The Study IAS

Author: blogweb

  • Heating North Pole

    Context:

    The North Pole is warming faster than the global average. Climate models consistently underestimate its rapid warming which indicates significant disruption. 

     

    More on News

    • Rapid, unpredictable changes in the Arctic indicate major environmental shifts with global consequences. 
    • New data from a research vessel an Arctic expedition trapped in sea ice will enhance predictions. 

     

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    Permafrost: A layer of frozen soil, rock, or sediment that remains at or below 0°C for at least two consecutive years and is found in high mountain areas and near the North and South Poles.

     

    Arctic Treaty: The Treaty was signed in Washington in 1959 by the twelve countries whose scientists had been active in and around Antarctica during the International Geophysical Year (IGY). 

    • The total number of Parties to the Treaty is now 56.
    • To ensure that Antarctica is used for peaceful purposes, to promote scientific cooperation, and to protect the environment.
    • It prohibits military activities, nuclear explosions, and disposal of nuclear waste while emphasizing scientific research and international cooperation in the region.

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    Key Highlights:

    • Ozone and Greenhouse Effect: The layer in the lower atmosphere acts as a greenhouse gas. Unlike CO₂, it breaks down within a month but still contributes to heat. 
    • Ozone carried by winds is absorbed by seawater, ice, and snow exerting its warming effect over the Arctic region for a longer period.
    • Influx of Warm Air: During research expeditions, it was found that temperatures at the North Pole could rise rapidly from -35°C to 0°C, accelerating the melting of sea ice and increase the risk of ice breakup.
    • Soot Deposition and Ice Melting: Warm air transport carries soot particles from Northern Hemisphere industries to the North Pole, which settle on the sea ice and reduce its reflectivity. 
    • This indicates the global impact of human activities on the Arctic climate.
    • Implications and Urgency: Pollution from shipping and industry affects the North Pole, requiring accurate climate modeling and studies to predict impacts such as melting sea ice and rising sea levels.

  • Every Rupee invested in agri research yields Rs. 13.85: Study

    Context:

    A recent working paper has revealed that every rupee invested in agricultural research yields a return of Rs. 13.85 which is higher than all other activities linked to farming.

     

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    The research paper was published by the National Institute of Agriculture Economics and Policy Research (NIAP), an organisation under the Indian Council of Agricultural Research (ICAR).

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    More on News:

    • Agricultural extension activities give the second-best return on investment at Rs. 7.40 for every rupee invested.
    • The pay-off from animal science research is significantly higher at Rs. 20.81.
    • For the entire crop science, it is Rs. 11.69.
    • Between 2011-2020, Odisha, Rajasthan, Madhya Pradesh, West Bengal, and Uttar Pradesh spent less than 0.25% of their agriculture GDP on research despite having 43% of the country’s net sown area.
    • In India, agriculture R&D is “largely public funded”.
    • In the same period,  the central and state governments contributed 33.8% and 58.5% respectively of their total investment in agriculture R&D.
    • The private sector accounted for the rest which is just 8%.
    • In the same period, India spent 0.61% of its agri GDP on research, which is about two-thirds of the global average of 0.93%.

     

    How Agricultural research leads to improved crop yields?

    • Developing higher-yielding crop varieties: This is achieved through breeding programs that select for traits like increased biomass, larger grain size, and resistance to pests and diseases.
    • Improving farming practices and technologies: Research has developed more efficient farming techniques, such as precision agriculture using GPS-guided tractors, improved irrigation systems, and better fertiliser and pest management practices. 
    • Addressing environmental challenges: Agricultural research is working to develop crops and farming methods that can withstand the impacts of climate change, such as drought, extreme temperatures, and new pests. 
    • Reducing yield gaps: Research has identified significant “yield gaps” between current farm yields and the maximum potential yields possible with optimal inputs and management. 

     

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    The agricultural research agencies in India:

    • Indian Agricultural Research Institute
    • Indian Grassland and Fodder Research Institute
    • Indian Institute of Pulses Research
    • Indian Institute of Horticultural Research
    • Indian Institute of Millets Research
    • Indian Institute of Natural Resins and Gums
    • Indian Institute of Soil Science
    • Indian Institute of Soybean Research
    • Indian Institute of Spices Research
    • International Crops Research Institute for the Semi-Arid Tropics

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    Best Practices:

    • Regulatory Reforms: Countries like France, Croatia, and the Czech Republic have efficient regulatory processes in agriculture, which have led to higher productivity and improved business climate for farmers.
    • These reforms have particularly augmented the production of crops like wheat, maize, sugar beet, and potatoes in these countries.
    • Focus on Sustainability and Environmental Benefits: Formulated by the Food and Agriculture Organization of the United Nations (FAO), Good Agricultural Practices (GAP) play a vital role in ensuring sustainable agriculture and safe food production. 
    • Publicly Funded Research: Public research spending, particularly in the United States, has been highlighted as a key driver of innovation and productivity growth in agriculture. 
    • Public sector research works on fundamental scientific questions, applied research in areas lacking private sector incentives, and supports high-risk research that may not be commercially viable.
    • Yields of major staple crops grown in the United States, such as corn, soybeans, and cotton, have increased dramatically over the past decades.
    • Investing in Science and Technology: Science and technology solutions are critical to meeting the growing demand for food, maintaining market competitiveness, and adapting to and mitigating risks.

  • Floating Solar Photovoltaic (FSPV) Technology

    Context:

    India is exploring innovative avenues to meet its renewable energy targets like floating solar photovoltaic (FSPV) technology.

     

    More on News:

    • Currently, 2.1 Gigawatts of FSPV projects have been sanctioned till 2024-25. 
    • The Omkareshwar Reservoir at Madhya Pradesh with 600 megawatts capacity is currently the largest FSPV project in India.

     

    Understanding FSPV Technology

    It involves the installation of solar panels on water bodies like reservoirs, lakes, and ponds instead of on land. There are various advantages and disadvantages of this:

    Other Countries: US, France, Japan, the UK, Brazil, Ghana, Seychelles, Morocco, Tunisia, Mauritius, South Africa, and Zimbabwe, etc.

     

    Status of Solar Energy Production in India

    • India aims to create a solar power capacity of 280 GW by 2030
    • India’s solar power generation capacity has now surpassed the 70,000 MW mark as of June 2023.
    • Rajasthan is the leading state in solar installations, followed by Gujarat, Karnataka, Tamil Nadu, and Maharashtra.
    • India is now the 5th largest solar PV market globally.

     

    India’s Stature Globally:

    • As of 2022, India is the world’s 4th largest consumer of electricity and the 3rd largest renewable energy producer, with 40% of its energy capacity coming from renewable sources. 
    • India’s solar energy sector has seen substantial growth, with 89.22 GW of operational solar energy capacity as of September 2020, and ambitious targets set for the future, including 175 GW by 2022 and 500 GW by 2030.

     

    Prominent Schemes:

    • Jawaharlal Nehru National Solar Mission (JNNSM): This mission aims to establish India as a global leader in the solar sector by deploying 1,00,000 MW of grid-connected solar power by 2022.
    • Development of Solar Park Scheme: This scheme offers financial support from the government to set up and facilitate the infrastructure necessary for solar power plants.
    • UDAY Scheme: The Ujjwal Discom Assurance Yojna (UDAY) is a revival package for electricity distribution companies in India, aiming to reform the power sector, improve operational efficiency, and increase the use of renewable energy sources like solar power.
    • The Renewable Purchase Obligation (RPO) mandates electricity distribution companies (discoms) and other obligated entities to purchase a certain percentage of their electricity from renewable energy sources.
    • Rooftop Scheme: Under this scheme, SECI has allocated 200MW of projects, with 45MW already commissioned. 
    • Pradhan Mantri Suryodaya Yojana: This scheme aims to promote the installation of rooftop solar power systems, furthering the country’s solar energy goals.
    • PM KUSUM Scheme: The Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyaan (PM KUSUM) scheme aims to promote the installation of solar energy systems for agricultural purposes, including small grid-connected solar power plants, stand-alone solar-powered agricultural pumps, and the solarization of existing grid-connected agricultural pumps.

     

    Conclusion

    India’s potential for floating solar is vast, but to realise the estimated 206 GW capacity, the country must tackle a range of challenges, including technological feasibility, site selection, regulatory frameworks, financing constraints, and environmental concerns. 

     

  • Boeing Starliner

    Context:

    Boeing’s Starliner spacecraft will launch two NASA astronauts from Kennedy Space Center in Florida to the International Space Station.

     

    boeing starliner

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    • This is the first crewed test flight and aims to make Boeing the second private company, after SpaceX, to provide NASA crew transporta tion to the ISS.
    • The technical setbacks that delayed the launch put pressure on Boeing’s space sector, emphasising the importance of demonstrating its ability to support NASA.

     

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    Reasons for delay in Programme:

    • The planned launch attempt was forced to be aborted due to Atlas V rocket valve problem on launch vehicle.
    • Discovery of security issues: Flammable tape covers the wiring harness inside the capsule, posing a fire hazard.
    • The soft links on the parachute suspension lines now have a lower failure load limit, reducing the safety of landing with two out of three parachutes.
    • More than 80 improvements were required for the first successful unmanned flight, but concerns remained about thruster performance and cooling systems.

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    About Boeing’s Starliner

    • It is also known as CST-100 and is a partially reusable crew capsule. Designed for 10 reuses with a six-month turnaround.
    • It is 5 meters long and 4.6 meters wide.
    • It consists of two modules: 
        • The Crew Module can accommodate seven astronauts but has been modified for four astronauts and cargo for ISS trips.
        • The service module provides essential functions such as power, propulsion, thermal control, and life support in space, and is expandable.

     

    Key Highlights of Mission:

    • The test flight is intended to demonstrate its capabilities with astronauts onboard.
    • Dock with the ISS for about 10 days before returning to Earth.
    • Astronauts will manually fly the Starliner and also test new, touchscreen-sensitive gloves with a lightweight space suit during the mission.
    • During the return trip, NASA and Boeing will monitor the spacecraft’s heat shield and parachute.

     

    Significance: 

    • It will provide NASA with a backup option for space launches and potentially reduce reliance on SpaceX.
    • Boeing provides a chance to validate years of work and challenge SpaceX’s dominance in the commercial space sector.
    • A successful launch would boost NASA’s confidence in the industry’s ability to support Earth’s orbit operations while focusing on future Moon and beyond missions.

  • Financial Services Institutions Bureau

    • Financial Services Institutions Bureau (FSIB): The FSIB suggests Ashutosh Kumar for the position of SBI MD and Asheesh Pandey for Indian Bank.
    • Establishment: The Central Government established the Financial Services Institutions Bureau on July 1, 2022.
    • FSIB is a government body operating under the Department of Financial Services (Ministry of Finance).

     

    Organisational Structure: 

    • The FSIB is led by a chairman chosen by the central government.
    • The board of FSIB will consist of:
          • The chairman of IRDAI (Insurance Regulatory and Development Authority of India).
          • A deputy governor from RBI (Reserve Bank of India).
          • The secretaries of the Department of Financial Services.
    • Additionally, the board will include:
          • Three part-time banking experts.
          • Three part-time insurance industry professionals.

     

    Responsibilities of FSIB: 

    • Its main responsibility is to recommend appointments for full-time directors and non-executive chairman of state-run financial institutions.
    • Additionally, FSIB issues guidelines for selecting general managers and directors of public sector general insurance companies.

     

    Replacement of Banks Board Bureau (BBB):

    BBB was replaced by FSIB after being deemed ineffective by the Delhi High Court.

     

  • CBDC Pilot Programmes for CPs and CDs

    Context

    RBI may come up with the pilot programs for Central Bank Digital Currencies (CBDCs) in commercial papers (CPs) and certificates of deposits (CDs).

     

    More on News

    • The RBI Governor stated that one million daily retail transactions are made using Central Bank Digital Currency (CBDC) interoperable with UPI, though UPI remains the preferred choice for most users.
    • He emphasised boosting CBDC transactions to grasp their full impact on the economy, especially on monetary policy and the banking sector.

     

    Types of Market Securities (CDs, CPs, etc.)

    • Certificates of Deposit (CDs): CDs are fixed-term, fixed-interest time deposits that banks and other financial organisations offer. Investors make deposits for a set length of time, after which they cannot withdraw the funds without penalty. 
    • Generally, CDs provide greater interest rates than standard savings accounts.
    • Commercial Paper (CPs): Issued by governments, financial organisations, and corporations, CPs are short-term debt instruments used to raise money for unforeseen expenses. They are normally issued at a discount to face value, with maturities varying from a few days to a year.
    • Corporate bonds: Corporate bonds are debt instruments that companies issue in order to raise money. They may pay fixed or variable interest rates, and they usually have longer maturities than commercial paper. 
    • Based on the creditworthiness of the issuer, credit rating organisations assign a rating to corporate bonds; higher-rated bonds are deemed to be safer investments.
    • Stocks, or equity shares: Stocks, often known as equity shares, are certificates of ownership in corporations. Upon purchasing stock, investors turn into a part owner of the business and are eligible to receive dividends representing a piece of the profits.

  • National Centre for Good Governance

    Context:

    A Building Programme on Project and Risk Management for Public Works for the officers from the Republic of Tanzania commenced recently at the National Centre for Good Governance (NCGG), Mussoorie.

     

    More on News:

    • NCGG’s efforts reflect the Indian philosophy of ‘Vasudhaiva Kutumbakam’ emphasising enhancing bilateral ties and promoting cooperation with other nations.
    • The capacity-building program offers cross-country experiences and facilitates policy dialogue, emphasising best practices in project and risk management across sectors.

     

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    Good governance refers to the effective and responsible management of public affairs and resources by public institutions to meet the needs of the people. 

    Good governance is characterised by eight key principles: participation, rule of law, transparency, responsiveness, consensus-oriented decision-making, equity and inclusiveness, effectiveness and efficiency, and accountability. 

    The Hota Committee, established in 2005, recommended: 

    • Institutionalisation of Training
    • Competency-Based Training
    • Interdisciplinary Training
    • Use of Technology 
    • Continuous Evaluation and Feedback.

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    About NCGG:

    • The National Centre for Good Governance (NCGG) was set up in 2014. 
    • It is an apex–level autonomous institution under the Ministry of Personnel, Public Grievances and Pensions. 
    • The Centre traces its origin to the National Institute of Administrative Research (NIAR), which was set up in 1995 by the Lal Bahadur Shastri National Academy of Administration (LBSNAA).
    • It is mandated to work in the areas of governance, policy reforms, capacity building and training of civil servants and technocrats of India and other developing countries. 
    • The Centre has focused on decentralised planning, capacity building of Panchayat Raj Institutions (PRIs), etc. 
    • It also addresses good governance, social accountability, and issues in water, sanitation, and hygiene (WASH), among others.
    • It also works as a think tank.

  • Artificial Intelligence as Urban Resilience

    What is Urban Resilience?

    • Urban resilience involves a city’s capacity to anticipate, endure and adjust from challenges like natural disasters, economic slumps, and social unrest. 
    • It requires solid infrastructure, community unity, good governance, eco-friendliness, and tech use to thrive during tough times. 
    • This resilience is characterized by redundancy, strength, adaptability, resourcefulness, and innovation across five areas: nature, economy, society, infrastructure, and institutions.

     

    How data-driven mechanisms can build Urban Resilience?

    • Enhanced Risk Assessment: Data analytics and modelling techniques allow cities to assess risks such as natural disasters, climate change impacts, and socio-economic vulnerabilities. 
    • By analysing historical data and simulating potential scenarios, cities can identify high-risk areas and prioritise mitigation efforts effectively.
    • Example: Flood Risk Assessment in Chennai, Tamil Nadu utilises data analytics and modelling techniques for flood risk assessment and mitigation. 
    • Improved Early Warning Systems: Data-driven early warning systems enable cities to anticipate and respond to imminent threats, like floods, hurricanes, or disease outbreaks. 
    • Live tracking of environmental conditions, paired with predictive algorithms, enables prompt alerts and evacuation plans, lessening disasters’ impact on city dwellers.
    • For example, Tokyo’s disaster response system incorporates data from various sources to provide early warnings for various natural disasters.
    • Optimised Resource Allocation: By tracking and analysing data cities can allocate emergency response resources more efficiently, ensuring critical services reach those in need promptly.
    • Proactive Infrastructure Management: By collecting and analysing data from sensors, IoT devices, and remote monitoring systems, cities can detect potential failures or weaknesses in infrastructure systems, enabling preventive maintenance and reducing the risk of disruptions.
    • Empowered Community Engagement: Through real-time data access, feedback loops, and interactive maps, cities empower communities in resilience-building, promoting ownership and collective responsibility.
    • Evidence-based Policy Development: By analyzing demographic, economic, and environmental data, cities can craft policies to tackle vulnerabilities and foster sustainable development, boosting resilience.
    • Capacity Building Through Technology: By offering data analytics tools, simulations, and best practices, cities can enhance workforce readiness for effective crisis management.

     

    smart solutions

    Smart Cities Mission in India (SCM) 

    • Launch Date: The SCM was inaugurated on June 25, 2015, with the aim of transforming Indian cities into smarter and more livable urban centres.
    • Objective: The objective is to is to develop cities that offer vital infrastructure, amenities, and a good quality of life for residents.
    • This includes access to basic services like water, sanitation, affordable housing, transportation, and strong IT connectivity.
    • What is a Smart City: A smart city uses technology and data-driven solutions to improve infrastructure, services, and residents’ quality of life, fostering sustainability and economic growth.

     

    Best Practices of AI adoption in Urban Management in other countries

    • Singapore: To support its digital economy and future, Singapore launched AI Singapore (AISG) in 2018 with the goal of accelerating, enhancing, and syncing the country’s AI capabilities.
    • Finland: In 2020, the country introduced the Artificial Intelligence 4.0 Programme, a revised AI strategy that encourages the use of AI and other digital technologies in businesses. 
    • SMEs from a variety of industrial and service sectors will receive particular attention as the program is implemented.
    • Australia: Australia is developing an AI-powered “digital twin” of the city under the Digital Twin Project. 
    • This virtual replica will be used to simulate the impact of urban planning decisions on areas like traffic flow, energy use, and noise pollution, allowing for more informed policy-making. 

  • The Dilemma of Governance: Technology vs Human Connection 

    Context

    The recent news highlighted a discussion on the pitfalls of over-reliance on technology in governance and the need to prioritise human interaction.

     

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    Negative Impact of Consumerism and Advertising

    • Advertising often exploits human insecurities to drive consumption, fostering consumerism, and undermining genuine human connections.
    • This perpetuates a belief that technology can replace meaningful human interactions.
    • Example: Plastic was identified in 93% of the samples, which included major name brands such as Aqua, Aquafina, Dasani, Evian, Nestle Pure Life and Bisleri.

    Concerns about Technological Solutions in Governance

    • The increasing reliance on technological solutions raises questions about their ability to substitute for human and societal connections in governance.
    • There’s uncertainty about whether these solutions truly address needs or contribute to a culture of inadequacy.
    • Example: Jam Trinity, an abbreviation for Jan Dhan Yojna, Aadhaar and Mobile  has raised significant concerns about privacy and data security due to the sharing of personal data, including biometrics, across multiple platforms.

     

    Importance of Human Interaction

    • Over-reliance on technology overlooks critical human-society interaction, leading to deficiencies in last-mile service delivery.
    • While technology can streamline governance processes, the neglect of long-term policy interventions and anthropocene challenges may worsen societal issues.
    • Example: Values like Empathy, ethical decision making, equity, etc. enhance human interaction by fostering trust, understanding, and cooperation among individuals. 

     

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    Anthropocene Challenges:

    It refers to the environmental problems caused by human activity.

    Some of them are:

    • Extreme climatic conditions
    • Natural resource contamination, 
    • E-waste proliferation, 
    • Biodiversity loss, 
    • Deforestation, 
    • Ocean acidification, 
    • Air pollution, 
    • Urbanisation pressures.

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    Anthropocene

    • Anthropocene highlights the prominent role of human activities in shaping the Earth’s current state.
    • It’s characterised by widespread changes in the environment, such as climate change, biodiversity loss, pollution, and alterations to the Earth’s land surface.

     

    Technology cannot replace humans in governance

    Unforeseen Circumstances:

    • Humans can adapt and find creative solutions in unpredictable situations, while technology may encounter limitations or breakdowns.
    • Example: Humans possess intimate knowledge of disaster-affected areas, including geographical, cultural, and social context during any unforeseen disaster.

    Ethical Decision-Making:

    • Humans possess moral judgement crucial for navigating complex situations in last-mile delivery, a quality lacking in technology.
    • Example: Environmental degradation often disproportionately affects marginalised communities. So a moral judgement would excel over technological solutions.

    Sustainable development and intergenerational equity:

    • It requires holistic decision-making that considers long-term impacts on the environment, society, and economy. 
    • Example: Chaukhambha Model introduced by Ram Manohar Lohia refers to a development model that emphasises balanced regional development.

    Complexity of Human Interaction:

    • Last-mile delivery requires understanding local contexts, addressing individual needs, and building trust, which technology struggles to replicate.
    • Example: SDG localization addresses the unique social, economic, and cultural contexts of different communities. 

     

    Conclusion

    • In conclusion, while technology can enhance governance processes, it cannot entirely replace humans. 
    • Therefore, a balanced approach that leverages technology while recognizing the irreplaceable role of human judgement, intuition, and empathy is necessary for effective governance.

  • Sanglaphu Lake

    Context:

    Sanglaphu Lake in Sikkim’s Mangan district, previously inaccessible to tourists, is now open for visitors. 

     

    sanglaphu lake

    About Sanglaphu Lake:

    • Located at an altitude of 5,080m, it’s revered as the “Great Lake” by locals.
    • The lake symbolises local heritage and religious beliefs.
    • Sanglaphu peak, with an altitude of 6,224m, feeds Gurudongmar lake, a major source of the Lachen stream that feeds the Teesta River.
    • The emergence of Sanglaphu Cho gained prominence subsequent to the closure of the renowned Gurudongmar Lake due to a Glacial Lake Outburst Flood (GLOF).

  • Places in News

    Context :

    Severe weather events occur on different sides of the globe in Brazil, Indonesia and Vietnam.

     

    More on News :

    Brazil : 

    Facing the worst floods in The Rio Grande do Sul state in southern Brazil.

    Brazil map

    About Brazil : 

    • Capital : Brasília.
    • Largest country in South America and the fifth largest nation in the world.
    • Known for its dense forests like The Amazon, the world’s largest tropical rainforest.
    • The Amazon River, having a length of 6575  km, travels through Brazil and falls into the Atlantic Ocean.
    • The Madeira River flows between Bolivia and Brazil is one of the largest and most important tributary of the Amazon River. 
    • Bordering countries : Argentina, Uruguay, Paraguay, Peru, Bolivia, Colombia, Venezuela, Suriname, Guyana, and French Guiana
    • Mountains : Sugarloaf, Pico da Bandeira.

     

     

    Indonesia : 

     Floods and landslides on the island of Sulawesi

     

    Indonesia new capital plan

    About Indonesia : 

    • Consists of five major islands:    
        • Sumatra
        • Java (Jakarta capital lies) 
        • Borneo (“Kalimantan” in Indonesia)
        • Sulawesi
        • New Guinea.
    • Capital: Nusantara (Replace Jakarta). 
    • Volcanic Mountains : Mt. Sinabung, Merapi, Semeru.
    • Bordering countries :  Malaysia, Papua New Guinea, and East Timor.
    • Highest Mountain:Puncak Jaya 
    • River: Kapuas 

     

     

    Vietnam: 

    Facing Waves of high temperatures 

     

    veitnam

    Vietnam : 

    • Capital: Hanoi.
    • Bordering Countries: China, Laos and Cambodia.
    • River : Mekong River (Longest river in Southeast Asia and flows through China, Vietnam, Laos, Myanmar, Thailand, and Cambodia).

     

     

    Sudan

    Context:  

    The ongoing civil war in Sudan represents a big problem with how the country’s governing structure, along with power conflict between two military generals. 

     

    Sudan

     

    About Sudan: 

    • Location: Sudan is a country situated in northern Africa.
    • Capital: Khartoum (Situated at the confluence of the White and Blue Niles rivers. 
    • Borders: Sudan shares its borders with Egypt, Eritrea, Ethiopia, the Red Sea, South Sudan, Chad, the Central African Republic and Libya.
    • Resources and Power:
        • Oil: Sudan has oil reserves, first discovered in the southwestern part of the country in 1977.
        • Other Minerals: Sudan also has mineral deposits such as gold, uranium, chromite, gypsum, mica, marble, and iron ore. 
        • However, not all of these resources are fully utilized.
    • Independence: Sudan gained independence from British rule in 1956.

  • Bank Lending to Businesses 

    Context:

    Bank lending to industry and services sectors grew by 16.3 percent in March 2024 as against 12.5 percent in the same period of last year.

     

    virtuous cycle of credit generation

    More on News:

    • According to the Reserve Bank of India’s (RBI), outstanding bank credit to businesses stood at Rs 82.73 lakh crore in March 2024, as against Rs 71.16 lakh crore in March 2023.
    • The growth in bank credit to businesses rose by 14.6 percent on a year-on-year basis, up 210 basis points (bps) compared to March 2023.
    • Bank loans to industry segments increased to 9 percent y-o-y in March 2024 compared to 9.1 percent y-o-y in February 2024 and 5.6 percent in March 2023.
    • Outstanding credit to industries stood at Rs 36.83 lakh crore as of March 2024, as against Rs 33.8 lakh crore  in March 2023.
    • The credit to large industries grew 7 percent y-o-y to Rs 26.51 lakh crore in March 2024, as against a growth of 3.1 percent in March 2023. 

     

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    Non-Performing Assets (NPAs)

    NPAs refer to loans or advances that have stopped generating income for the bank, typically defined as loans where the principal or interest remains overdue for more than 90 days. The  Net NPA percentage of Public Sector Banks in India is higher than that of Private Sector Banks.

    Gross Non-Performing Assets (GNPA)

    GNPA is an absolute amount that represents the total value of gross non-performing assets for a bank in a particular quarter or financial year. 

    Factoring

    Factoring is when a business sells its invoices to a third party at a discount for immediate cash, aiding short-term cash flow, especially for small and medium-sized businesses.

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    Impact of Credit Growth on the Indian Economy:

    • Robust Economic Growth: Credit growth signals robust demand in the Indian economy, with bank credit expanding by 11.4% in FY24 and deposits rising by 9%. 
    • Relationship Between Credit and Growth: The financial system, especially banking, plays a crucial role in allocating resources efficiently, promoting economic growth. 
    • Sectoral Impact: Long-term credit demand has seen growth in sectors like infrastructure, textiles, chemicals, food processing, metals, and iron and steel. Infrastructure is experiencing increased credit flow, with a positive impact on economic growth.
    • Bank Credit Growth Outlook: Bank credit growth in India is expected to be around 14-14.5% in FY25, with personal loans and NBFCs being major growth drivers. 
    • Credit Landscape Post-Pandemic: The banking system remains the primary source of credit for consumers, agriculture, and most MSME borrowers. 
    • Job Creation: Infrastructure financing credit growth can spur job creation, aided by government plans for significant infrastructure development to boost capital spending and stimulate economic growth.
    • As per private estimates, “Every Rs 1 crore invested in the infrastructure sector, generates 200-250 man-years of employment for unskilled, semi-skilled and skilled workers of at least 70 trades.”
    • Economies of Scale: The expansion of credit and banking reach in India, along with changes in transaction methods, directly impacts the growth trajectory of the economy, potentially leading to economies of scale.

  • Artificial General Intelligence

    Context :

    OpenAI advancing towards development of Artificial General Intelligence.

     

    What is Artificial General Intelligence?

    A machine or software that can execute tasks akin to human abilities and adapt itself in a wide range of domains. It has abilities like thinking, learning, reasoning which humans have.  E.g : Through AGI, self-driving cars adapt in real time.

     

    AGI(Artificial General Intelligence) V AI(Artificial Intelligence) : 

    • AI rely on algorithms or pre-programmed rules to guide their actions while AGI has the ability to adapt to changing situations like humans do.
    • In AI a single task is performed while AGI machine is made to think and respond.
    • AI needs a set of  Programming for executing tasks while AGI learns from its experiences and tasks.

     

    AGI(Artificial General Intelligence) V GAI(General Artificial Intelligence) : 

    AGI behaves in a human-like way in all the tasks and GAI is a collection of Deep learning algorithms that can be used to create new content like audio, code, images, text, simulations, and videos.

     

    Applications : 

    • Better diagnostics and medicine to patients through data analysis.
    • In business it will help in real time market predictions.
    • Novel ideas, solutions, and creative outputs. 

     

    Concerns : 

    • E-waste and energy consumption : More demand for gadgets, memory chips.
    • Erroneous or Discriminatory decisions : It could become uncontrollable
    • Job losses : Potential to replace ManPower.
    • Securities concerns : Attack to privacy 
    • Ethical implications : More dependency may lead to loss of basic skills and can be biased, less transparent and can act immorally.

  • Data Annotations

    Context:

    Thousands of gig workers are becoming the backbone for training artificial intelligence-based large language models (LLMs) by taking on microtasks.

     

    More on News

    • Microtasks include transcribing audio, labeling images, translating text, and marking objects in self-driving clips and chatbot responses.
    • India is becoming a major hub for data annotation services with a diverse workforce contributing to creating top-notch datasets.

     

    types-of-data-annotation

    Key Highlights:

    • According to NASSCOM the global data annotation market is projected to reach $10 billion by 2028 growing at a rate of 27.2% annually. 
    • India’s data annotation market is expected to exceed $7 billion by 2030.

     

    About Data Annotation

    Also known as  Data labelling is a critical step in creating high-quality datasets to train AI models.

    • It ensures accuracy, preventing errors, and establishing safeguards against inappropriate or harmful content.
    • Manually annotating data by human annotators or leveraging machine learning algorithms facilitates this process.

     

    Annotation-as-a-Service 

    • It refers to a system or platform that allows the storage, management, and retrieval of metadata or additional information.
    • Including tags, temporal data, spatial data, or other types of metadata. 
    • It is important for supporting a wide range of applications in different domains. 
    • It is experiencing significant growth in popularity, especially in India, as noted by the author and CEO of AI startup ScreeAI.

  • For Cleaner Air go Nuclear

    Context :

    Nuclear energy will play a key role achieving net zero emissions and decarbonisation.

     

    More on News : 

    • Nuclear energy is a form of energy released from the nucleus, the core of atoms, made up of protons and neutrons
    • International Energy Agency (IEA) report “Renewables 2022”: ‘Analysis and forecast to 2027’-  Nuclear energy will play an impactful role in India’s journey towards achieving net zero emissions.
    • India strategy estimates a threefold increase in installed nuclear capacity by 2032.

     

    Where India Stands ? 

    • Share of nuclear power in the total electricity generation in the country is about 2.8%.
    • It is the  5th largest source of electricity after coal, gas, hydroelectricity and wind power.

     

    Causes of Low nuclear energy production in India : 

    • Safety issues : Memories of natural disasters like the Chernobyl incident,1986 among locals. E.g.- Locals protesting against Kudankulam nuclear power plant.
    • Capital Intensive : Construction, operation, and maintenance costs are high.
    • Waste Management : Handling, storage, transportation of radioactive waste is risky.
    • Limited resources : Uranium key in nuclear power is imported as India produces about 2% of the world’s uranium
    • Technical Hurdles : Access to technology is limited as India is not part of NSG.

     

    Benefits of Nuclear energy : 

    • Land Requirement for installation is low compared to other renewable sources.
    • Reliable and continuous source of power and will maintain grid stability.
    • Reduce air pollution and global warming.
    • Will reduce dependence on the Coal sector and will reduce the cost of electricity.

     

    What needs to be done to expand nuclear power : 

    • Expansion of Indigenous PHWR reactors- To boost nuclear power capacity in India like India 1st time manufactured Prototype Fast Breeder Reactor (PFBR) for Kudankulam power plant.
    • More Small Modular reactors need to be manufactured as they are simple in design and reduce cost and high capacity to perform.
    • Enhance the safety of nuclear plants.
    • Exploring untapped potential of Thorium reserves which is present in large amounts within India and is critical in the 3rd stage of the nuclear power programme.

     

    Sites of Nuclear power in India : 

     

    nuclear power plant

     Operational Nuclear sites : 

    Planned : 

    India’s Panchamrit :

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    • Reach 500GW Non-fossil energy capacity by 2030.
    • 50 per cent of its energy requirements from renewable energy by 2030.
    • Reduction of total projected carbon emissions by one billion tonnes from now to 2030.
    • Reduction of the carbon intensity of the economy by 45 per cent by 2030, over 2005 levels.
    • Achieving the target of net zero emissions by 2070.

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