the need for guidance, Bhakti reformers acknowledged the role of gurus as mentors and preceptors. These spiritual leaders played a crucial part in guiding individuals on their path to salvation.
A key principle of the Bhakti movement was the promotion of universal brotherhood. Bhakti leaders rejected societal divisions based on birth, emphasizing the idea that all living beings, including humans, were children of God.
Bhakti reformers were vocal critics of idol worship, challenging the prevalent practice of revering physical representations of deities. They argued for a more direct and personal connection with the divine.
A distinctive feature of the Bhakti movement was the stress on singing hymns with profound devotion. Devotees expressed their love and devotion to God through the composition and recitation of devotional songs.
Bhakti leaders vehemently condemned the caste system, emphasizing that all individuals, regardless of their birth, were considered as God’s children. This stance aimed at breaking down social barriers and fostering equality.
The Bhakti movement rejected the significance of ritualistic practices, pilgrimages, and fasting as a means of achieving spiritual growth. Instead, emphasis was placed on the purity of heart and devotion.
A notable aspect of the Bhakti movement was its disregard for the sanctity of any particular language. Bhakti leaders composed poems and hymns in the language of the common people, making spirituality accessible to a wider audience.

5. Governor holds no veto power over Bills, says SC

Subject :Polity

Section: Legislature

Context:

While examining the constitutional authority of the Governor in withholding assent to a bill, the Supreme Court has issued a crucial verdict outlining a governor’s obligations when withholding assent to a Bill.
Chief Justice Chandrachud highlighted that keeping a Bill duly passed for indeterminate periods contradicts constitutional principles, emphasising the importance of prompt action.

Governor’s Obligation

The Supreme Court ruled that when a governor withholds assent to a Bill, it’s mandatory to promptly send it back to the State legislature.
This action must be accompanied by a message necessitating the legislature to reconsider the Bill.

Legislature’s Authority

The court emphasised that the ultimate decision on accepting the Governor’s advice belongs exclusively to the legislature.
The Governor’s message does not bind the legislature, as indicated by the expression “if the Bill is passed again with or without amendments.”

Constitutional Democracy Principles

The court warned against the risk of a Governor virtually vetoing a duly elected legislature’s functioning by withholding assent without further recourse.
Such a scenario contradicts the fundamental principles of constitutional democracy.

Expedition Requirement

The court stressed that the Bill should be sent back to the Legislature “as soon as possible” with the mandatory message.
The expression “as soon as possible” was deemed a “constitutional imperative of expedition,” and failure to act promptly was deemed inconsistent with constitutional language.

What are the Governor’s Powers w. r. to Passage of Bills?

The governor’s powers with respect to the passage of bills are defined by Article 200 and Article 201 of the Constitution. According to these articles, the governor has the following options when a bill is presented to him/her by the state legislature:
He/she may give assent to the bill, which means the bill becomes an act.
He/she may withhold assent to the bill, which means the bill is rejected.
He/she may return the bill (if it is not a money bill) to the state legislature with a message requesting reconsideration of the bill or some of its provisions.
If the bill is passed again by the state legislature with or without amendments, the governor cannot withhold assent to it.
He/she may reserve the bill for the consideration of the president, who may either assent to or withhold assent from the bill, or direct the governor to return the bill to the state legislature for reconsideration.
The reservation of the bill by the governor is mandatory if the bill endangers the position of the state high court.
It is also discretionary if the bill is against the provisions of the Constitution, the Directive Principles of State Policy, the larger interest of the country, or of grave national importance, or deals with compulsory acquisition of property under Article 31A of the Constitution.

What are the Challenges associated with Governor’s Office?

The Appointment of Governors: The governor is appointed by the president on the advice of the central government. This raises questions about the political neutrality and impartiality of the governor.
There have been instances where governors have been appointed from the ruling party at the centre or have been removed or transferred for political reasons.
This undermines the dignity and stability of the office of the governor.
The Role and Powers of Governors: The governor has various roles and powers under the constitution, such as giving assent to bills passed by the state legislature, appointing the chief minister and other ministers, sending reports to the president on the state of affairs, and exercising special responsibilities in some states.
However, these roles and powers are often subject to the discretion of the governor, which can lead to conflicts with the elected state government.
There have been cases such as Tamil nadu’s where governors have delayed or withheld assent to bills, dismissed or dissolved state governments, recommended president’s rule, or interfered in the functioning of state universities.
These actions have been criticized as arbitrary, partisan, or unconstitutional by the state governments or the opposition parties.
The Accountability and Immunity of Governors: Although the governor is supposed to be the President’s analogue at the state government, the reality is that they have been, and continue to be, the agents of the Union government, sent to keep a check on popularly elected state governments.
The governor can be removed from office at the pleasure of the Union government.
The governor is secure in the knowledge that as long as they do as they are told by the Union government, they will continue to hold their positions. As heads of state, they are not even answerable to the courts for their actions while in office (Art 361).

6. MGNREGS audit crosses 50% local bodies in just six States- social audit clause MNREGA

Subject : Government schemes

Section: Employment

Context: MGNREGS audit crosses 50% local bodies in just six States

Among the 34 States and Union Territories in India, only six have completed social audits of works done under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) in more than 50% of gram panchayats.

What is MGNREGA?

About: MGNREGA is one of the largest work guarantee programmes in the world launched in 2005 by the Ministry of Rural development.

The primary objective of the scheme is to guarantee 100 days of employment in every financial year to adult members of any rural household willing to do public work-related unskilled manual work.
As of 2022-23, there are 15.4 crore active workers under the MGNREGA.
Legal Right to Work: Unlike earlier employment guarantee schemes, the act aims at addressing the causes of chronic poverty through a rights-based framework.
At least one-third of beneficiaries have to be women.
Wages must be paid according to the statutory minimum wages specified for agricultural labourers in the state under the Minimum Wages Act, 1948.
Demand-Driven Scheme: The most important part of MGNREGA’s design is its legally-backed guarantee for any rural adult to get work within 15 days of demanding it, failing which an ‘unemployment allowance’ must be given.
This demand-driven scheme enables the self-selection of workers.
Decentralised planning: There is an emphasis on strengthening the process of decentralisation by giving a significant role in Panchayati Raj Institutions (PRIs) in planning and implementing these works.
The act mandates Gram sabhas to recommend the works that are to be undertaken and at least 50% of the works must be executed by them.

What are the Issues Associated with Implementation of Scheme?

Delay and Insufficiency in Funds Dispersal: Most states have failed to disburse wages within 15 days as mandated by MGNREGA. In addition, workers are not compensated for a delay in payment of wages.
This has turned the scheme into a supply-based programme and subsequently, workers had begun to lose interest in working under it.
There is ample evidence by now, including an admission by the Ministry of Finance, that delays in wage payments are a consequence of insufficient funds.
Caste Based Segregation: There were significant variations in delays by caste. While 46% of payments to SC (Scheduled Caste) workers and 37% for ST (Scheduled Tribes) workers were completed in the mandated seven-day period, it was a dismal 26% for non-SC/ST workers.
The negative impact of caste-based segregation was felt acutely in poorer States such as Madhya Pradesh, Jharkhand, Odisha and West Bengal.
Ineffective Role of PRI: With very little autonomy, gram panchayats are not able to implement this act in an effective and efficient manner.
Large Number of Incomplete works: There has been a delay in the completion of works under MGNREGA and inspection of projects has been irregular. Also, there is an issue of quality of work and asset creation under MGNREGA.
Fabrication of Job cards: There are several issues related to the existence of fake job cards, the inclusion of fictitious names, missing entries and delays in making entries in job cards.

Social Auditing under MGNREGA

Social audits are an anti-corruption measure under MGNREGA, mandated by Section 17 of the act.
Social audit units in each state work independently of implementing authorities, and auditing standards by the Comptroller and Auditor General were issued on December 19, 2016.
The audit involves quality checks of infrastructure created under MGNREGA and checking for financial misappropriation in wages and procedural deviations.

The Ministry of Social Justice and Empowerment has formulated a scheme, namely Information-Monitoring, Evaluation and Social Audit (I-MESA) in FY 2021-22. Under this scheme, Social Audits are to be conducted for all the schemes of the Department starting FY 2021-22. These social audits are done through Social Audit Units (SAU) of the States and National Institute for Rural Development and Panchayati Raj.

7. What is the new Investor Risk Reduction Access platform

Subject: Economy

Section: Capital market

Context: India’s stock exchanges, including BSE and NSE, have jointly developed the IRRA platform to reduce risks faced by investors due to certain technical glitches.

What is the IRRA platform:

The IRRA platform was created to mitigate risks for investors in the event of technical glitches occurring at the trading member’s primary and disaster recovery sites.
This platform allows investors the opportunity to close existing positions and revoke pending orders should disruptions occur at the stock broker’s end.
An open position refers to a trade that still has the potential to generate either a profit or a loss. Essentially, the IRRA platform serves as a solution during technical glitches or unexpected outages that may render the trading member’s site inaccessible.
Its primary objective is to decrease risks for investors involved in the market.
Importantly, the IRRA platform is not intended for initiating new positions or orders;
Its sole purpose is to facilitate the cancellation of pending orders.

Who has developed it:

IRRA has been jointly developed by all the stock exchanges – BSE, NSE, NCDEX, MCX and Metropolitan Stock Exchange of India (MSE).

Why was there a need for it:

As reliance on technology in the securities market grows, so does the occurrence of glitches in trading members’ systems, leading to disruptions in trading services and investor grievances.
This poses a risk for investors with open positions, especially during market volatility, as avenues to close positions may become unavailable.
Recognizing that existing business continuity plans may not always prevent disruptions, such as delays in moving to a Disaster Recovery site or cyber-attacks, the Securities and Exchange Board of India (SEBI) announced a contingency service by stock exchanges in December of the previous year.
Referred to as the Investor Request Router and Aggregator (IRRA), this system serves as a safety net, providing a backup solution for potential disruptions in trading services.

How will the IRRA platform work:

The Investor Request Router and Aggregator (IRRA) can be activated by trading members facing technical glitches that impact their client services across exchanges, both at the primary and disaster recovery sites.
Stock exchanges also have the authority to monitor factors like connectivity, order flow, and social media posts, allowing them to initiate the IRRA service independently if necessary, even without a specific request from the trading member.
This activation by exchanges occurs only when there is a disruption in trading services for a trading member across all relevant exchanges.
Upon invocation, the platform performs basic checks, downloads trades from all trading venues of the trading member, and notifies investors via SMS/email, providing a link to access the IRRA.

How will the platform help investors:

Once the investors are authorized to access of the IRRA platform, investors can:
- View and cancel pending orders across all segments and all stock exchanges from the order book,
- Square off/close the open positions across segments and exchanges

8. Supreme Court ask govt to set up fresh delimitation commission

Subject: Polity

Section: Elections

Context: SC ask govt to set up fresh delimitation commission

More about the news:

The Supreme Court has directed the Centre to promptly establish a delimitation commission to provide proportional representation for two scheduled tribe communities seeking political reservation in West Bengal.
These communities, Limboo and Tamang, were declared as scheduled tribes by a 2002 law passed by Parliament.
The court clarified that the delimitation exercise should not interfere with upcoming elections for the Lok Sabha or the Assembly, as holding elections is a constitutional mandate.
The Election Commission informed the court that adding Limboo and Tamang communities in West Bengal would result in an additional seat for Scheduled Tribes in the assembly.
The court emphasized the Union government’s responsibility to ensure the implementation of Articles 330 and 332, which provide reservation for SC/ST communities based on proportional representation.
The order stems from petitions seeking political representation for the two ST communities in West Bengal and Sikkim.
The court noted that Sikkim’s special provisions under Article 371F allow for reservation to specific sections of the population, different from proportional reservation under Articles 330 and 332.
The judgment clarified that it would not affect the election schedule and highlighted the need for parliamentary legislation to address reservation extents for ST communities.

What is Delimitation:

Delimitation is the act of redrawing boundaries of Lok Sabha and Assembly constituencies to represent changes in population and is done on the basis of the preceding Census.
This exercise is carried out by a Delimitation Commission, whose orders have the force of law and cannot be questioned before any court.

What are the Constitutional provisions:

Article 82: This provides the Parliament with the authority to enact a Delimitation Act after every Census.
Article 170: This provides for the States to get divided into territorial constituencies as per the Delimitation Act after every Census.
The Union government sets up a Delimitation Commission once the Act is in force.

What is Delimitation Commission:

It is appointed by the President of India and works in collaboration with the Election Commission of India.
Its members are a serving or retired Supreme Court judge, Chief Election Commissioner or an Election Commissioner nominated by CEC and Election Commissioners of the respective state.
Its function is to determine the number and boundaries of constituencies, to identify seats reserved for SC/ST.
It is a high power body whose orders have the force of law and cannot be called in question before any court.
Delimitation Commissions have been set up four times — 1952, 1963, 1973 and 2002 under the Acts of 1952, 1962, 1972 and 2002.

9. Lok Sabha MPs told not to share replies until Question Hour is over

Subject : Polity

Section: Parliament and legislature

Context: Lok Sabha MPs told not to share replies until Question Hour is over

More about the news:

The Lok Sabha secretariat has emphasized the confidentiality of government replies during Question Hour, instructing Members of Parliament to use the exclusive portal and refrain from sharing information until the session concludes.
The bulletin, issued on November 10, highlights that replies are login and password protected for the exclusive use of MPs.
The directive follows the Lok Sabha Ethics Committee’s recommendation for the expulsion of TMC MP Mahua Moitra due to cash-for-query allegations.
The secretariat underscores the strict confidentiality of reply contents until the relevant question has been addressed in the House, even for questions not orally answered.
Replies become public once presented during the live telecast of Question Hour, and the bulletin stresses the confidentiality of written answer lists until laid on the House table after the session concludes.

What is the procedure for raising the questions:

The procedure for raising questions is governed by:
- Rules 32 to 54 of the “Rules of Procedure and Conduct of Business in Lok Sabha”
- Directions 10 to 18 of the “Directions by the Speaker, Lok Sabha‟.
To ask a question, an MP has to first give a notice addressed to the lower house’s Secretary-General, intimating their intention to ask a question.
The notice usually contains:
- The text of the question,
- The official designation of the Minister to whom the question is addressed,
- The date on which the answer is desired,
- The order of preference, in case the MP tables more than one notice of questions for the same day.
A Member is allowed to give not more than five notices of questions, both for oral and written answers, in all, for any day.
Notices received in excess of five from a Member for a day, are considered for the subsequent day(s) concerning that Minister during the period of that session only.
Usually, the period of notice of a question is not less than 15 days.
There are two ways through which MPs can submit the notices of their questions.
- First, through an online ‘Member’s Portal’, where they have to enter their ID and password to get access.
- Second, through the printed forms available in the Parliamentary Notice Office.
After submission of the notices, the next stage is when the Speaker of Lok Sabha examines the notices of the questions in the light of the laid-out rules.
It is the Speaker, who decides if a question, or a part thereof, is or isn’t admissible.

What are the conditions for the admissibility of questions:

There exist several regulations that dictate the eligibility of a question presented by a Member of Parliament.
For instance, these questions are generally limited to 150 words in length and must abstain from including arguments, defamatory remarks, or references to an individual’s character or behavior unless it relates to their official or public role.
Additionally, questions addressing broad policy issues are typically not permitted due to the limitations of providing a comprehensive policy within a question’s response.
Furthermore, a question is not admissible if its subject matter is pending judgment before any court of law or any other tribunal or body set up under law or is under consideration before a Parliamentary Committee.
A query also cannot seek information on matters which may weaken the unity and integrity of the country.

What are the different types of questions:

There are four types of questions i.e starred, unstarred, short-notice questions, and questions addressed to private Members.
Starred Questions: These questions are asked by MPs and are answered orally by the Minister-in-charge. MPs can ask one starred question per day, and they must be submitted at least 15 days in advance. Only 20 starred questions can be listed for oral answers on a given day, and supplementary questions can be asked after the oral response.
Unstarred Questions: Unstarred questions receive written replies from the Ministry. They also need to be submitted at least 15 days in advance, but they do not allow for follow-up questions. A total of 230 unstarred questions can be listed for written answers in a day.
Short Notice Questions: These are questions related to urgent public matters and can be asked with less than 10 days’ notice, provided reasons for the short notice are given. Short notice questions are answered orally, and supplementary questions can follow.
Questions to Private Members: These questions are addressed to the MP themselves. They are asked when the subject matter relates to a Bill, Resolution, or any matter concerning the Business of the House for which that MP is responsible. The procedure for these questions is similar to questions addressed to a Minister, with variations as determined by the Speaker.

Some facts about Ethics Committee:

Each of the two Houses of Parliament has an ethics committee. They deal with the members’
Besides overseeing the moral and ethical conduct of members, ethics committee also prepares a Code of Conduct for members, which are amended from time to time.
The ethics committee in Lok Sabha has 15 members while in Rajya Sabha has 10 members.
The members of the Ethics Committee are appointed by the Speaker for a period of one year.

What is the history of Ethics Committees:

A Presiding Officers’ Conference held in Delhi in 1996 first mooted the idea of ethics panels for the two Houses.
Then Vice President K R Narayanan constituted the Ethics Committee of the Upper House on March 4, 1997, and it was inaugurated that May to oversee the moral and ethical conduct of members and examine cases of misconduct referred to it.
The Rules applicable to the Committee of Privileges also apply to the ethics panel.
In the case of Lok Sabha, a study group of the House Committee of Privileges, after visiting Australia, the UK, and the US in 1997 to look into practices pertaining to the conduct and ethics of legislators, recommended the constitution of an Ethics Committee, but it could not be taken up by Lok Sabha.
The Committee of Privileges finally recommended the constitution of an Ethics Committee during the 13th Lok Sabha.
The late Speaker, G M C Balayogi, constituted an ad hoc Ethics Committee in 2000, which became a permanent part of the House only in 2015.

10. Spike in Pneumonia cases in China ,WHO seek more information

Subject: IR

Section: International Organisation

Context: WHO seek more information on spike in Pneumonia cases in china

More about the news:

The World Health Organization (WHO) has formally requested detailed information from China regarding a surge in respiratory illnesses, particularly pneumonia clusters in children.
Chinese authorities attributed the increase to the lifting of COVID-19 restrictions and the circulation of known pathogens, including influenza and the virus causing COVID-19.
The WHO emphasized the need for enhanced disease surveillance and strengthening the healthcare system.
Concerns about transparency in reporting, dating back to the early days of the COVID-19 pandemic, have been raised.
Recently, groups reported undiagnosed pneumonia clusters in northern China, and the WHO is seeking more information to determine if they are linked to the previously reported respiratory infections.
The agency recommended measures to reduce the risk of respiratory illness, including vaccination, maintaining distance from sick individuals, staying home when unwell, testing, wearing masks, ensuring good ventilation, and regular handwashing.

Some facts about World Health Organization (WHO):

The World Health Organization (WHO) is a specialized agency of the United Nations responsible for international public health.
It was founded in 1948.
Headquartered in Geneva, Switzerland, it has six regional offices and 150 field offices worldwide.
It is an intergovernmental organization and works in collaboration with its member states usually through the Ministries of Health.
On 7 April 2023 ̶ World Health Day ̶ the World Health Organization will observe its 75th anniversary.
Some of the important objectives of WHO are:
- Lead global efforts to expand universal health coverage.
- Focus on the areas of disease prevention, control and elimination, and the promotion of health and well-being.
- Provide leadership on global health issues, set standards for public health, and provide technical assistance and support to countries.
- Collaborate with various partners, including other UN agencies, governments, civil society organizations, and the private sector.

What is the governance structure and functioning of WHO:

The structure of the WHO governance is specifically crafted to facilitate the execution of its mandate and the attainment of its objectives. This structure comprises:
Membership: The WHO currently boasts 194 member states.
World Health Assembly (WHA): Serving as the highest decision-making body, the WHA is constituted by representatives from all member states.
Secretariat: Tasked with implementing the policies and programs approved by the WHA.
Director-General: The Director-General leads the WHA and is assisted by a senior management team.
Regional Offices: The WHO operates six regional offices, namely Africa, the Americas, Southeast Asia, Europe, Eastern Mediterranean, and Western Pacific. Each regional office is responsible for coordinating and supporting the WHO’s initiatives within its designated geographic area.

What is the funding mechanism of WHO:

WHO gets its funding from two main sources
- Assessed Contributions: Countries contribute dues to maintain their membership in the Organization.
- Voluntary Contributions: Member States, in addition to their assessed contributions, and various partners such as United Nations organizations, intergovernmental organizations, philanthropic foundations, and the private sector, contribute voluntarily to support the WHO’s initiatives.
In 1948, countries of the world came together and founded WHO to promote health, keep the world safe and serve the vulnerable – so everyone, everywhere can attain the highest level of health and well-being.

11. Concerns Raised by SEBI on Bunching of IPOs

Subject :Economy

Section : Capital market

The Securities and Exchange Board of India (SEBI) has expressed concern over the clustering of initial public offerings (IPOs) this week. SEBI has urged investment bankers to exercise caution regarding potential stress on intermediary infrastructure, especially IPO registrars.

Previous Alert and Current Scenario:

SEBI had issued a similar alert in March 2021, emphasizing the importance of avoiding glitches and recommending a staggered approach to IPO offerings.
The current alert is prompted by the simultaneous launch of IPOs by five companies: IREDA, Tata Technologies, Gandhar Oil Refinery, Flair Writing Industries, and Fedbank Financial Services.

Issues at Hand:

The five IPOs collectively aim to raise over ₹7,000 crore.
All five IPOs are being handled by a single registrar, Link Intime India.
The share allotment process, carried out by the registrar, faces challenges due to a high volume of applications and a shift to a shorter timeline for listing.
The possibility of over 1 crore applications for the five issues poses a potential strain on the system.

Potential Challenges:

Bunching up of IPOs could lead to concerns, especially with a large number of applications involved.
The processing, although electronic due to online bidding, may face issues related to reconciliation or incorrect credit allocations.
Tata Technologies and IREDA, in particular, have witnessed significant application numbers.

The IPO Processing Workflow:

All applications are uploaded on the exchange software.
Consolidation of applications is done, followed by the allotment process.
The registrar needs to extract information from NSDL and CDSL based on the PAN.
Despite the electronic nature, concerns arise if there are reconciliation issues or incorrect credit allocations.

Market Observations:

Market observers acknowledge the challenge but suggest that SEBI is unlikely to micromanage IPO timelines in the future.
Investment bankers discuss timelines with banks and registrars, but issues such as bunching up can be unavoidable due to market conditions, investor appetite, and regulatory approvals.
The transition to a T+3 timeline, mandatory from December 1, is viewed as reasonably smooth, and any identified pain points are expected to be addressed.

Appetite for IPOs Amid Bunching:

Despite the clustering of IPOs, there is a strong appetite for four out of the five offerings.
Robust responses are attributed to domestic liquidity, reasonable valuations, and anticipated listing gains.

SEBI’s alert highlights the need for cautious management of IPO processes, especially in scenarios of multiple offerings within a short timeframe.

Primary Market Reforms in India:

Abolition of Controller of Capital Issues:
- Background: The Capital Issues (Control) Act, 1947, governed capital issues in India, administered by the Controller of Capital Issues (CCI).
- Reform: The Narasimham Committee (1991) recommended the abolition of CCI. Consequently, the government replaced the Capital Issues (Control) Act and eliminated the CCI.
- Result: Companies can approach the capital market without prior government permission, with offer documents cleared by SEBI.
Formation of SEBI (Securities and Exchange Board of India):
- Establishment: SEBI was set up as a non-statutory body in 1988 and gained statutory status in January 1992.
- Reform Measures Introduced by SEBI:
  - Disclosure of all material facts and specific risk factors by companies.
  - Introduction of a code of advertisement for public issues to ensure fair and truthful disclosures.
  - Companies allowed to determine the par value of shares.
  - Introduction of the “book building” process for IPOs.

FIIs (Foreign Institutional Investors) Permitted:
- Reform: Foreign institutional investors, including mutual funds and pension funds, are allowed to invest in equity shares and debt market instruments such as government securities and treasury bills.
Accessing Global Funds Market:
- Reform: Indian companies can access the global finance market to benefit from lower-cost funds.
- Permitted Instruments:
  - American Depository Receipts (ADRs).
  - Global Depository Receipts (GDRs).
  - Foreign Currency Convertible Bonds (FCCBs).
  - External Commercial Borrowings (ECBs).
- Listing on Foreign Stock Exchanges: Indian companies can list securities on foreign stock exchanges through ADR/GDR issues.
Inclusion of Intermediaries under SEBI’s Purview:
- Intermediaries: Merchant bankers, mutual funds (including UTI), portfolio managers, registrars to an issue, share transfer agents, underwriters, debenture trustees, bankers to an issue, custodians of securities, and venture capital funds.
- Reform: These intermediaries have been brought under the regulatory purview of SEBI.
Credit Rating Agencies:
- Establishment: Various credit rating agencies, including CRISIL (1988), ICRA (1991), CARE (1993), were set up to meet the emerging needs of the capital market.
- Reform: These agencies play a crucial role in evaluating the creditworthiness of companies and debt instruments, providing investors with reliable information for decision-making.

American Depository Receipts (ADRs):

Definition: ADRs are financial instruments representing shares in a foreign company, traded on a U.S. stock exchange. They allow non-U.S. companies to raise capital from American investors without directly listing on U.S. exchanges.
Process: A U.S. bank issues ADRs by purchasing shares of the foreign company and then issuing corresponding ADRs to be traded on U.S. markets.
Advantages: Provides a convenient way for U.S. investors to invest in foreign companies without dealing with foreign exchanges. It enhances a foreign company’s access to U.S. capital markets.

Global Depository Receipts (GDRs):

Definition: GDRs are similar to ADRs but are traded on exchanges outside the United States. They represent shares in a foreign company and are denominated in a currency other than the issuer’s domestic currency.
Issuance: GDRs are typically issued by international banks, and the underlying shares are held in the depository bank, which issues GDRs to investors.
Purpose: Allows foreign companies to raise capital in global markets, broadening their investor base. It provides international investors with a way to invest in foreign securities without dealing with multiple local exchanges.

Foreign Currency Convertible Bonds (FCCBs):

Definition: FCCBs are bonds issued by a company in a foreign currency with an embedded option allowing bondholders to convert the bonds into the issuer’s equity at predetermined conversion rates.
Convertible Feature: The conversion feature provides bondholders with the option to exchange the bonds for a specified number of shares, offering potential equity ownership in the issuing company.
Benefits: Attracts capital from international markets, providing an avenue for companies to raise funds while offering investors the potential for capital appreciation through equity conversion.

External Commercial Borrowings (ECBs):

Definition: ECBs refer to loans in foreign currency taken by Indian companies or entities from non-resident lenders.
Usage: Typically used for expansion, modernization, or diversification of existing production activities. The funds can also be utilized for refinancing existing high-cost debt.
Regulation: The Reserve Bank of India (RBI) regulates ECBs, and there are guidelines on the eligible borrowers, recognized lenders, permitted end-uses, and other aspects.
Currencies: ECBs can be denominated in various foreign currencies, and the interest rates can be fixed or floating.
Maturity: The maturity period for ECBs varies based on the type and amount of borrowing, ranging from short-term to long-term.

IPO Registrars: Key Points

Role and Function:
- IPO (Initial Public Offering) registrars play a crucial role in the process of a company going public.
- They act as intermediaries between the company issuing shares and the investors.
Share Allotment Process:
- The IPO registrar is responsible for managing the share allotment process.
- This involves allocating shares to investors based on the subscription received during the IPO.
Electronic Processing:
- The processing of share applications and allotment is predominantly electronic in modern times, facilitated by the registrar.
Handling Multiple IPOs:
- IPO registrars often handle multiple IPOs simultaneously, especially during periods of increased market activity.
- This can include managing applications, verifying details, and ensuring a smooth allotment process.
Single or Multiple Registrars:
- In some cases, a single registrar may handle all aspects of an IPO.
- In other situations, multiple registrars may be involved, each managing a portion of the IPO process.

Greenshoe Option

A “greenshoe” option, also known as an “over-allotment option,” is a provision in the underwriting agreement of an initial public offering (IPO) that grants the underwriter the right to sell additional shares to the public at the offering price, usually up to 15% of the original offering size.

This option is named after the first company, Green Shoe Manufacturing (now part of Nike, Inc.), that used it in 1960.

IPO Process:
- A company decides to go public and issues new shares in the primary market through an IPO.
- An underwriter, typically an investment bank, facilitates the IPO by purchasing shares from the company and reselling them to the public.
Greenshoe Option Activation:
- When there is high demand for the IPO and the stock starts trading on the secondary market, the underwriter may activate the greenshoe option.
- This allows the underwriter to purchase additional shares (up to the greenshoe option limit) from the company at the offering price.
Market Stabilization:
- The underwriter can use the additional shares to stabilize the stock price in the secondary market.
- If the stock price falls below the offering price, the underwriter can buy back shares and provide support to the stock.
Overallotment Impact:
- The overallotment option increases the total number of shares available to the public, potentially generating additional proceeds for the company.
Closing the Greenshoe:
- The greenshoe option is typically exercised within 30 days of the IPO.
- After stabilizing the stock and assessing market conditions, the underwriter decides whether to exercise the greenshoe option.

The greenshoe option benefits both the underwriter and the issuing company. For the underwriter, it provides a tool to manage price volatility in the aftermarket and potentially generate additional profits. For the issuing company, it allows flexibility in responding to market demand and may result in increased capital raised.

12. Investment via P-notes participatory notes slip to Rs 1.26 lakh crore in October

Subject: Economy

Section: Capital Markets

Context: Investments in the Indian capital markets through participatory notes (P-notes) dropped to Rs 1.26 lakh crore in October-end after rising for seven consecutive months. The latest data includes the value of participatory note investments in Indian equity, debt, and hybrid securities.

P NOTES

Participatory notes (P-notes) are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves under SEBI directly after going through a due diligence process.
The increase in P-notes investment is in line with the higher net inflows of Foreign Portfolio Investors (FPIs) in the cash segment.
P-Notes are Offshore Derivative Investments (ODIs) with equity shares or debt securities as underlying assets, as they are used by the investors abroad but not within India.
They provide liquidity to the investors as they can transfer the ownership by endorsement and delivery.
While the FIIs have to report all such investments each quarter to SEBI, they need not disclose the identity of the actual investors.

13. Impact of war on an economy

Subject :Economy

Section : National Income

Context: Estimates of the economic impact of the war prompted Moody’s to lower its growth forecast for the Israeli economy for this year to 2.4% from 3% previously. In a more pessimistic outlook for 2024, the ratings agency said it projects a contraction of around 1.5% followed by very moderate growth in 2025.

The war with the Hamas terror group is costing Israel at least NIS 1 billion ($269 million) per day and is poised to take a bigger toll on the country’s economy than previous conflicts, according to a report by global ratings agency Moody’s based on an initial estimate by the Finance Ministry.

The impact of war on an economy can be multifaceted and depends on various factors, including the scale of the conflict, the duration of the war, the economic structure of the country, and the global geopolitical context.

Costs of Military Operations: Funding military operations, including the procurement of weapons, salaries for personnel, and other associated costs, can place a significant financial burden on the government. This can lead to increased government debt and the need for additional financing.
Infrastructure Damage: Wars often result in damage to infrastructure, including roads, bridges, power plants, and communication networks. The cost of rebuilding and repairing these structures can be substantial, affecting the overall economic output.
Displacement of Population: Wars may lead to the displacement of people, both within the country and as refugees. This can strain social services, increase demand for humanitarian aid, and create challenges for the labor market.
Impact on Trade: Wars can disrupt trade routes and relations, affecting the import and export of goods. Trade disruptions can lead to shortages of essential goods, inflation, and a decline in economic activity.
Investment Uncertainty: Ongoing conflicts create an environment of uncertainty, deterring both domestic and foreign investment. Investors are generally cautious in situations of political instability and armed conflict.
Human Capital Loss: Loss of life and injuries among the working-age population can lead to a decline in human capital. This loss can have long-term effects on labor productivity and economic growth.
Social and Humanitarian Costs: Wars often result in significant social and humanitarian costs, including increased poverty, malnutrition, and health crises. Rebuilding social structures can take years, impacting overall human development.
Global Economic Effects: In a globally interconnected world, regional conflicts can have spillover effects on the global economy. For example, disruptions in the supply of critical resources or energy can impact countries far beyond the conflict zone.
Global Economic Trends: The war compounds existing adverse global economic trends, including rising inflation, extreme poverty, increasing food insecurity, deglobalization, and worsening environmental degradation.
Impact on Inflation: Fuel and food shortages caused by the war exacerbate post-pandemic inflation, which was already at multi-decade highs globally.
Supply Chain Disruptions: Supply chain disruptions, exacerbated by a sudden surge in demand, contribute to inflation. The strain on supply chains existed even before the conflict
Risks to Central Banks: Central banks may need to raise interest rates to curb inflation, but the extent and duration of rate increases remain uncertain. Prolonged high inflation could pose challenges to central bank credibility.
Fiscal Policy Challenges: The war’s short-term impact on fiscal policy is modest compared to pandemic-era stimulus programs. However, the long-term effects could be significant, especially if there’s a shift in fiscal priorities, such as increased defense spending.
Inflation and Globalization: Globalization, viewed as a “secret sauce” for bringing down inflation in the past, could face challenges due to deglobalization. The interconnectedness of economies and supply chains plays a crucial role in shaping inflation dynamics.