Daily Current Affairs - Civil Services - 29-06-2021

Useful compilation of Civil Services oriented - Daily Current Affairs - Civil Services - 29-06-2021

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• SECTION 1 - TEN NEWS HEADLINES

1. Science and Technology - LiDAR Based survey of forest areas - The Detailed Project Reports (DPRs) of LiDAR (Light Detection and Ranging) based survey of forest areas in ten states was released. The ten mapped states are: Assam, Bihar, Chhattisgarh, Goa, Jharkhand, Madhya Pradesh, Maharashtra, Manipur, Nagaland, and Tripura. The project was awarded to WAPCOS in July 2020 at a cost of over Rs. 18 crore for implementation in 26 states. It is a first of its kind study using LiDAR technology. It will help augment water and fodder in jungle areas thereby reducing human-animal conflict. States will be given Compensatory Afforestation Fund Management and Planning Authority (CAMPA) funds to use in this project. One major ridge inside a forest block is identified in these states with an average area of 10,000 ha selected in each State.
2. Healthcare and Medicine - Link between Air Quality and Covid-19 - A pan-India study has found a direct correlation between air pollution and Covid-19. The study titled ‘Establishing a link between fine particulate matter (PM2.5) zones and Covid-19 over India based on anthropogenic emission sources and air quality data’ dealt with how people living in highly polluted areas are more vulnerable to coronavirus infections. It found that areas with poor air quality and higher emissions of particulate matter (PM) 2.5 are more likely to have Covid-19 infections and related deaths. It was conducted by scientists from various universities such as Indian Institute of Tropical Meteorology (IITM), Pune, National Institute of Technology Rourkela; IIT, Bhubaneswar. It was partially funded by the Ministry of Earth Sciences, the Government of India. The study involves three kinds of data sets. National Emission Inventory (NEI) of PM2.5 for 2019, developed by the scientists; Number of Covid-19 positive cases and corresponding death as of 5th November, 2020. The regions using huge amounts of fossil fuels such as petrol, diesel and coal by combustion in transport and industrial activities also experience a far higher number of Covid-19 cases. The novel coronavirus sticks to fine particles like PM2.5 allowing them to move from one part to another by making the airborne transmission of Covid-19 more effective. It is an atmospheric particulate matter of diameter of fewer than 2.5 micrometres, which is around 3% the diameter of a human hair. It is very small and can only be detected with the help of an electron microscope.
3. Science and Technology - China’s Dragon Man - Researchers from China have found an ancient human skull of new human species dubbed the “Dragaon Man” or Homo longi in the Songhua River in China’s Harbin city that could belong to an altogether. The name “Dragon Man” has been derived from the Long Jiang or Dragon River in China’ Heilongjiang province where Harbin is located. The cranium could be over 146,000 years old. Because of the distinctive shape of the skull, some team members have suggested that it be declared a part of a new species of the genus  Homo. The size of the skull, which has a considerable brain capacity, is comparable to that of modern humans and Neanderthals. Significance of the discovery - If the “Dragon Man” is a new species, it might bridge the gaps between our ancient ancestors called Homo erectus and us. It brings new knowledge about the evolution of sapiens. Interbreeding with ancient humans allowed Homo sapiens to acquire genes that improved their chances of survival, and that some of these genes are present in modern humans even today.
4. Indian Economy - New financial relief package for second pandemic wave - Union Finance Minister announced new measures to provide relief to diverse sectors affected by the secod wave. The FM announced a relief package totalling Rs 6,28,993 crore with 17 new measures including two announced earlier, i.e. the additional subsidy for DAP & P&K fertilizers, and extension of Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) from May to November, 2021. The FM announced Rs. 1.1 lakh crore Loan Guarantee Scheme for COVID affected sectors. A sum of Rs. 50 thousand crore will be for te health sector. The scheme is aimed at upscaling medical infrastructure targetting unreserved areas. A sum of Rs. 1.5 lakh crore was allotted for the Emergency Credit Line Guarantee Scheme (ECLGS) launched as part of Atmanirbhar Bharat Package in May, 2020. The Creadit Guarantee Scheme was launched, a new scheme to facilitate loans to 25 lakh people through Micro Finance Institutions (MFIs). The guarantee will be provided to Scheduled Commercial Banks (SCBs) for loans to new or existing NBFC- MFIs for on lending upto Rs. 1.25 lakh to about 25 lakh to small borrowers.
5. Indian Economy - Energy compant goals towards sustainability - NTPC Limited, India’s largest power generating company under Ministry of Power, became the first energy company in India to declare its "Energy Compact goals" as part of UN High-level Dialogue on Energy (HLDE). NTPC has set a target to install 60 GW of renewable energy capacity by 2032. India’s largest power producer is also aiming at 10% reduction in net energy intensity by 2032. NTPC is among the few organisations globally to declare its Energy Compact goals. Further, NTPC has declared that it will form at least 2 international alliances/groups to facilitate clean energy research and promote sustainability in energy value chain by 2025.
6. Defence and Military - Agni Prime tested - A new-generation nuclear-capable ballistic missile, Agni-P (Prime) was successfully test-fired by the Defence Research and Development Organisation (DRDO) from the Dr. A.P.J. Abdul Kalam island, Balasore, off the coast of Odisha. The ‘Agni Prime’ is the advanced version of the ‘Agni-1’ missile. The ‘Agni Prime’ is a short-range ballistic missile that will have a range of 1000 km to 1500 km and will have advanced features in agility and road mobility. It is a surface to a surface missile that can carry a payload of around 1,000 Kg or a nuclear warhead. The double stage missile will be lighter and much sleeker than its predecessor ‘Agni-1’. It is a canisterised missile. Canisterisation of missiles reduces the time required to launch the missile while improving its storage and mobility. The Agni class of missiles are the mainstay of India’s nuclear launch capability which also includes the Prithvi short-range ballistic missiles, submarine-launched ballistic missiles and fighter aircraft.
7. Healthcare and Medicine - India reported 40,845 Mucormycosis cases, 3,129 deaths - Union Health Minister Harsh Vardhan said India reported at least 40,845 cases of Mucormycosis and 3,129 deaths from the fungal infection during the second wave of the COVID-19 pandemic. Out of the total number of Mucormycosis patients, 34,940 were infected with COVID-19, 26,187 had the co-morbidity of diabetes and 21,523 were on steroids. Mucormycosis is a serious but rare fungal infection caused by a group of molds called mucormycetes. These live throughout the environment. Mucormycosis mainly affects people who have health problems or take medicines that lower the body's ability to fight germs and sickness.
8. Healthcare and Medicine - Cases of COVID-19 Variants of Concern rose to 51% in June - COVID-19 cases with Variants of Concern (VOC) rose from 10.31% of total infections in May to 51% till June 20, government officials told a Parliamentary panel. Officials informed the Parliamentary panel that the Alpha, Beta, Gamma and Delta variants of COVID-19 have been traced in 174 districts of 35 states and Union Territories. The term VOC (variant of concern) for the novel coronavirus is a category used when mutations in the RBD (Receptor Binding Domain) increase the binding affinity in RBD-hACE2 complex, while also being linked to rapid spread in human populations. The three classifications by US CDC are - (i) Variants of Interest (VOI) – A variant with specific genetic markers that have been associated with changes to receptor binding, reduced neutralization by antibodies generated against previous infection or vaccination, reduced efficacy of treatments, potential diagnostic impact, or predicted increase in transmissibility or disease severity.; (ii) Variants of Concern (VOC) – A variant for which there is evidence of an increase in transmissibility, more severe disease (e.g.,  increased hospitalizations or deaths), significant reduction in neutralization by antibodies generated during previous infection or vaccination, reduced effectiveness of treatments or vaccines, or diagnostic detection failures; (iii) Variants of High Consequence (VOHC) – A variant of high consequence has clear evidence that prevention measures or medical countermeasures (MCMs) have significantly reduced effectiveness relative to previously circulating variants.
9. World Economy - Facebook surpasses $1 trillion in value - Facebook has hit the $1 trillion market cap milestone after closing above $1 trillion for the first time on 28th June. This comes after a federal judge dismissed an antitrust complaint from the US Federal Trade Commission (FTC) against Facebook over its acquisition of WhatsApp and Instagram. The court ruled that the FTC failed to prove that Facebook is a monopoly.
10. Indian Politics - Covid Update - (a) India reported 37,566 new COVID-19 cases and 907 deaths in 24 hours (less than 40,000 daily cases after 102 days). With this, the total COVID-19 cases reached 3,03,16,897 while the death toll surged to 3,97,637. (b) Moderna, the first international vaccine in India, will be administered in two doses: Dr VK Paul, member-health, Niti Aayog. (c) India's drug regulator DCGI has granted permission to Mumbai-based pharmaceutical company Cipla to import Moderna's Covid-19 vaccine for restricted emergency use in India. (d) Walmart announced stepping up its Covid-19 support to MSMEs with the launch of a new programme called 'Vriddhi Cares.' The programme helps MSMEs support their family members and employees with telecare services, health advice and provides access to pandemic-related business advice and resources.

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• SECTION 2 - DAILY CURRENT AFFAIRS

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• 1. ECONOMY (Prelims, GS Paper 3, Essay paper)

Government offers new Rs.6.28 lakh crore pandemic package (June 2021)

• The story: On 28th June, one more credit push worth Rs.1.5 lakh was announced by India's finance minister Nirmala Sitharaman. It includes additional credit for small businesses, more funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fees as part of a credit-led package to support the pandemic-hit economy.
• The claim: The minister claimed it was an effort to stimulate growth, exports and employment as well as to provide relief to COVID-affected sectors. An expansion of the existing Emergency Credit Line Guarantee Scheme (ECLGS) by Rs.1.5 lakh crore was also done. A new Rs.7,500 crore scheme to guarantee loans upto Rs.1.25 lakh to small borrowers through micro-finance institutions is brought in. Other measures include -

1. a fresh loan guarantee facility Rs.1.1 lakh crore for healthcare investments in non-metropolitan areas and sectors such as tourism
2. a separate Rs.23,220 crore allocated for public health with a focus on paediatric care, to be utilised for increasing ICU beds, oxygen supply and augmenting medical care professionals for the short term by recruiting final year students and interns
3. Indirect support for exports worth Rs.1.21 lakh crore over the next five years, free one-month visas for five lakh tourists, new seed varieties for farmers and additional outlays over the next two years to expand broadband to all Gram Panchayats, were also included in the package
4. The existing support to push employment, where the government bears EPF contributions for new employees earning less than Rs.15,000 a month for two years, has been extended till March 31, 2022
5. So in all, there are three 'direct stimulus' initiatives so far — (i) providing free foodgrains, (ii) incremental health projects’ spending, and (iii) rural connectivity. These will be worth Rs.1,18,390 crore (about 0.5% of estimated GDP for 2021-22). This rather limited stimulus may be followed up with another shot a few months down the line.

• Four sectors: The announcement stresses upon four sectors - health, tourism, MFIs and agriculture. Other measures announced fine-tune the scope of the already existing arrangements. Most of the latest announcements are part/extension of the past packages, but this may be a timely relief to the sectors/segments that were impacted most by the second wave of the pandemic.

1. The Rs 50,000-crore guarantee cover package to boost the medical infrastructure in underserved areas across the 124 aspirational districts, can lead to the overall improvement in human development.
2. At present, as per MSME website, 124 districts are recognised as aspirational districts. Maximum loan size under the scheme is kept at Rs 100 crore with interest rate cap of 7.95 per cent and guarantee duration of three years.

• Total load: The total impact amount seems huge at Rs.6.29 lakh crore, but a big part of it is by way of credit guarantee schemes with no immediate outflow. So impact on the fiscal deficit will be limited while the stock markets could give a positive reaction. Technically, the fiscal impact of this package, and earlier, is not linear as a substantial part of the package is contingent liabilities.

1. The package is made up of government guarantees to banks and microfinance institutions for loans they extend to the pandemic-hit sectors
2. It totals up to Rs 6.28 lakh crore together with the previous such packages
3. Assuming equal distribution of the new announcement of Rs 1.10 lakh crore, with 50 per cent and 75 per cent guarantee cover and a risk weight of 100 per cent, banks may have a capital relief of around Rs 7,500 crore that can further generate credit of around Rs 70,000 crore

• PLIS relief: Separately, large electronics manufacturers under the Production-Linked Incentive scheme (PLIS) have been granted an additional year to meet their production targets as many struggled to sustain or scale up operations due to the second COVID-19 wave.
• Summary: The government may consider giving more of a direct stimulus, rather than credit lines, as only that can push quicker economic recovery.

Twitter versus Minister R.S. Prasad - the DMCA tangle

• The story: The term "DMCA" came into news in June 2021 suddenly, as India's law minister found himself locked out of Twitter due to a violation of the said act. The problem was a 2017 tweet related to music director AR Rahman's famous song 'Maa Tujhe Salaam', which was found in violation of Twitter's copyright policy.
• Violating the DMCA: The Union Minister for Electronics and Information Technology was locked out of his Twitter account for an hour, allegedly over a notice received for violation of the US’ Digital Millennium Copyright Act (DMCA) 1998. The DMCA notice, related to AR Rahman's song 'Maa Tujhe Salaam', was sent by the International Federation of the Phonographic Industry (IFPI) on behalf of Sony Music Entertainment back on May 24, 2021, according to the Lumen database. It was received by Twitter on June 25, 2021, following which the social media platform took action, as per the document. Lumen database is an independent research project studying cease and desist letters concerning online content, and requests received by Twitter for withholding content are published on its site.
• Technical details: Here's more on the DMCA -

1. What is the DMCA - The Digital Millennium Copyright Act is a US law and among the world’s first laws recognising Intellectual Property (IP) on the internet. It oversees the implementation of two 1996 treaties signed by World Intellectual Property Organisation (WIPO) member nations.
2. Compliance with DMCA - Any content creator of any form, who believes that their original content has been copied by a user or a website without authorisation can file an application citing their intellectual property has been stolen or violated. For social media intermediaries like Facebook, Instagram or Twitter, content creators can directly approach the platform with a proof of them being original creators.
3. Obligation of social media firms - Since these firms operate in nations which are signatories to the WIPO treaty, they are obligated to remove the said content if they receive a valid and legal DMCA takedown notice.

• WIPO Treaties: The WIPO members had agreed upon two treaties, namely the WIPO Copyright Treaty and the WIPO Performances and Phonograms Treaty. India is a member of both the treaties, which require member nations and signatories to provide in their respective jurisdictions, protection to IP that may have been created by citizens of different nations who are also co-signatories to the treaty.

1. Protection must not be any less in any way than the one being given to a domestic copyright holder. Ths idea is to encourage global creativity.
2. It obligates that signatories to the treaty ensure ways to prevent circumvention of the technical measures used to protect copyrighted work. It also provides the necessary international legal protection to digital content.

• What is IP: Intellectual property is a category of "property" including intangible creations of the human intellect, and primarily encompasses copyrights, patents and trademarks. It includes other rights, like trade secrets, publicity rights, moral rights, and rights against unfair competition. Every year the World Intellectual Property Day is celebrated on 26th April. Other than WIPO treaties, it is also covered under the World Trade Organisation’s (WTO) Agreement on Trade Related Aspects of Intellectual Property (TRIPS Agreement). The WTO stands on the pillars of the GATT, GATS and TRIPS. India is a member of WTO and hence committed to TRIPS.
• WIPO: The World Intellectual Property Organisation is a specialised agency of the United Nations, created in 1967 to encourage creative activity, to promote the protection of IP throughout the world. With 193 member nations, it is headquartered at Geveva, Switzerland. It administers 26 international treaties, including

1. Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure
2. Paris Convention for the Protection of Industrial Property
3. Berne Convention for the Protection of Literary and Artistic Works
4. Protocol Relating to the Madrid Agreement Concerning the International Registration of Marks- Madrid Protocol
5. Washington Treaty on IP in respect of Integrated Circuits
6. Nairobi Treaty on the Protection of the Olympic Symbol
7. Marrakesh Treaty to facilitate Access to Published Works by Visually Impaired Persons and Persons with Print Disabilities

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• 2. ENVIRONMENT AND ECOLOGY (Prelims, GS Paper 3, Essay paper)

US Pacific Northwest faces unprecedented heat wave

• Latest danger: A strong heat wave broke high temperature records in Oregon and Washington (US) in June, raising risks for deaths and fires, and underscoring the dangers of climate change. Portland, Oregon’s biggest city, hit an all-time high of 112 degrees Fahrenheit (44.4 C) at its international airport, breaking a record of 108 F set a day earlier. Both days topped the previous record of 107 F, reached in 1981 and 1965.
• Breaking records regularly: Weather experts say they never saw many events where places are breaking their all-time record high temperatures by 4 degrees, or 5 degrees. It’s one thing to break it by a degree or two, but it’s another thing to literally break it by 4 or 5 degrees, in places that have 100 years’ worth of data, or 120 years’ worth of data. Even beaches baked hot.
• Pacific northwest: This hot weather appeared to be part of a broader climate change trend. The Pacific Northwest’s average temperature has warmed more than 2 F compared with a century ago, with most of that change in the last 40 years. In addition, the number of extreme heat days has doubled in less than a century. In 1940, Portland had only about 10 days per year when the daily high temperature topped 90 F. By 2020, that number is at about 20 days per year.

1. Those highs may not seem extreme compared with those in places where summer days typically exceed 90 F (32.2 C), often accompanied by high humidity. But Pacific Northwest residents are used to temperate weather, and many houses lack air conditioning, several weather experts said. That makes the heat wave potentially deadly.
2. The roasting of the Pacific Northwest follows other June heat waves in the West. Between June 10 and June 15, high temperatures set records in parts of California, Arizona, New Mexico, Utah, Colorado, Wyoming and Montana.
3. It’s difficult to immediately quantify how much impact climate change has had on a climate extreme, but there is evidence to show that high temperatures and heat waves have become worse due to climate change.
4. Heatwaves across the contiguous United States have occurred more often and lasted longer since the 1960s, which is consistent with a warming climate due to climate change.

• Not cooling enough at night: The issue is not just with record high temperatures. During the heat wave, the Pacific Northwest hasn’t cooled down much at night, a dangerous situation. When that happens, opening windows doesn’t help homes cool off much and people’s bodies don’t get a chance to cool off and recover. This is life-threatening heat. The high temperatures came as the result of a high-pressure system over Oregon and Washington. Climate change played a role in that system.
• How it forms: A mechanism for the formation of a high-pressure system is tropical cyclone activity in the western Pacific Ocean. Those are the West Coast equivalent of hurricanes. And like hurricanes, they are strengthened by warmer ocean temperatures. High-pressure systems like the one driving the Pacific Northwest heat wave is “something like three times more likely to occur when we have a tropical cyclone out in the Pacific”. So climate change is impacting tropical cyclone activity through modulation of sea surface temperatures, and also things like wind shear.
• Fire risks: The heat wave raises fire risk as it dries out vegetation. It could be so dry that sparks from cars, from catalytic converters, from a tow chain, can set up a spark that can then ignite all of the fuels!
• Knowledge centre:

1. Pacific northwest - The Pacific Northwest is the region of the western United States located adjacent to the Pacific Ocean. It runs north to south from British Columbia, Canada, to Oregon. Idaho, parts of Montana, northern California, and southeastern Alaska are also listed as parts. Although the definition of Pacific Northwest varies and even the residents of this region have not agreed on the exact boundary, the common definition includes only three US states in the region, namely Idaho, Oregon, and Washington. The Pacific Northwest of the United States is best known for its beautiful coastline, green interior, rainy weather, and spectacular mountains.
2. Heat wave - A heat wave is a period of unusually hot weather that may last two or more days. To be considered a heat wave, the temperatures have to be outside the historical averages for a given area. As per the US National Weather Service, "A heat dome occurs when high pressure in the upper atmosphere acts as a lid, preventing hot air from escaping." Severe heat waves have caused catastrophic crop failures, thousands of deaths from hyperthermia, and widespread power outages due to increased use of air conditioning.
3. Western Pacific ocean - The Pacific Ocean is a body of salt water extending from the Antarctic region in the south to the Arctic in the north and lying between the continents of Asia and Australia on the west and North America and South America on the east. The WPR (Western Pacific Region) includes Australia, Brunei, Cambodia, China, Cook Islands, Fiji, Japan, Kiribati, Laos, Malaysia, Marshall Islands, Micronesia, Mongolia, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, South Korea, Taiwan, Tonga, Tuvalu, Vanuatu, and Vietnam.

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• 3. FOREIGN AFFAIRS (Prelims, GS Paper 3, Essay paper)

Chinese military prepares for higher altitudes

• The story: News emerged of the Chinese military (PLA) raising new militia units made up of local Tibetan youth for high-altitude warfare. Given China's continuing high-intensity face-off against India on the Line of Actual Control (LAC), this was a concern for India.
• Mimang Cheton: The new units are named "Mimang Cheton", and presently undergoing training. Deployment will be in the upper Himalayan ranges, both in the eastern and western sectors of the India-China border. They are being trained for a variety of tasks, including using high-tech equipment such as drones on the one hand, as well as mules and horses to reach regions in the Himalayan range that can’t be accessed by modern means. Having been raised near Eastern Ladakh, the site of the recent border tensions along the Line of Actual Control (LAC), as well as near its borders with Sikkim and Bhutan, they are clearly aiming at offering more challenge to India.
• LAC: The Line of Actual Control is the demarcation that separates Indian-controlled territory from Chinese-controlled territory. Trained units have already been deployed along various locations in the Chumbi valley and at Rutog in Tibet, near the Pangong Tso (lake) in eastern Ladakh. The deployment of the new Mimang Cheton units mirrors India’s elite and decades-old Special Frontier Force (SFF). Just like the SFF which relies on the knowledge of Tibetans, the Mimang Cheton also relies on the local knowledge of Tibetans as well as locals' resistance to High Altitude Sickness, a problem in alpine warfare.
• Goals: The new units will be used for high-altitude warfare as well for surveillance. A special feature is that they are being blessed by Buddhist monks in Tibet, being interpreted as a sign of greater socio-cultural outreach from the PLA to ethnic Tibetans. Note that the PLA has been extremely harsh with the Tibetan since the 1960s, intent on wiping out their cultural existence itself.
• Chinese infra along LAC: China started the first bullet train line in Tibet, linking Lhasa to Nyingchi near the border with Arunachal Pradesh. It is the second major rail link to Tibet after the Qinghai-Tibet railway that opened in 2006. In 2021, China completed construction of a strategically significant highway enabling greater access to remote areas along the disputed border with Arunachal Pradesh in India. In January 2021, reports emerged of Chinese construction of three villages in Arunachal Pradesh 5 kilometres from the Bum La pass. In 2020, satellite images emerged showing a new village called Pangda built 2-3 km into what Bhutan sees as its land. In 2017, the Tibet Autonomous Region (TAR) government launched a plan to build moderately well-off villages in border areas.
• Chumbi Valley: It is a 100-km protrusion of Chinese territory located between Bhutan in the east and Sikkim in the west. Its location has long resulted in concerns that it could be used to launch operations to snap strategic communications links in the Siliguri Corridor. The corridor is a narrow stretch of land located around the city of Siliguri in West Bengal, connecting northeastern states with the rest of the country, and is known as "the chicken's neck".
• Indian infra: India has its own High Altitude Warfare School (HAWS) in Gulmarg, Jammu and Kashmir. It will spend 10% funds of the Border Area Development Programme (BADP) only to improve the infrastructure along the China border. The Border Roads Organisation (BRO) constructed the Daporijo bridge over Subansiri river in Arunachal Pradesh, linking roads leading upto the LAC between India and China. The state government of Arunachal Pradesh has advocated selection of 10 census towns along the India-China border as pilot projects for infrastructure development in order to stop people living along its international borders, specifically with China, from migrating to faraway urban centres in the State. In 2019, the Indian Air Force inaugurated resurfaced runway at India’s easternmost Village-Vijaynagar (Changlang district) in Arunachal Pradesh. In 2019, the Indian Army conducted exercise ‘HimVijay’ in Arunachal Pradesh and Assam with its newly created Integrated Battle Groups (IBG). Bogibeel bridge, which is India’s longest road-rail bridge connecting Dibrugarh in Assam to Pasighat in Arunachal Pradesh was inaugurated in 2018. India has redirected at least 50,000 additional troops to its border with China in a shift toward an offensive military posture against the world’s second-biggest economy. India now has roughly 2,00,000 troops focused on the border, an increase of over 40 per cent from 2020. It's unclear how many troops China has on the border, but India detected that the People’s Liberation Army moved additional forces from Tibet to the Xinjiang Military Command, responsible for patrolling disputed areas along the Himalayas.
• Summary: It is clear that the Himalayas will witness prolonged India-China friction, before lasting peace may find a chance.

Biden and North Korea - What lies ahead

• The story: With President Trump, North Korea grabbed the headlines. With President Biden, hardly any! But that won't last long.
• Nuclear all the way: North Korea’s nuclear weapons programme is the national security problem that vexed many of Biden's predecessors. Like them, Biden faces the same problem: how to convince the world’s most insular regime to give up its nuclear weapons when that regime appears to base its very survival on having the bomb.

1. Former U.S. President George W. Bush labeled North Korea as part of an “axis of evil” and then engaged the regime in so-called “six-party talks” that ultimately foundered.
2. Former U.S. President Barack Obama tried a strategy of “strategic patience”—sanctioning North Korea while holding out for talks and a possible easing of sanctions if it behaved better—to no avail.
3. Former U.S. President Donald Trump tried personal diplomacy: high-profile summits, complete with flashy photo ops with North Korean leader Kim Jong Un, and follow-up “love letters.” That, too, failed to get North Korea to renounce its nuclear weapons program.

• Biden's approach: Biden administration officials opened the door to talks only to see those overtures rejected. In January 2021, North Korea displayed a new submarine-launched ballistic missile during a military parade that showcased its rapidly advancing missile capabilities. US national security advisor, Jake Sullivan, has said he saw an “interesting signal” from Kim in a speech, where he said the country would prepare for both “dialogue and confrontation.” Biden’s new special envoy for North Korea, Sung Kim, has said the United States is willing to meet with North Korea “anywhere, anytime, without preconditions” during a visit to South Korea.
• We know it's a problem: The White House has clarified it was “under no illusions” about the challenges of diplomacy with North Korea, and the goal remained the “complete denuclearization” of the Korean Peninsula, and diplomacy was the only way. Getting North Korea to the negotiating table is one matter, but making any progress on talks is an entirely different uphill battle.
• North Korea's virus: Even if the ice melts, the other problem is the coronavirus. Little is known about the spread of the coronavirus in North Korea, the most secretive and closed-off country. So face-to-face meetings are not possible.

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• 4. GOVERNMENT SCHEMES (Prelims, GS Paper 2, Essay paper)

Reviving India's Covid-hit economy - A roadmap

• The story: Indian economy was already growing slowly, when the pandemic hit in 2020. It shrank substantially in 2020-21, and then was recovering when the second wave hit. A clear roadmap ahead is the need of the hour now. Here are some views from various experts, as they appeared in the mainstream media.
• Facts of the economy: Some key truths should be understood first -

1. The steady decline in growth started since the first quarter of 2018-’19 (April 2018 onwards). The GDP growth declined from 7.1% during the first quarter of 2018-’19 to 1.6 % during the fourth quarter of 2020-’21, with negative growth of the first (-24.4%) and the second (-7.4%) quarters of 2020-’21. India's per capita income slumped to the level of just Rs 99,694 in 2020-’21 from Rs 1,00,268 in 2017-’18. India's per capita in 2021 is now what it used to be in 2016-17.
2. Covid-19 impacted many macro aggregates that caused a huge demand deficiency. Lockdowns led to huge job losses due to the closure of various commercial and industrial as also all contact service establishments including Micro, Small and Medium Enterprises (MSMEs).  As per the Centre for Monitoring Indian Economy (CMIE), job loss were estimated at 50 lakh by March 2020. Recent estimates on June 17, 2021 put job loss at 2.53 crore since January 2021. The labour participation rate has fallen to 39.7 % in June 2021 from 42.9% in June 2018.
3. The "State of Working India 2021" report showd that 23 crore individuals have fallen below the national minimum wage of Rs 375, as recommended by the Anoop Satpathy Committee. So the income poverty rate rose by 15% in rural areas and nearly 20% in urban areas. Many families have now fallen into Covid indebtedness, making distress sale of assets (gold). Many are reducing food intake too, leading to nutritional distress.
4. The Indian economy is highly unequal, and as per the World Inequality Database, the share of the top 10% in India’s national income was 56%, higher than that in comparable countries like Indonesia (41%), Vietnam (42%) and even China (41%). A study found that in April and May 2020 the poorest 20% of the households lost their entire incomes while the richer households lost less than a quarter of their pre-pandemic incomes. So household consumption has plunged. The recovery among poorer households would be slower as they were forced to sell productive assets and/or to borrow to survive the crisis.
5. Pew Research Centre reported that the first wave of Covid-19 has witnessed a shrinkage of India’s middle class which has the capacity to consume and save to 6.6 crore from 9.9 crore. The private consumption as a proportion of GDP at constant prices has plummeted to 55.4 in the fourth quarter of 2020-’21 from 56.2 during the first quarter of 2018-’19. Private consumption has been the major driver of India’s GDP.

• Demand problem: All this shows that the economy is suffering from a huge demand deficiency. Solution is a major demand push.

1. Atmanirbhar Bharat package - The government, on May 13, 2020, May 17, 2020, October 12, 2020, and November 12, 2020, proposed many schemes providing for Rs 29.87-lakh crore, equivalent to about 16% of India’s GDP. But actual fiscal outlay was just about Rs 3-lakh crore or 1.5% of GDP. A large part of the stimulus measures was quasi-fiscal in nature with partial or zero outgo. The fiscal outgo was directed towards helping the poor and vulnerable sections including migrant workers, farmers, rural population, agriculture and allied services, MSMEs and senior citizens of the society.
2. Supply side push - The Budget 2020-’21 also provided for a huge allocation of Rs 5.54-lakh crore for infrastructural projects with the objective to create jobs which in turn would promote consumption that could drive growth.
3. Corporate tax cut - Starting from a drastic cut in corporation tax prior to budget to 2020-’21, the majority of the stimulus schemes under the Atmanirbhar Bharat were intended to stimulate private investment. In the face of falling demand, the response is sluggish except for the health and pharmaceutical-related sectors. But the four quarters following the stimulus package have not witnessed significant growth.
4. Clearly the economy needs a big demand push for growth recovery.

• Solution: The Centre should use its huge gain from heavy petroleum taxes, massive RBI transfers and an increased income tax revenue to support the following -

1. Households stuck in indebtedness due to Covid-19 hospitalisation must be given full relief
2. Households having lost the earning member must be given a basic income of Rs 7,000 per month.  
3. Release of the three instalments of dearness allowance to the central government employees amounting to around Rs 37,500 crore in the form of expenditure voucher could be considered (so they are spent not saved)
4. A total of 1,737 Central sector projects (including delayed projects) costing Rs 150 crore and above with about Rs-26.71 lakh core anticipated completion cost (425th Flash Report by Ministry of Statistics and Programme Implementation) and those proposed in Budget 2020-’21 should be executed on a fast-track basis
5. Migrant labours with no jobs should be given a basic income of Rs 7,000 per month for six months
6. Urban micro-entrepreneurs and daily wage earners who have lost their livelihood should be given a basic income of Rs 7,000 per month for four to six months

• Summary: Focus on demand regeneration will lead to a much quicker recovery, than focusing on supply side measures. The time to act is now.

Commerce Minister Piyush Goyal accuses foreign firms of arrogance

• The story: India's commerce minister Piyush Goyal accused foreign firms of arrogance and flouting Indian laws by indulging in predatory pricing practices. It was days after the Centre announced new draft regulations for e-commerce.
• The charge: The minister said that these large e-commerce companies very blatantly have flouted the laws of the land in more ways than one. Amazon India and Walmart-owned Flipkart are top two e-commerce companies in India.
• Importance of it: In June, the Consumer Affairs Ministry floated a draft of consumer protection rules for e-commerce sector, with many amendments aimed at making regulations for e-commerce more stringent. These foreign firms are also being opposed by local traders and businessmen that have sought government intervention in business practices of theses companies. Soon after the draft e-commerce rules were floated, the Confederation of All India Traders (CAIT) termed it as a step to “purify” the e-commerce landscape.
• East India companies: The CAIT said the minister’s “averment leaves no room anymore for any single transgression of Indian law by these two modern-day avatars of East India Company and a clear cut lesson to other big-wigs of e-commerce companies those having a dream of controlling and dominating not only the e-commerce but even the retail trade of India”.
• New rules: Among various measures proposed, the government has said that online marketplaces will now have to take fall-back liability in case of goods not being delivered properly to the customer. This takes away the liability of delivering goods away from the sellers that list their products on an e-commerce platform. The government is tightening the screws to prevent the marketplace having control over the inventory, thereby making the business model tricky. (it would mean Amazon may not be able to sell on its own platform, but just run the website for other sellers)

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• 5. POLITY AND CONSTITUTION (Prelims, GS Paper 2, GS Paper 3)

Twitter and distorted map of India

• The story: Controversy broke out when a wrong map of India was displayed on Twitter's website. The incorrect map showed the two UTs as a separate country. It was visible on the career section of the Twitter website under the header 'Tweep Life' and was reported.
• Action: Twitter soon removed the distorted map of India from its website. The incorrect depiction of India's territory triggered a heavy backlash from netizens, who demanded strict action against the microblogging platform. #TwitterBan was trending on Twitter itself!
• Government reaction: The government was looking into the matter. Since the wrong depiction was on Twitter's website, the case was not that of an 'intermediary' but of a publisher responsible for content. Twitter remained mum on the entire episode.
• Earlier episode: This is not the first time Twitter had misrepresented India's map. In October 2020, Twitter came under criticism and faced backlash after its geotagging feature displayed "Jammu & Kashmir, People's Republic of China" in a live broadcast from Leh's Hall of Fame, a war memorial for fallen soldiers in the Union Territory of Ladakh. India issued a stern warning to Twitter that time, making it clear that any disrespect of the country's sovereignty and integrity was unacceptable.
• Another episode: In November 2020, Twitter showed Leh as part of Jammu and Kashmir instead of the Union Territory of Ladakh, following which the Centre issued a notice to the US-based company for disrespecting the territorial integrity of India by showing an incorrect map. The US digital giant has been engaged in a tussle with the Indian government over the new social media rules, with the government slamming Twitter for deliberate defiance and failure to comply with the new IT rules.

Attorney General of India - Term extended

• The story: The central government extended the term of K.K. Venugopal as Attorney General (AG) for one more year. This was the second time his tenure was extended, the first being in 2020. He was appointed the 15th AG of India in 2017, and succeeded Mukul Rohatgi who was AG from 2014-2017. Under Article 76, the term of office is not fixed.
• What AG doeS: He commands the government’s legal defence in sensitive cases in the Supreme Court, including the challenge to the abrogation of Article 370 of the Constitution and the Citizenship Amendment Act.
• Points to note: The Attorney General (AG) of India is a part of the Union Executive. AG is the highest law officer in the country. The Article 76 of the Constitution provides for the office of AG of India. The AG is appointed by the President on the advice of the government.

1. S/he must be a person who is qualified to be appointed a judge of the Supreme Court, i.e. s/he must be a citizen of India and must have been a judge of some high court for five years or an advocate of some high court for ten years or an eminent jurist, in the opinion of the President.
2. Procedures and grounds for the removal of AG are not stated in the Constitution. S/he holds office during the pleasure of the President (may be removed by the President at any time).
3. S/he gives advice to the Government of India (GoI) upon such legal matters, which are referred to her/him by the President, and performs such other duties of a legal character that are assigned to her/him by the President. S/he appears on behalf of the GoI in all cases in the Supreme Court or in any case in any High Court in which the GoI is concerned. S/he represents the GoI in any reference made by the President to the Supreme Court under Article 143 (Power of the President to consult the Supreme Court) of the Constitution. S/he discharges the functions conferred on her/him by the Constitution or any other law.

• Scope of work: S/he has the right to speak and to take part in the proceedings of both the Houses of Parliament or their joint sitting and any committee of the Parliament of which s/he may be named a member, but without a right to vote. S/he enjoys all the privileges and immunities that are available to a member of Parliament. S/he does not fall in the category of government servants. S/he is not debarred from private legal practice. However, s/he should not advise or hold a brief against the GoI. The Solicitor General of India and Additional Solicitor General of India assist the AG in fulfillment of the official responsibilities. The Advocate General (Article 165) is the parallel office in Indian states.

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• 6. SCIENCE AND TECHNOLOGY (Prelims, GS Paper 3)

India's Agni-P missile flight tested

• The story: India started the Integrated Guided Missile Development Programme (IGMDP) in the 1980s, and it has now matured enough to have newer variants of the Agni format being tested. The Defence Research and Development Organisation (DRDO) successfully flight-tested the Agni-P, India’s most technologically advanced, nuclear-capable, ballistic missile from Balasore, Odisha, on 28th June.
• The target: While the MoD hasn't said so, but experts feel the Agni-P was developed to strike targets in Pakistan. Its range of 1,000-2,000 kilometres (km) is too short to reach targets in the Chinese mainland, but can cover all of Pakistan’s territory.

1. The Agni-P is a new generation, advanced variant of the Agni class of missiles. It is a canisterised missile with range capability between 1,000 and 2,000 km.
2. The Agni-P will replace the Prithvi, Agni-1 and Agni-2 missiles in India’s arsenal — missiles that were built two decades ago with technologies that are now outdated.
3. While the Agni-P will be the workhorse of the nuclear deterrent against Pakistan, the Agni-5 will be the mainstay of the anti-China nuclear arsenal.
4. The Agni-P will enter service as a two-stage, solid propellant missile. Both stages will have composite rocket motors and guidance systems with electro-mechanical actuators. The missiles will be guided to their targets by inertial navigation systems (INS) that are based on advanced ring-laser gyroscopes.

• IGMDP: The Agni-P and Agni-5 ballistic missiles trace their origins back to the Integrated Guided Missile Development Programme (IGMDP) that the then DRDO chief, Dr APJ Abdul Kalam, launched in the early 1980s. The first missile built under the IGMDP was the liquid fuelled, single-stage Prithvi, which could drop a nuclear bomb with moderate accuracy on a target 150-250 km away. Next to come were the two-stage Agni-1 and Agni-2 missiles that had conventional “maraging steel” fuselages, older propellants, hydraulic actuation systems that were vulnerable to leaks and far less accurate navigation systems.
• Agni-4: A major technology leap took place with the Agni-4 missile in 2011, in which the DRDO first tested technologies that were being developed for years. These included on-board computers based on the Power PC platform, and avionics changes involving integrated technologies. By combining several avionics packages into one, the designers improved reliability and saved space and weight by reducing cabling and harnesses. The Agni-4 also incorporated composite rocket motors, high-energy propellants, electro-mechanical actuators and ring-laser gyro-based navigation systems that could guide a ballistic missile to a target thousands of miles away, striking it within a few hundred metres. Increased accuracy in ballistic missiles allows them to deliver relatively lower-yield nuclear bombs, thereby reducing collateral damage. Megaton warheads were essential for destroying targets in the days when accuracies were low, but later, accuracy of a few hundred metres allowed smaller warheads, just 150-250 kilotons, to cause unacceptable damage.
• Summary: The DRDO believes that the cutting-edge technologies developed for the Agni-4 and Agni-5 missiles, which have now been reverse-engineered into the Agni-P, are as advanced as those in intermediate range ballistic missiles (IRBMs) anywhere. Many systems were developed by the Research Centre Imarat, a DRDO laboratory that was headed for many years by Satheesh Reddy, now the DRDO chief. Being a canisterised missile, the Agni-P can be transported easily by road or railway and fired at very short notice.

Dinosaurs on the North Pole

• From forests to the pole: Normally the pictures we see are of dinosaurs in lush forests or on vast temperate savannahs, landscapes that were common during the beasts’ heydays - the Jurassic and Cretaceous periods. But dinosaur fossils have been dug up in places which were at that time polar.
• Permanent or visiting: Whether these fossils are the remains of migrants which came for the summer, or of permanent residents, is debated. But a discovery of bone fragments and teeth from dinosaur hatchlings now suggests some dinosaurs did indeed make their full-time homes in the Arctic.
• Why migrate: Modern animals that migrate to polar climes, mostly birds, do often breed there. But their eggs hatch quickly and their young develop fast enough to fledge and fly to warmer places before winter arrives. Growth lines in fossilised dinosaur embryos found elsewhere suggest they needed as much as six or seven months of incubation before they were ready to hatch. Palaeontologists reckon any discovery of fossilised eggs or hatchlings near the palaeo-poles would mean the species concerned must have been year-round residents rather than migrants.

1. Until now, no such hatchlings had been found, and the only known polar dinosaur eggs were from the Kakanaut formation of north-eastern Russia, which was only just within the Arctic Circle when its rocks were laid down.

• New discoveries: These are from the Prince Creek Formation of northern Alaska, which may have been as close as 5° of latitude from the North Pole when its rocks formed 70m years ago.

1. The fossils themselves come from a range of dinosaur groups, including ceratopsians (related to the likes of Triceratops), duck-billed hadrosaurs, large carnivores related to Tyrannosaurus and smaller velociraptor-like predators.
2. This suggests a diverse and flourishing ecosystem, despite the fact that Prince Creek was continuously dark for 120 days a year and had an average annual temperature of 6°C—meaning snow would have been common in winter.
3. How all these creatures survived those conditions was a consequence of dinosaurs’ warmbloodedness and the downy feathers many of them had. No direct evidence of feathers has yet been found among the Alaskan fossils, but their ubiquity elsewhere makes it likely they had them.

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• 7. SOCIAL ISSUES (Prelims, GS Paper 2)

UNHCR report on protection of human rights of Africans and African descent people

• The story: The murder of George Floyd on 25 May 2020 in Minnesota, United States of America, and the ensuing mass protests worldwide marked a watershed in the fight against racism. In some countries, there is now acknowledgment of the systemic nature of the racism that affects the lives of Africans and people of African descent and of the need to address the past in order to secure future conditions of life that uphold the dignity and rights of all. The UNHCR (United Nations High Commissioner for Human Rights) in its report in June 2021 has given a roadmap.
• Swung into action: On 17 June 2020 the Human Rights Council held an urgent debate on current racially inspired human rights violations, systemic racism, police brutality and violence against peaceful protests. On 19 June 2020, the Council adopted resolution 43/1 by consensus, in which it requested the United Nations High Commissioner for Human Rights to prepare a report on systemic racism, violations of international human rights law against Africans and people of African descent by law enforcement agencies, especially those incidents that resulted in the death of George Floyd and other Africans and people of African descent, to contribute to accountability and redress for victims; to examine government responses to anti-racism peaceful protests, including the alleged use of excessive force against protesters, bystanders and journalists; and to present a comprehensive report to the Council at its forty-seventh session.
• UNHCR wants a transformative agenda: The objectives of the transformative agenda are to reverse cultures of denial, dismantle systemic racism and accelerate the pace of action; end impunity for human rights violations by law enforcement officials and close trust deficits in this area; ensure that the voices of people of African descent and those who stand up against racism are heard and that their concerns are acted upon; and acknowledge and confront legacies, including through accountability and redress.
• Reversing a culture of denial: It was clear that people of African descent face many forms of racial discrimination, marginalization and exclusion that are shaped by historical legacies, lasting for generations, affecting the enjoyment of human rights in every part of life. Systemic racism persists due to misconceptions that the abolition of slavery, the end of the transatlantic trade in enslaved Africans and colonialism, and measures taken by States to date, have removed the racially discriminatory structures. But stark socioeconomic and political marginalization shapes the lives of people of African descent in many States. In countries where there are sizeable communities of people of African descent, the members of these communities are more likely to live in or to be vulnerable to poverty, suffer disproportionately high unemployment rates, earn lower wages and occupy less-skilled positions.
• Time for change:

1. States should examine the extent and impact of systemic racism and adopt effective legal, policy and institutional measures that address racism beyond a summation of individualized acts.
2. Eliminating incentives for perpetuating racism and ensuring that systems and institutions do not profit from it is key.
3. Systemic racism needs a systemic response. States should adopt a systemic approach to combating racial discrimination through the adoption and monitoring of whole-of-government and whole-of-society responses.
4. States should ensure the active and meaningful participation and representation of people of African descent, including women of African descent, and their organizations in State institutions.
5. Business enterprises must meet their corporate responsibility to respect human rights, including the rights of people of African descent.
6. In cases of police brutality, robust measures to end impunity and ensure accountability and redress for victims and their families in line with international human rights law are critical.
7. States should carry out effective, impartial and timely investigations of every allegation of the unlawful use of force or other violations, impose commensurate punishments and provide guarantees of non-repetition.
8. Any arrest and any criminal or administrative sanction imposed on organizers of or participants in a peaceful assembly must be proportionate, non-discriminatory in nature and must not be based on ambiguous, vague or overbroadly defined offences.
9. Reverse the cultures of denial, dismantle systemic racism and accelerate the pace of action.
10. End impunity for human rights violations by law enforcement officials and close trust deficits.

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• 8. MISCELLANEOUS (Prelims, GS Paper 1, GS Paper 2)

Ukraine-NATO launch Black Sea drills

• The story: Right after the UK-Russia skirmish, Ukraine and United States began conducting a military exercise, joined by 30 countries, in Black Sea and southern Ukraine. It was started despite Russia called to cancel it.
• Points to note: The US Navy informed that large number of participants in exercise reflects shared commitment to ensure free access to international waters.

1. The exercise was conducted in the backdrop of a rise in tensions between NATO and Russia. Russia had fired warning shots and dropped bombs in path of British warship to run it out from Black Sea waters along the coast of Crimea. However, United Kingdom rejected this claim by Russia.
2. The key bone of contention is that Russia annexed Crimea in 2014 and claims it as Russian territory, but Crimea is internationally recognised as part of Ukraine.

• Sea Breeze 2021: This exercise started on June 28, 2021, for two weeks. It will involve some 32 warships and 40 aircraft from US, NATO allies and Ukraine. Drill will witness the participation of 5,000 troops and 18 special operations. From US side, US destroyer Ross has arrived at Ukrainian port of Odessa jo join the drills. According to Ukraine, exercise is being conducted with the goal of gaining experience in joint actions during multinational peacekeeping and security operations.
• Background: It is the largest exercise since 1997. The aim is to train headquarters and subdivisions of Ukrainian Navy to perform assigned tasks as per NATO standards and procedures. It also seeks to gain experience in joint actions fin multinational operations. Primary aim of the drill is to improve naval and land operations besides improving cooperation between the participating counties. 

National Statistics Day 2021

• The story: The "National Statistics Day" was observed on June 29, 2021, to commemorate the birth anniversary of late Professor Prasanta Chandra Mahalanobis.
• Importance: June 29 was selected to celebrate this day at national level to recognise Mahalanobis’ invaluable contribution in establishing National Statistical System.
• 2021 Theme: The theme of National Statistics Day 2021 was UN sustainable development goal 2: “To End Hunger, Achieve Food Security and Improved Nutrition and Promote Sustainable Agriculture”. It seeks “sustainable solutions to end hunger by 2030 and to achieve food security.
• Prasanta Chandra Mahalanobis: He is often referred to as ‘father of Indian statistics’. Best remembered for "Mahalanobis distance" which is a statistical measure used to find distance between a point and a distribution. It is based on measurements in multiple dimensions. This formula is widely used in field of cluster analysis and classification. He was one of the members of first Planning Commission of India and founded the Indian Statistical Institute (ISI) and contributed to design of large-scale sample surveys. He also designed the structure of the second Five Year plan of India, which didn't succeed as expected by PM Nehru.

China starts Baihetan Hydro Project, world's largest

• The story: China operationalised the two units of giant Baihetan hydropower plant, which is the largest hydro project under construction worldwide on June 28, 2021.
• Points to note: The Yangtze river in southwest China generated electricity for the first time. First two 1-gigawatt (GW) turbines of the hydro project will go into formal operation after a three-day trial that started on June 28. This hydro project has been built by China Three Gorges Corporation which is the operator of world’s largest hydropower plant. This three Gorges Dam is located on the border between southwestern provinces of Yunnan and Sichuan, constructed on upstream section of Yangtze River called Jinsha. Total installed capacity of the project is 16 million kilowatts. The hydropower station is equipped with 16 hydro-generating units. Each unit have a capacity of 1 million kilowatts. This is the largest single-unit capacity worldwide.
• Showcasing strength: This dam has been operationalised in the backdrop of 100th anniversary of ruling Communist Party of China (CPC) on July 1. The project symbolises the efficiency of CPC in planning and completing large-scale projects.
• Yangtze river: It is the longest river in Asia and third-longest in world, also the longest worldwide to flow entirely within one country. It originates from Jari Hill in Tanggula Mountains in Tibetan Plateau and flows for 6,300 km in east direction to drain into East China Sea. The Jinsha river is the Chinese name for upper stretches of Yangtze River. Several of the world’s largest hydroelectric power stations have been constructed on Jinsha river.

SEBI- Franklin Templeton case sees relief granted

• The story: The Franklin Templeton (FT) funds have been given interim relief by the Securities Appellate Tribunal (SAT) on June 28, 2021.
• Points to note: The SAT put a stay on Securities Exchange Board of India’s (SEBI) order on FT that prevented it from launching new debt schemes. The Tribunal also put a temporary stay on SEBI’s order of recovery of Rs 512 crore from Franklin Templeton and its direction on FT to deposit Rs 250 crore in three weeks. Next hearing is on August 30, 2021. The order of SAT will be applicable until further orders from it.
• The history: SEBI put a penalty of Rs 5 crore and ordered FT to disgorge Rs 512 crore investment management by fund house to manage six suspended schemes. A fine of Rs 3 crore was levied on Franklin Templeton Trustee Services Pvt Ltd while Rs 2 crore each on President of Franklin Asset Management (India) Pvt Sanjay Sapre and its Chief Investment Officer Santosh Kamat. SEBI had imposed a penalty of Rs 15 crore on senior officials of Franklin Templeton AMC and its trustee because they violated regulatory norms in case of winding up of six debt schemes in 2020.
• Schemes: Six of the schemes namely, Franklin India Low Duration Fund, Franklin India Credit Risk Fund, Franklin India Dynamic Accrual Fund, Franklin India Ultra Short Bond Fund, Franklin India Short Term Income Plan, and Franklin India Income Opportunities Fund, together had an estimated Rs 25,000 crore as assets under management. FT is a global investment firm which was founded in New York City in 1947. It is listed on the New York Stock Exchange under ticker symbol BEN. Company has been named so in honor of Benjamin Franklin.

9.1 Today's best editorials to read

• We offer you 7 excellent editorials from across 10 newspapers we have scanned. 

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• SECTION 3 - MCQs (Multiple Choice Questions)

Solve the online quiz given, right now. Check scores, and relative performance!

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