Daily Prelims Notes 12 November 2022

November 12, 2022
Posted by: OptimizeIAS Team
Category: DPN

No Comments

Daily Prelims Notes

12 November 2022

Table Of Contents

1. Supreme Court releases all 6 convicts in Rajiv Gandhi assassination case

Subject :Polity

Context:

The Supreme Court has set free the remaining six convicts in the Rajiv Gandhi assassination case, extending to them the benefit of its order releasing their co-convict A G Perarivalan.

What is the background of the case:

In 2014, the Supreme Court had commuted the death sentence of AG Perarivalan, one of the convicts in the Rajiv Gandhi assassination case, to life imprisonment on account of the undue and unexplained delay in deciding his mercy plea.
Subsequently in 2018, Perarivalan submitted an early release application to the Governor of Tamil Nadu under Article 161 of the Constitution.
The then Governor of Tamil Nadu decided to refer the plea to the President of India.
The Tamil Nadu government objected to such ‘reference’, which has no statutory or constitutional validity.
Both Perarivalan and the Tamil Nadu government, in 2018, approached the Supreme Court due to the delay in his release, despite a recommendation given by the then Tamil Nadu government to remit his sentence.

What is Supreme Court Judgement of May 2022:

In May 2022, the Supreme Court ordered the release of AG Perarivalan, invoking powers under Article 142 of the Constitution.
The court was of the view that the inordinate delay in deciding Perarivalan’s early release plea by the Governor under Article 161 warranted his release.
The court observed that the inordinate delay by the Tamil Nadu Governor in exercising his powers under Article 161 can be subject to judicial review.
The court opined that the state government is well-within its authority to aid and advise the Governor in pardon and remission pleas pertaining to cases of murder

What is the Scope of power to grant Pardoning vs. Remission:

Both the President and the Governor have been vested with sovereign power of pardon by the Constitution, commonly referred to as ‘mercy’ or ‘clemency power’.
Under Article 72, the President can grant pardons, reprieves, respites or remissions of punishment or suspend, remit or commute the sentence of any person convicted of any offence in all cases where the punishment or sentence is by a court-martial.
It is applicable in all cases where the punishment or sentence is for an offence under any law relating to the Union government’s executive power, and in all cases of death sentences.
It is also made clear that the President’s power will not in any way affect a Governor’s power to commute a death sentence.
And under Article 161, a Governor can grant pardons, reprieves, respites or remissions of punishment, or suspend, remit or commute the sentence of anyone convicted under any law on a matter which comes under the State’s executive power.

What is Article 142 of the Constitution:

Article 142 provides a unique power to the Supreme Court, to do complete justice between the parties, where at times law or statute may not provide a remedy.
In those situations, the Court can extend itself to put a quietus to a dispute in a manner that would fit the facts of the case.

2. Jharkhand Assembly raises quota to 77%

Subject: Polity

Context:

Jharkhand Assembly Passes Bill to Use 1932 Land Records to Determine Domicile Status
Moreover, a bill to raise the total reservation to various categories to 77% was also passed.
What is the issue:
- The Jharkhand Assembly, at a special session on Friday, unanimously cleared two Bills,:

1. One increasing reservation in vacant government posts and services in the state to 77%.
2. Second, using land records with 1932 as the cut-off year to determine domicile status and who among the people fit the definition of local residents.

The Bills will come into force only after the Centre carries out amendments to include these in the Ninth Schedule, putting it beyond judicial scrutiny.
The first Bill, ‘Jharkhand Reservation of Vacancies in Posts and Services (Amendment) Bill, 2022’, raised reservation from 60% to 77%. Within the reserved category, the Scheduled Castes will get a quota of 12%, up from 10%; 27% for OBCs, up from 14%; 28% for Scheduled Tribes, a 2% increase; and 10% for Economically Weaker Sections.
The reservation will not apply to admissions in government-run universities or colleges.
The second Bill, ‘Jharkhand Definition of Local Persons and for Extending the Consequential, Social, Cultural and Other Benefits to Such Local Persons Bill, 2022’, is aimed at granting local residents “certain rights, benefits, and preferential treatment” over their land; in their stake in local development of rivers, lakes, fisheries; in local traditional and cultural and commercial enterprises; in rights over agricultural indebtedness or availing agricultural loans; in maintenance and protection of land records; for their social security; in employment in private and public sector; and, for trade and commerce in the state.
The Bill states that the definition of local persons, on the basis of the ‘1932 khatiyan’, is based on “living conditions, customs and the traditions and social development” of the “Moolvasis and people from tribal community”
What are some Constitutional provision involved:
Article 15(4) – Empowers the state to make special laws for Scheduled Castes, Scheduled Tribes and Other Backward Classes.
Article 16(4A) – Reservation in matters of promotion to any class or classes of posts in the services under the State in favour of SCs/STs, which are not adequately represented in the services under the State.
Article 46 – The State shall promote with special care the educational and economic interests of the weaker sections of the people, and, in particular, of the Scheduled Castes and the Scheduled Tribes, and to protect them from social injustice and all forms of exploitation.
Article 335 -The claims of the members of the Scheduled Castes and the Scheduled Tribes shall be taken into consideration, consistently with the maintenance of efficiency of administration, in the making of appointments to services and posts in connection with the affairs of the Union or of a State.
Article 341 and 342- Define as to who would be Scheduled Castes and Scheduled Tribes with respect to any State·or Union Territory
Some famous Supreme Court Judgements.
State of Madras v. Champakam Dorairajan (1951):-Court ruled that caste-based reservations as per Communal Award violate Article 15(1) of the constitution
Indra Sawhney & Others v. Union of India (1993):– The Supreme Court in a 9 judge bench verdict while upholding the 27 % quota for backward classes, struck down the government notification reserving 10% government jobs for economically backward classes among the higher castes. The court also upheld the principle that the combined reservation beneficiaries should not exceed 50%.Moreover the concept of ‘creamy layer’ was introduced in the obc reservation.
Nagraj & Others v. Union of India and Others( 2006):- Upheld the 77th constitutional amendments which inserted Articles 16(4A) and 16(4B),
Jarnail Singh vs Lachhmi Narain Gupta (2018):– Supreme Court holds that reservation in promotions does not require the state to collect quantifiable data on the backwardness of the Scheduled Castes and the Scheduled Tribes.
Adherence of the Limit by the States:
Many states have passed the law breaching the limit of 50% as set by Indra Sawhney judgement such as Maharashtra, Telangana,Tamil Nadu, Haryana and Chhattisgarh Rajasthan and Madhya Pradesh.
The apex court has decided to look into Tamil Nadu’s 69% quota law.But the 69% quota in the state pre-dates the Indra Sawhney judgement.

3. Actions against ponzi schemes

Subject: Economy

Why in the news?

The government and investigative agencies have ramped up enforcement action against those running unauthorised schemes.

Various measures taken:

CENTRAL BUREAU OF INVESTIGATION (CBI):
- CBl has registered 100 cases relating to Ponzi Schemes during the years 2019 to 2022 (up to June 30,2022).
DIRECTORATE OF ENFORCEMENT (ED):
- ED has investigated 87 cases related to Ponzi Schemes under the provisions of the Prevention of Money Laundering Act, 2002.
SERIOUS FRAUD INVESTIGATION OFFICE (SFIO):
- It has been assigned investigation by the Ministry of Corporate Affairs involving 85 companies during the last 3 years, which were allegedly engaged in fraudulent Chit Fund/ Multi-Level Marketing (MLM)/Ponzi activities
SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI):
- SEBI has passed final Orders against 29 unregistered Collective Investment Schemes entities during the last 4 years

Ponzi Scheme

The term “Ponzi Scheme” was coined in 1919 after the name of an Italian con-man named Charles Ponzi.
- He arrived in the US in 1882 and made money through fraudulent schemes.
A ponzi scheme is an investment plan in which the operator or the operating company pays returns to investors from the new capital coming in from new investors instead of the profits of the business.
The investors get attracted to these schemes because of the unusually high rate of return offered within shorter time spans compared to other conventional investment options.
These schemes start off as legitimate businesses. However, they often fail to sustain them with operating income alone. So, in order to meet the promises made to their investors, the capital gathered from new members gets used up.
- This sets off a ripple effect, bringing in new investors to participate. The initial ones then get paid out from the funds received from new investors.
For example, a hedge fund can turn into a ponzi scheme if it faces unexpected losses and cannot legitimately meet the desired returns. The promoters then start forging reports instead of admitting their failures.

What are the characteristics of a Ponzi scheme?

High investment returns with little or no risk
Overly consistent returns-The Ponzi schemes give guaranteed investment opportunity which is suspicious.
Unregistered investments-Ponzi schemes typically involve investments that have not been registered with state regulators.
Unlicensed sellers-Most Ponzi schemes involve unlicensed individuals or unregistered firms.
Secretive or complex strategies: The investments in Ponzi schemes cannot be understood and do not give complete information.
Difficulty receiving payments-promoters routinely encourage participants to “roll over” investments and sometimes promise even higher returns on the amount rolled over.

Laws in India:

Ponzi schemes are generally multi-level marketing schemes, which itself is not illegal in India because there is a product being sold. But direct marketing companies cannot promote pyramid or money circulation schemes.
Ponzi schemes are banned under the Prize Chit and Money Circulation (Banning) Act, 1978.
- It is a Central Act but the respective State governments are the enforcement agency of this law
These are also dealt with by the Enforcement Directorate under the Prevention of Money Laundering Act, 2002.
The Banning of unregulated Deposit Schemes Act 2019 has been enacted to prevent fraudulent schemes.
- It provides for severe punishment ranging from 1 year to 10 years and fines ranging from 2 lakh to 50 crore rupees to act as a deterrent.
- It mentions that the first claim on the recovered money will be that of depositors.
Attempts to regulate Ponzi schemes have taken the form of SEBI’s ‘collective investment scheme’ regulations. By law, any scheme that amasses more than Rs 100 crore requires SEBI’s permission.
- The regulations allow SEBI to take action where it comes across an illegal collective investment scheme.

4. The Takeover code and disinvestment

Subject: Economy

Why in the news?

SEBI has amended its Takeover Code through amendments to the SEBI (substantial acquisition of shares and takeover) Regulations.

Details:

The earlier requirement of calculating 60 days volume weighted average market price (VWAMP) for determination of open offer price in case of disinvestment of PSU Companies has been dispensed with.
Following the announcement of the acquisition, the price of a stock usually goes up–increased cost of acquisition for the acquirer and makes disinvestment less attractive.

Sebi (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 or the Takeover Code

In case of takeover—a change in the majority ownership or control over a listed company, the acquirer is required to make a public announcement, thereby providing the public and minority shareholders of the company an exit option by offering them an opportunity to sell their shares to the acquirer at a particular price (open offer price).
The public announcement contains details about the offer such as the transaction that triggered the open offer obligations, acquirer, selling shareholders, offer price, etc.
The Takeover Code provides various methods for calculating the open offer price, the highest of which is considered to be the open offer price.
- One such method entails calculating the volume-weighted average market price of the shares for 60 days before the aforementioned public announcement.
- In the case of private transactions, the use of the above method for calculating the open offer price is favourable to the acquirer, since information related to the acquisition reaches the public domain only after the execution of binding agreements.
- On the other hand, any news regarding the government’s disinvestment of their holdings in a PSU reaches the public domain right from when a proposal for disinvestment is considered by the government–the share price of such a PSU rises beyond its true value.
Other three methods for calculating the open offer price in relation to disinvestments in listed PSUs
- the highest price per share negotiated with the appropriate government under the agreement that triggered the open offer obligations;
- the volume-weighted average price of shares acquired by the acquirer, if any, 52 weeks prior to the public announcement
- the highest price paid or payable by the acquirer for acquisition of the target company’s shares in the 26 weeks preceding the public announcement.
  - All these methods do not take into account the inflation in the PSU’s share price that may be caused on account of information related to the government’s plan of disinvesting its holdings in a listed PSU for a long time.

Concept:

Disinvestment means sale or liquidation of assets by the government, usually Central and state public sector enterprises, projects, or other fixed assets.
- The government undertakes disinvestment to reduce the fiscal burden on the exchequer, or to raise money for meeting specific needs, such as to bridge the revenue shortfall from other regular sources.
Strategic disinvestment is the transfer of the ownership and control of a public sector entity to some other entity (mostly to a private sector entity or other PSU).
- The disinvestment commission defines strategic sale as the sale of a substantial portion of the Government shareholding of a central public sector enterprises (CPSE) of upto 50%, or such higher percentage as the competent authority may determine, along with transfer of management control.

DIFFERENT APPROACHES TO DISINVESTMENT

Minority Disinvestment: A minority disinvestment is one such that, at the end of it, the government retains a majority stake in the company, typically greater than 51%, thus ensuring management control.
Majority Disinvestment: A majority disinvestment is one in which the government, post disinvestment, retains a minority stake in the company i.e. it sells off a majority stake.
Complete Privatisation: Complete privatisation is a form of majority disinvestment wherein 100% control of the company is passed on to a buyer.

5. The International Forum for Independent Audit regulators (IFIAR)

Subject: Economy

Why in the news?

The National Financial Reporting Authority (NFRA) has published its audit quality inspection guidelines.

Details:

It aims to further improve the quality of audit profession.
The inspection guidelines are on the lines of the best practices followed by International Audit Regulators.
Inspections are intended to identify areas and opportunities for improvement in the audit firm’s system of quality control.
Inspections will consist of firm-wide review of audit quality (SQC 1) and individual file reviews on test-check basis to evaluate the level of compliance with applicable auditing standards and quality control policy and processes.
NFRA’s Audit quality inspections will provide an opportunity for feedback and course correction to the audit firms and at the same time foster a greater mutual understanding of the policies and procedures that underlie audit quality management.
The inspections are intended to bring about systemic improvements in the overall financial reporting framework in the country.

Concept:

The International Forum for Independent Audit regulators (IFIAR)

It is a General Incorporated Association
Headquarters-Tokyo, Japan
It was established in 2006 in Paris
Comprises independent audit regulators from 54 countries- from Africa, Asia, Europe, North and South America and Oceania.
IFIAR holds a Plenary meeting annually to discuss broad issues related to audit quality matters.
It requires that audit regulators, should as a minimum, conduct recurring inspections of audit firms undertaking audits of public interest entities in order to assess compliance with applicable professional standards, independence requirements and other rules, laws and regulations.
Since 2012, IFIAR conducts the Annual Inspection Findings Survey and publishes its report.
- These reports show general trends of audit inspection findings.

National Financial Reporting Authority (NFRA)

National Financial Reporting Authority (NFRA) is an independent regulator set up to oversee the auditing profession and the Indian Accounting Standards under the Companies Act 2013.
It came into existence in October 2018.
NFRA is responsible for recommending
- accounting and auditing policies and standards in the country,
- undertaking investigations, and
- imposing sanctions against defaulting auditors and audit firms in the form of monetary penalties and debarment from practice for up to 10 years.

Pursuant to the NFRA Rules, 2018, the powers of the NFRA were extended to include the governing of auditors of companies listed in any stock exchange, in India or outside of India, unlisted public companies above certain thresholds, and other companies specified therein.

6. No breakthrough on loss and damage talks pushed to ministerial meets

Subject: Environment

Context-

Progress on the loss and damage front at the climate conference here has been halted and left for the ministers to decide at the end of the meeting next week.

More on the news-

Loss and damage finance was included on the main agenda for the climate meeting for the first time this year.
US President Joe Biden said his country was ready to reclaim the leadership of climate change.
Earlier the USA had pulled herself out of the Paris Agreement.

Initiative taken by the USA at CoP27-

The USA announced fresh plans to reduce methane emissions from the fossil fuel industry, and a doubling of the adaptation finance from US$ 50 million to US$ 100 million.
The US has so far promised about US$ 11.4 billion in climate finance, as part of its contribution to the US$ 100 billion that developed countries are under obligation to mobilise every year from 2023, but only a small part of that money has been realized.

What is the USD 100 Billion Target and why does it matter?

In 2009, at the UNFCCC COP15 (held in Copenhagen),
The developed country parties, to achieve meaningful mitigation actions and transparency on implementation, jointly set a target of USD 100 billion a year by 2020 to address the needs of developing countries.
The climate finance goal was then formally recognized by the UNFCCC Conference of the Parties at COP16 in Cancun.
At COP21 in Paris, Parties extended the $100 billion goals through 2025.
After COP26 there was a consensus that developed nations will double their collective provision of adaptation finance from 2019 levels by 2025, in order to achieve this balance between adaptation and mitigation.

Global Climate Financing-

Green Climate Fund (GCF):
- It was established to limit or reduce greenhouse gas (GHG) emissions in developing countries and to help vulnerable societies adapt to the unavoidable impacts of climate change.
Adaptation Fund (AF):
- It was established under the Kyoto Protocol in 2001 and has committed US$ 532 million to climate adaptation and resilience activities.
Global Environment Fund (GEF):
- It has served as an operating entity of the financial mechanism since the Convention came into force in
- It is a private equity fund focused on seeking long-term financial returns through investments in clean energy under climate change.
Other Funds:
- In addition to providing guidance to the GEF and the GCF, parties have established two special funds:
- The Special Climate Change Fund (SCCF) and the Least Developed Countries Fund (LDCF).
- Both funds are managed by the GEF.
At the Paris Climate Change Conference in 2015, the Parties agreed that the operating entities of the financial mechanisms – GCD, GEF, SCCF and the LDCF, shall serve the Paris Agreement.

7. A satellite data system will help detect and act on methane emissions

Subject: Environment

Context-

A new satellite-based system will now help governments detect methane emissions and tackle them.

About Methane Alert and Response System (MARS)-

The Methane Alert and Response System (MARS) was launched at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change in Sharm El-Sheikh, Egypt.
MARS is a part of global efforts to slow climate change by tackling global warming gas.
The data-to-action platform was set up as part of the UN Environment Programme’s (UNEP) International Methane Emissions Observatory (IMEO) strategy to get policy-relevant data into the right hands for emissions mitigation.
It will be the first publicly available global system to connect methane detection to notification processes transparently.
It will use state-of-the-art satellite data to identify significant emission events, notify relevant stakeholders, and support and track mitigation progress.

Methane as a Greenhouse gas-

Methane accounts for a small portion of human-induced greenhouse gas emissions compared to carbon dioxide.
But it is thought to be 80 times more efficient than carbon dioxide at trapping atmospheric heat in the 20 years following its release.
The global mean temperature in 2022 is currently estimated to be about 1.15 °C above the 1850-1900 pre-industrial average
United States National Aeronautics and Space Administration’s (NASA) scientists recently found 50 “super-emitters” of methane gas in central Asia, west Asia and the southwestern United States.

Super emitters detected by the Earth Surface Mineral Dust Source Investigation instrument (EMIT)-

EMIT located a plume in the Permian Basin, New Mexico. It was roughly 3.3 kilometres long. The Permian, one of the world’s biggest oilfields, extends across portions of southern New Mexico and western Texas.
In Turkmenistan, EMIT identified 12 plumes from oil and gas infrastructure in the Caspian Sea port of Hazar. Some plumes spanned more than 32 kilometres.
Most of these sites have ties with agriculture and fossil fuel industries.

Status of methane emission globally-

The 27-country EU is the world’s biggest buyer of gas, while the United States is the world’s biggest oil and gas producer.
Agriculture is the top source of methane emissions worldwide, but experts say the energy sector can cut emissions faster and often at low cost.
Methane is the main component of natural gas and leaches into the atmosphere from oil wells and leaky gas pipelines.
Despite that incentive to capture emissions, atmospheric concentrations of methane surged last year by the highest amount since records began in the 1980s.

About Global Methane Pledge-

It is introduced by the United States and EU in 2021 to slash methane emissions by 30% by 2030 from 2020 levels.
It has since been signed by 119 countries, among them 13 of the world’s top 20 methane emitters including Brazil, Indonesia, Mexico and Nigeria.
Forty countries are expected to publish plans at the COP27 summit detailing how they will meet the Global Methane Pledge – which is voluntary but aims to trigger more binding policies.
The Pledge does not include China, the world’s biggest methane emitter and Russia, which was Europe’s biggest gas supplier before it invaded Ukraine in February.

Top methane emitting countries-

The world’s five largest methane emitters (from all sources) are China, India, the United States, Russia and Brazil.
Together, they are responsible for close to half of all methane emissions globally.
Of these, only the United States and Brazil are part of the Global Methane Pledge.
Looking only at energy-related emissions, the five largest emitting countries are China, Russia, the United States, Iran and India.
Of these, only the United States is part of the Pledge.

8. COP27: Report sees slight rise in 2022 global emissions; highest in India

Subject: Environment

Context-

Global carbon emissions are set to increase marginally in 2022 over the previous year, with the highest rise in India, projected a report released at the 27th Conference of Parties (COP27) to the United Nations Framework Convention on Climate Change at Sharm El-Sheikh.

Analysis of the report-

The United States is estimated to record the second-highest increase in emissions.
If current emission patterns persist, there is now a 50 per cent chance global warming will exceed 1.5 degrees Celsius in nine years.
Carbon Budget 2022, an annual released by Global Carbon Project showed that global emissions are still on the rise.
The annual update is a scientific assessment of the global carbon cycle.
Atmospheric carbon dioxide level is projected to average 417.2 parts per million in 2022, 51 per cent above pre-industrial levels.

Emissions to increase in 2022

Global fossil CO₂ emissions are projected to rise 1 per cent in 2022 (range 0.1-1.9 per cent) led by growth in oil use, reaching 36.6 gigatonnes.
In 2019, the total global emission was 36.3 Gt; which got reduced to 34.5 Gt in 2020, and increased to 36.3 Gt in 2021.
Emissions are projected to fall in China (0.9 per cent) and the EU (0.8 per cent) and increase in the US (1.5 per cent) and India (6 per cent), with a 1.7 per cent rise in the rest of the world combined.
Projected 2022 emissions from coal and oil are above their 2021 levels, with oil contributing most to total emissions growth.
Oil emissions — a third of global emissions — are projected to rise 2.2 per cent, and dominate the global rise in fossil CO2 emissions.

Coal driving up India’s emissions-

The emissions in India are projected to increase by 6 per cent (range 3.9-8 per cent), driven mostly by a 5 per cent increase in coal emissions.
India already is responsible for over a twelfth of global emissions and ranks third globally in terms of gross emission volume, though much low in the rank of per capita emissions.
The emissions from oil are set to increase by 10 per cent and are likely to return to the 2019 level.
Emissions from natural gas are projected to decline by 4 per cent but contribute little to the total change as gas is a small part of the energy mix in India.
Emissions from cement emissions – 5 per cent of global emissions – are projected to decrease overall but are set to increase in India.
During 2000-2021, emissions from the coal sector in India increased three times to 1.80 gt CO2 equivalents, that from the oil sector doubled to 0.62 Gt and tripled from the gas (0.04 to 0.13 gt) and cement (0.05 to 0.15 gt) sectors.

9. ISRO, for the first time, delivers FTS packages to space-tech start-ups for sub-orbital mission

Subject: Science and Technology

Agnikul cosmos-

Chennai-based space-tech start-up Agnikul, with the support of the Indian National Space Promotion and Authorisation Centre (IN-SPACe), has received Flight Termination System (FTS) package from the Indian Space Research Organisation (ISRO) as part of its preparation for a fully controlled sub-orbital mission from SHAR, Sriharikota.
This is also the first time that a system that has been used for ISRO’s vehicles is being supplied for supporting a private launch vehicle built in India.
Agnikul’s first mission is a controlled flight tracking a predetermined trajectory.
Recently, as a part of Agnikul’s preparation for its first launch, ISRO facilitated the test firing of Agnikul’s single-piece, 3D-printed rocket engine — Agnilet at Vertical Test Facility, Thumba Equatorial Rocket Launching Station (TERLS), at Vikram Sarabhai Space Center (VSSC), Thiruvananthapuram.

What is a sub-orbital flight-

Sub-orbital flight, just like the ones undertaken by Jeff Bezos and Richard Branson, are those vehicles which are travelling slower than orbital velocity – meaning it is fast enough to reach outer space but not fast enough to stay in an orbit around the Earth.

India’s Space sector-

The Indian Space Sector has been globally recognised for building cost-effective satellites and taking foreign satellites to space.
Currently, India constitutes 2-3% of the global space economy and is expected to enhance its share to more than 10% by 2030.
As part of India’s commitment to the Geneva Conference on Disarmament, the country continues to advocate peaceful and civilian use of outer space and oppose any weaponization of space capabilities or programs.

Opening up of Space for the private sector-

The space sector was opened up to facilitate private sector participation in 2020, and in 2021, Skyroot became the first space technology startup to ink an MoU with ISRO for sharing facilities and expertise.
Currently, the 53 space-tech start-ups in the country have collectively raised funding to the tune of $220 million.
Skyroot Aerospace leads the pack, followed by AgniKul and satellite maker Pixxel.
ISRO’s Small Satellite Launch Vehicles (SSLV) are also likely to be manufactured and operated by private players soon.
As for private satellite missions, ISRO’s heaviest launch vehicle Mark III launched 36 OneWeb satellites (India’s Bharti is a stakeholder).
The space agency will be launching another fleet of 36 satellites for the company as well.

10. Permission for GM mustard subject to strict terms and conditions, Centre tells SC

Subject: Environment

Context-

The Centre has told the supreme court that its permission for the “environmental release of genetically modified mustard” is subject to “stringent terms and conditions” to ensure environmental safeguards Of the country.

Legal action-

During the period of approval a Post-release monitoring committee (PRMC) will be set up by the GEAC comprising subject matter experts and a nominee each from Review Committee on Genetic Manipulation (RCGM) and GEAC.
the PRMC will visit the sites where the seeds are tested at least once during each season and submit its report to the GEAC on compliance.

Honey Bee data-

Any such usage with the approval of the Central Insecticide Board & Regulation Committee (CIBRC) would attract legal action under the central insecticide act 1968 and rules 1971 and Environmental Protection Act 1986.
The ICAR will supervise the cultivation as per its guidelines rules and regulations after which Commercial cultivation will start.
The commercial use will be subject to the Seed act 1966 and related rules and regulations.
Data on honey bees and other pollinators will be generated during these two years under ICAR supervision to help generate additional data on the impact of GM mustard on these beings.
Cultivation of canola in Canada and Australia, which belongs to the mustard family, increase the number of honey bee colonies from 4.73 lakh in 1974 to 7.73 lakh in 2018 with the area under canola rising by 7 times to 21.4 9 million occurring during the period.

Genetically Modified Mustard (DMH-11)-

The CGMCP scientists have deployed the barnase-barstar GM technology to create what they say is a robust and viable hybridisation system in mustard.
This system was used to develop DMH-11 by crossing a popular Indian mustard variety ‘Varuna’ (the barnase line) with an East European ‘Early Heera-2’ mutant (barstar).
DMH-11 is claimed to have shown an average 28% yield increase over Varuna in contained field trials carried out by the Indian Council of Agricultural Research (ICAR).

Advantages:

Genetically modified seeds increase the yield of the plant by 28%.
Reducing India’s import bill.
Helps in containing food inflation

Disadvantages:

Only a few companies are in charge of creating and selling modified seeds. With a near monopoly, this means that there are few choices available to those buying seeds.
Seeds can’t be replanted i.e. every plantation required buying of new seeds.
They can decrease species diversity.
The second concern is over GM mustard threatening or undermining the population of honey bees.
Mustard flowers are a source of nectar for honey bees and many other pollinator insects.

Need for development of a Genetically Modified variety of Mustard-

The compelling motive here could be India’s spiralling edible oil import bill. The country produces only 8.5-9 million tonnes (mt) of edible oil annually while importing 14-14.5 mt which entailed a record foreign exchange outgo of $18.99 billion in the fiscal year that ended March 31, 2022.