Daily Current Affairs (DCA) 9&10 May, 2025

Daily Current Affairs Quiz
9&10 May, 2025

National Affairs

1. India’s Maternal Mortality Ratio

Context:

The Maternal Mortality Ratio (MMR) in India declined to 93 per lakh live births in 2019-21 from 97 in 2018-20, and 103 in 2017-2019, according to the latest data released by the Office of the Registrar General and Census Commissioner of India.

National MMR Trend (India):

• MMR in 2019–21: 93 maternal deaths per 100,000 live births
• Improvement Over Time:
  • 2018–20: 97
  • 2017–19: 103
• Source: Office of the Registrar-General and Census Commissioner of India via Sample Registration System (SRS)

State-wise MMR (High Burden States):

• Madhya Pradesh: 175
• Assam: 167
• Uttar Pradesh: 151
• Odisha: 135
• Chhattisgarh: 132
• West Bengal: 109
• Haryana: 106

Age Groups with Highest MMR:

• Highest: Women aged 20–29
• Second Highest: Women aged 30–34

Definition and Importance of MMR

• MMR: Number of maternal deaths per 100,000 live births in a given time period
• Maternal Death (WHO): Death of a woman while pregnant or within 42 days of termination of pregnancy, from causes related to the pregnancy or its management

Global Context (WHO Data, 2023)

• Global MMR Goal (SDG): Reduce MMR to <70 per 100,000 live births
• Daily Maternal Deaths: Over 700 women died every day from preventable pregnancy-related causes
• Frequency: One maternal death every 2 minutes
• Progress Since 2000: Global MMR dropped by ~40%
• Geographic Burden: 90% of maternal deaths occurred in low- and lower-middle-income countries

Here is a structured and SEO-optimized summary in Corbel font on National Health Mission (NHM) and Maternal Health in India:

National Health Mission (NHM) and Maternal Health in India

The National Health Mission (NHM) plays a vital role in India’s efforts to reduce maternal mortality and improve maternal health outcomes. Under the comprehensive RMNCAH+N strategy (Reproductive, Maternal, Newborn, Child, Adolescent Health, and Nutrition), the NHM integrates various schemes and initiatives targeting maternal well-being.

Key NHM Schemes for Maternal Health

1. Janani Suraksha Yojana (JSY)

• Launched: 2005
• Objective: Promote institutional delivery among pregnant women from SC/ST/BPL households.
• Focus: Reduce maternal and neonatal mortality through financial incentives.

2. Pradhan Mantri Matru Vandana Yojana (PMMVY)

• Eligibility: Women pregnant with the first child on or after 01.01.2017.
• Incentive: ₹5,000 for the first live birth (PMMVY 1.0); additional incentive for second child if a girl (PMMVY 2.0 under Mission Shakti from April 2022).
• Objective: Encourage nutrition and positive behaviour toward the girl child.

3. Janani Shishu Suraksha Karyakaram (JSSK)

• Launched: 2011
• Benefits: Free delivery (incl. C-section), diagnostics, medicines, transport, and diet for mothers and sick infants in public health institutions.

4. Surakshit Matritva Aashwasan (SUMAN)

• Launched: 2019
• Goal: Provide respectful, zero-cost, quality maternal and newborn healthcare with zero denial of service.

5. Pradhan Mantri Surakshit Matritva Abhiyan (PMSMA)

• Launched: 2016
• Service Day: 9th of every month
• Objective: Provide quality ANC (Antenatal Care) to all pregnant women, especially High-Risk Pregnancies (HRP).
• e-PMSMA: Ensures HRP tracking and incentivizes follow-up visits.

6. LaQshya Programme

• Launched: 2017
• Focus: Improve quality of care in labour rooms and maternity OTs to ensure respectful maternity care during childbirth.

Supporting Initiatives and Systems

• Capacity Building: Training MBBS doctors in LSAS (Anesthesia) and EmOC (Obstetric Care including C-section) for rural outreach.
• Maternal Death Surveillance Review (MDSR): Identifies causes of maternal deaths and recommends corrective measures.
• Village Health, Sanitation and Nutrition Day (VHSND): Outreach for maternal care and nutrition services.
• IEC/BCC Activities: Awareness on antenatal registration, nutrition, and safe deliveries.
• Mother-Child Protection (MCP) Card & Safe Motherhood Booklet: Tools for awareness on maternal nutrition, danger signs, and healthcare services.
• RCH Portal: Web-enabled tracking of pregnant women and newborns for continuous service provision.
• Anaemia Mukt Bharat (AMB): Targets anaemia in pregnant women and adolescents through testing, treatment, and communication strategies.

TH & PIB

2. India’s Climate Finance Taxonomy

Context:

To direct investment towards clean-energy projects and infrastructure better adapted to weather threats from climate change, the Finance Ministry has made public a draft document, ‘Framework of India’s Climate Finance Taxonomy‘.

Objective of the Draft Taxonomy

• Serve as a tool to classify economic activities consistent with India’s climate goals and its Net Zero 2070 target
• Channel investment toward clean energy, climate-resilient infrastructure, and low-emission technologies
• Prevent greenwashing by clearly defining what qualifies as “climate-supportive” or “transition” activities
• Align with India’s development vision of ‘Viksit Bharat’ (Developed India)

Key Features

• Encourages long-term, affordable, and reliable energy access
• Provides a clear framework for investors to identify legitimate green and transition projects
• Promotes transparency, credibility, and standardisation in climate finance classification

Categories of Climate-Aligned Activities

• Climate Supportive Activities:
  • Directly reduce greenhouse gas emissions
  • Lower emissions intensity (emissions per unit of GDP)
  • Include adaptation measures and R&D to mitigate climate risks
• Climate Transition Activities:
  • Enable emissions intensity reduction where absolute emissions cuts are difficult
  • Include sectors like steel, cement, and iron (hard-to-abate sectors)

Global Context:

• Developed nations committed to $300 billion annually by 2035 as the New Collective Quantified Goal at COP29 (Baku)
• Actual developing world requirement: $1.35 trillion annually
• Persistent disagreements due to lack of a standard definition of “climate finance”
• India’s taxonomy aims to fill this definition gap and build consensus

TH

3. Cost Framework to Regulate Predatory Pricing in 2025

Objective of the New Notification

• Rein in predatory pricing by clearly defining what constitutes the “cost” of a product or service
• Enable fair competition by protecting smaller players from being priced out by dominant firms
• Provide regulatory clarity for businesses and courts in pricing-related investigations

Definition of Predatory Pricing (as per Competition Act, 2002)

• Selling a product/service below its cost with the intent to:
  • Eliminate competitors
  • Reduce market competition

Key Cost Definition Introduced

• Cost = Average Variable Cost (AVC)
  • AVC = Total Variable Cost / Total Output
  • Total Variable Cost = Total Cost – Fixed Cost – Fixed Overheads
• This definition applies universally across sectors, not limited to specific industries

Importance for the Digital Economy:

• Recognizes fluid pricing strategies in tech-based sectors
• Offers regulatory flexibility for evolving business models in digital and gig economies
• Helps the CCI better detect and penalize anti-competitive pricing while promoting innovation

4. South Asia Press Freedom Report 2024–25

Context:

The 23rd Annual South Asia Press Freedom Report, titled “Frontline Democracy: Media and Political Churn”, offers a sobering view of the deteriorating state of press freedom across South Asia, with India facing systemic threats to journalistic independence.

Key Findings on Press Freedom in India

Publisher: Asia Press Freedom Group
Coverage: India, Pakistan, Afghanistan, Sri Lanka, Bangladesh, Nepal, Bhutan, Maldives

Key Regional Findings

• 250+ press freedom violations recorded across South Asia.
• 69 journalists jailed or detained; 20 journalists killed on duty.
• India ranked 151st, highlighting a significant decline in global press freedom.
• Bhutan dropped to its lowest-ever rank at 152.
• Pakistan experienced its most violent year for journalists in two decades.

India: Worsening Press Freedom Amid Legal and Digital Suppression

1. Legal & Institutional Harassment

• Frequent misuse of:
  • Unlawful Activities (Prevention) Act (UAPA)
  • Prevention of Money Laundering Act (PMLA)
  • Sedition and Defamation laws
• Examples include Income Tax and ED raids on independent media outlets.

2. Disinformation and IT Cells

• Political party-run IT cells amplify:
  • Fake news
  • Hate speech
  • Propaganda
• Global Risks Report 2024 identifies “manipulated information” as the top short-term global threat.

3. Digital Media Censorship

• Choking of independent platforms via:
  • Denial of government ads
  • Arbitrary internet shutdowns
  • Tight control over digital narratives

Emerging Threats: AI and Precarious Labour Conditions

1. AI-Driven Challenges

• AI-generated content threatens news credibility and undermines human reporting.
• Algorithmic curation favors sensationalism over verified information.

2. Gig Economy & Job Insecurity

• Freelancers and gig workers face:
  • Low wages
  • Contract-based work
  • No job protection or benefits

Gender Disparities in Media

• Under-representation of women in leadership roles across newsrooms.
• Widespread gender-based harassment, limiting safe participation of women in journalism.

Way Ahead

To reverse the growing threats to media freedom and ensure a robust democratic discourse, the following strategic reforms are recommended:

Media Law Reforms

• Pass the Media Transparency Bill 2024 to:
  • Prevent media monopolies and cross-ownership.
  • Ensure fair and non-partisan distribution of government advertising.
  • Mandate disclosure of media funding sources and ownership patterns.

Independent Regulatory Framework

• Establish a Media Ombudsman empowered to:
  • Review censorship complaints and surveillance-related violations.
  • Uphold editorial independence and fair reporting standards.
  • Ensure grievance redressal for unethical media practices.

Protection of Journalists’ Rights

• Introduce labour protections for freelance, gig, and contract-based journalists.
• Institutionalize:
  • Legal aid for journalists facing SLAPP suits or arbitrary detentions.
  • Safety mechanisms including press badges, helplines, and rapid-response units.

Strengthen Fact-Checking Infrastructure

• Public and private investment in:
  • Independent fact-checking organizations and media literacy campaigns.
  • Election-period fact verification to curb IT cell-led disinformation.
  • Real-time myth-busting tools to address viral fake news.

Promote Digital Pluralism

• Support independent media startups, local journalism initiatives, and community radio.
• Offer tax and grant incentives for platforms that provide:
  • Diverse political and social viewpoints.
  • Transparent algorithms and ad policies.
  • Journalist-led innovation and audience trust initiatives.

5. India vs UK Carbon Border Tax

Context:

India has strongly opposed the United Kingdom’s plan to introduce a Carbon Border Adjustment Mechanism (CBAM) from January 1, 2027, warning of reciprocal action if Indian exports are taxed under this system.

What is CBAM?

• Definition: A carbon tax imposed on imported goods to reflect their embedded carbon emissions.
• Purpose: Prevents carbon leakage by aligning import costs with domestic carbon pricing policies.
• UK’s Plan: CBAM rollout in 2027, affecting steel, aluminium, cement, and other energy-intensive sectors.

India’s Objections

• Violation of CBDR Principle:
  • CBAM breaches the “Common But Differentiated Responsibilities” doctrine under the UNFCCC and Paris Agreement, which allows developing countries longer timelines for decarbonization.
• Unfair to Developing Countries:
  • India argues that CBAM punishes nations with higher carbon intensity due to economic and developmental needs, despite having lower per capita emissions.
• Risk of Double Taxation:
  • Indian exporters may face both domestic environmental taxes and UK’s carbon tax, hitting price competitiveness.
• Adverse MSME Impact:
  • Labour-intensive sectors like textiles, leather, ceramics, and engineering goods risk losing global market share due to compliance burdens.
  • India’s plea for MSME exemptions under the UK CBAM has been ignored.

Strategic and Trade Implications for India

• Effective Trade Barriers Despite FTAs:
  • Even with tariff concessions under Free Trade Agreements, non-tariff carbon barriers could nullify trade gains.
• Pressure to Upgrade Sustainability Compliance:
  • Indian exporters may need to implement:
    • Carbon tracking and disclosure
    • ESG norms adherence
    • Green certification and auditing
• Threat to Sovereignty in Trade Policy:
  • Fears of future CBAM expansion to labour, IPR, and environmental clauses, limiting India’s policy space and negotiating power.

Banking/Finance

1. IndusInd Bank’s Crisis: RBI and Financial Stability

Context:

CRISIL Ratings has put IndusInd Bank’s long-term debt instruments on ‘watch with negative implications’, citing the private-sector lender’s review of its microfinance (MFI) business and the resignation of two top executives.

RBI and Financial Stability

Context:
Over the years, the Reserve Bank of India (RBI) has stepped in at critical moments to calm markets and reassure the public about the stability of India’s banking system. The latest instance involves IndusInd Bank, where RBI’s timely intervention helped prevent depositor panic.

Recent Example: IndusInd Bank Accounting Error

• Incident: A capital loss of ₹1,500–2,000 crore (approx. 2.35% of capital) due to an accounting error.
• Market Reaction: IndusInd Bank shares plunged over 27% in a day.
• RBI Response:
  • Issued a Saturday statement confirming the bank’s financial health.
  • Urged depositors to ignore speculative reports and remain calm.
  • Directed the bank’s board to complete corrective actions by Q4FY25.

Key Financial Metrics (as of March 9):

• Capital Adequacy Ratio: 16.46%
• Provision Coverage Ratio: 70.2%
• Liquidity Coverage Ratio (LCR): 113% (above required 100%)

RBI’s Historical Assurance Actions

• ICICI Bank (April 2003):
  RBI reassured the public after rumors on ICICI’s liquidity surfaced.
• YES Bank Moratorium (March 2020):
  RBI protected depositors’ interests during the moratorium and resolution process.
• COVID-19 Market Volatility (2020):
  Then-Governor Shaktikanta Das clarified that stock volatility does not reflect the safety of bank deposits.

RBI’s Lender of Last Resort (LOLR) Function

• Mandate: Provide liquidity to solvent banks facing temporary crises to preserve system-wide confidence.
• Framework: Based on Walter Bagehot’s principles (from Lombard Street):
  • Lend freely, against good collateral, at a penalty rate.
  • Prevents localized issues from turning into systemic failures.

Significance of RBI’s Stability Role

• Maintains depositor confidence during market stress.
• Prevents bank runs triggered by rumors or misinformation.
• Signals regulatory vigilance and robust supervisory mechanisms.
• Supports economic resilience during volatility or governance lapses.

2. RBI Removes Investment Limits for FPIs in Corporate Debt Market

Context:

The Reserve Bank of India (RBI) has withdrawn two major restrictions on foreign portfolio investors (FPIs):

• Short-term investment limit
• Concentration limit

What Has Changed?

New Regulatory Directions:

• Short-Term Investment Limit Removed:
  • FPIs can now invest any proportion of their funds in corporate debt securities, regardless of residual maturity.
• Concentration Limit Removed:
  • FPIs and their related entities are no longer bound by the earlier single-investor exposure limits in the corporate debt market.

Previous Restrictions (Now Withdrawn)

• 30% Cap Rule:
  • FPIs were not allowed to invest more than 30% of their total corporate debt investments in securities with residual maturity of up to one year.
• Concentration Limits:
  • Long-Term FPIs: Limited to 15% of the prevailing corporate debt investment limit.
  • Other FPIs: Capped at 10% of the same limit.

RBI’s Objective and Market Impact

Objective of the Move

• Intended to provide greater ease of investment to FPIs.
• Aims to facilitate foreign inflows into India’s corporate debt market.
• Supports the RBI’s broader goal of deepening the domestic corporate bond market.

Broader Implications

• Enhances flexibility for global investors
• May improve liquidity and participation in India’s corporate bond market
• Could contribute to long-term capital formation in the debt segment

BS & BL

3. Startup Founders Seek Sebi Relaxation on Esops Amid Dilution Ahead of IPOs

Context:

Several pre-IPO startups have requested the Securities and Exchange Board of India (Sebi) to allow issuance of employee stock options (Esops) to founders whose equity holdings have diluted substantially due to multiple funding rounds.

• Sebi’s current regulations prohibit Esop grants to promoters post-listing.
• However, many founders are classified as promoters during IPO preparation, making them ineligible for Esops under existing rules.

What Is an Employee Stock Ownership Plan (ESOP)?

An Employee Stock Ownership Plan (ESOP) is a qualified retirement benefit plan that gives employees ownership interest in the company via company stock. It is commonly used for succession planning in closely held firms and as a corporate finance tool to align employee incentives with shareholder interests.

Key Features of ESOP

• Ownership Incentive: Grants employees shares, fostering a sense of ownership and loyalty.
• Trust-Based Structure: ESOPs are set up as trust funds to hold and manage shares.
• Flexible Funding: Can be funded by newly issued shares, company cash, or borrowed funds.
• Retirement Benefit: Functions as part of an employee’s retirement package with vesting schedules.
• Non-Discriminatory: ESOPs must be offered equitably, with a fiduciary trustee overseeing the plan.

How Does an ESOP Work?

1. Company Establishes Trust: A legal entity is created to manage employee ownership.
2. Shares Are Allocated: Either through direct contributions, purchases, or leveraged loans.
3. Vesting Period Applies: Employees earn rights to shares over time.
4. Payout Upon Exit: When employees retire or leave, the company buys back the shares at fair market value.

Advantages of ESOPs

For Employees:

• Wealth Creation: Gain from stock price appreciation.
• Enhanced Motivation: Direct link between performance and rewards.
• Retirement Security: ESOP acts as a long-term savings tool.

For Employers:

• Improved Productivity: Ownership culture boosts morale and performance.
• Succession Planning: Smooth transfer of ownership in private firms.
• Tax Efficiency: Offers various corporate and shareholder tax benefits.

4. RBI Surplus Transfer to Government

Context:

The Reserve Bank of India (RBI) is expected to transfer a surplus between ₹ 2.2 trillion and ₹ 3.1 trillion to the government for the financial year 2024-25 (FY25), against record ₹ 2.1 trillion in FY24,aBusiness Standard snap poll of six participants said.

How the RBI Determines the Allocation of Dividends

The Reserve Bank of India (RBI) determines its annual dividend transfer to the Government of India based on the Economic Capital Framework (ECF). This framework balances fiscal support to the government with the need to maintain adequate financial buffers for monetary and financial stability.

Key Determinants of Dividend Allocation

Economic Capital Framework (ECF)

• Based on recommendations by the Bimal Jalan Committee (2018).
• RBI must maintain a Contingent Risk Buffer (CRB) of 5.5%–6.5% of its balance sheet.
• CRB covers risks such as:
  • Market volatility
  • Credit defaults
  • Operational and financial system disruptions

Dividend Calculation Process

• Surplus = Total income – Total expenditure – CRB provisioning
• Only the remaining surplus, after provisioning, is transferred to the Government of India under Section 47 of the RBI Act, 1934.

Sources of RBI’s Income

Primary Revenue Streams
Interest from Government Securities
Open Market Operations (OMOs)
Foreign Exchange Operations
Liquidity Adjustment Facility (LAF) earnings
Interest on loans and advances to banks

Recent Trends

• As of March 2024:
  • Forex reserves: USD 646 billion (with USD 409 billion in top-rated sovereign assets)
  • Lower dollar sales in FY24 (USD 153 bn) than FY23 (USD 213 bn), yet income remained strong
  • LAF operations significantly boosted earnings

Expenditure Components

RBI’s Key Expenses
Operational costs
Interest on deposits/borrowings
Cost of currency issuance
Provisioning for contingencies and revaluation losses

5. Pass-Through Certificates (PTCs)

Context:

India achieved a financial milestone with the listing of its first mortgage-backed Pass-Through Certificates (PTCs) on the National Stock Exchange (NSE). Structured by RMBS Development Company Ltd. and backed by LIC Housing Finance’s home loans, this ₹1,000 crore issue marks a pivotal step in deepening India’s housing finance and securitization market.

• The initiative aligns with the Ministry of Finance’s aim to broaden financial inclusion and secondary market liquidity in housing finance.

What Are Pass-Through Certificates (PTCs)?

Definition

• Pass-Through Certificates are fixed-income securities representing an undivided interest in a pool of underlying loans, typically mortgages.

How They Work

• A financial institution pools housing loans and sells them to a Special Purpose Vehicle (SPV).
• The SPV issues PTCs to investors, passing through the monthly repayments (both interest and principal) made by borrowers.
• Investors earn regular income from the mortgage pool, making PTCs a key instrument in asset-backed securities (ABS).

Features of Mortgage-Backed PTCs

• Backed by residential mortgage loans.
• Investors receive scheduled repayments from the pool.
• Issued to diversify risk and enhance liquidity in the mortgage market.

Significance of India’s First Mortgage-Backed PTC Listing

Policy and Market Impact

• Recognized and celebrated by the Department of Financial Services (DFS), Ministry of Finance.
• Facilitates integration of debt markets with housing finance.
• Encourages broader investor participation in the housing loan securitization process.

Broader Benefits

• Boosts confidence in India’s securitization ecosystem.
• Improves liquidity in the housing finance sector.
• Sets a precedent for future mortgage securitization issuances on stock exchanges.

6. Kotak Solitaire Credit Card

Context:

Kotak Mahindra Bank has launched the Kotak Solitaire Credit Card, a travel-focused, invite-only metal card designed for premium users. As Indian travelers increasingly seek exclusive perks and seamless experiences, this card aims to deliver superior travel benefits tailored to luxury and convenience.

Key Features of Kotak Solitaire Credit Card

Airmile Earnings

• 10 airmiles per ₹100 spent on flight and hotel bookings via Kotak Unbox platform.
• 3 airmiles per ₹100 on all other eligible spends.
• Cap of 1,00,000 airmiles per statement cycle via Unbox; post this, only 3 airmiles per ₹100 will be earned.
• Exclusion categories (no airmiles):
  Fuel, rent, wallet loading, utilities, telecom, insurance, education, Government, and international spending.
• Airmile validity: 3 years.

7. Credit Guarantee Scheme for Startups (CGSS): Expanded to Boost Startup Debt Funding

Overview of CGSS

• Launched: October 2022 under the Startup India Action Plan
• Nodal Body: National Credit Guarantee Trustee Company (NCGTC)
• Ministry: Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry
• Purpose: To provide collateral-free credit for DPIIT-recognized startups by reducing credit risk for lenders

Objectives and Strategic Importance

• Facilitates early-stage debt funding without requiring collateral
• Supports R&D, innovation, and domestic manufacturing
• Aligns with Viksit Bharat and Atmanirbhar Bharat missions
• Encourages lending to technology-driven and capital-intensive sectors

Key Features of the Expanded CGSS

• Guarantee Limit Enhanced: From ₹10 crore to ₹20 crore per borrower
• Guarantee Coverage:
  • 85% for default on loans up to ₹10 crore
  • 75% for default on loans above ₹10 crore
• Annual Guarantee Fee (AGF):
  • Reduced to 1% (from 2%) for startups in 27 Champion Sectors
• Eligible Financial Instruments:
  • Term loans, working capital, venture/subordinated debt, debentures, etc.

Eligibility Criteria

• Must be a DPIIT-recognised startup
• Should not be classified as NPA or in default
• Eligibility vetted and certified by lending institutions

Eligible Lenders

• Scheduled Commercial Banks
• NBFCs with:
  • Minimum BBB credit rating
  • Net worth of ₹100 crore or more
• SEBI-registered AIFs

Operational Reforms

• Automatic guarantee issuance via NCGTC portal
• Umbrella Guarantee Structure:
  • Covers pooled investments
  • Cap: 5% of investment amount or ₹20 crore (whichever is lower), based on actual loss

8. RBI Designates FIMMDA as First SRO Under New Financial Market Guidelines

Context:

The Reserve Bank of India (RBI) has officially designated the Fixed Income Money Market and Derivatives Association of India (FIMMDA) as the first Self-Regulatory Organisation (SRO) under its newly launched SRO framework for the financial markets, aimed at enhancing transparency, governance, and standardization.

Key Highlights

New RBI SRO Framework (August 2024)

• Introduced to govern entities recognized as SROs in financial markets.
• Outlines:
  • Objectives & responsibilities
  • Eligibility norms
  • Governance and membership standards
  • Application & recognition procedures

FIMMDA’s Role as SRO

• First entity to receive SRO status under the new framework.
• Will function within RBI’s guidelines to:
  • Promote standardized market practices
  • Strengthen transparency and ethical conduct
  • Encourage market stability through self-governance

What Is a Self-Regulatory Organisation (SRO)?

• An SRO is a non-governmental organization authorized to:
  • Frame and enforce industry-specific rules and standards
  • Regulate conduct within its domain
  • Ensure investor protection, professionalism, and ethical practices
• In finance, SROs reduce regulatory burden on statutory bodies by overseeing specific market segments.

About FIMMDA

• Established: 1998
• Membership: Includes scheduled commercial banks, primary dealers, insurance companies, public financial institutions
• Functions:
  • Valuation of government securities and corporate bonds
  • Benchmark administrator for Indian rupee interest rates
  • Administers FIMMDA-NSE Overnight MIBOR
  • Acts as the calculation agent for daily pricing and rate setting

Significance of the Move

• Strengthens market self-discipline and governance.
• Reduces dependency on direct regulatory intervention.
• Promotes best practices, enhances market integrity, and supports deepening of debt markets.

9. Jan Suraksha Schemes Complete 10 Years of Financial Protection for India’s Poor

Context:

Launched on 9th May 2015, the three Jan Suraksha Schemes—PMJJBY, PMSBY, and APY—were introduced as social security schemes for life insurance, accident insurance, and pension coverage targeting the economically weaker sections of society. As of 2025, they have completed a decade of providing low-cost financial risk coverage to crores of Indians.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

• Objective: Life insurance cover against death from any cause
• Eligibility: Age 18–50 years with a bank/post office account
• Coverage: ₹2 lakh on death (any cause)
• Annual Premium: ₹436
• Coverage Duration: 1 year (1st June–31st May), renewable annually
• Implementing Agencies: LIC and other approved life insurers via banks/post offices

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• Objective: Accident insurance for death or disability
• Eligibility: Age 18–70 years with a bank/post office account
• Coverage:
  • ₹2 lakh for accidental death or total disability
  • ₹1 lakh for partial disability
• Annual Premium: ₹20
• Coverage Duration: 1 year (1st June–31st May), renewable annually
• Implementing Agencies: General insurers via banks/post offices

Atal Pension Yojana (APY)

• Objective: Guaranteed pension scheme for unorganised sector workers
• Eligibility: Age 18–40 years, non-income taxpayers
• Pension Range: ₹1,000 to ₹5,000/month post 60 years of age (based on contribution)
• Contribution Frequency: Monthly, quarterly, or half-yearly
• Implementing Agency: PFRDA under National Pension System (NPS)
• Premature Death Clause: Spouse can continue scheme till subscriber turns 60

Impact Over 10 Years

• Financial Inclusion: Enabled crores of low-income Indians to access affordable risk protection
• Women Participation: High enrolment among women beneficiaries
• Ease of Access: Linked to bank/post office accounts for seamless auto-debit of premiums
• National Outreach: Implemented via public-private insurance partnerships and government-backed pension fund

Agriculture

1. Viksit Krishi Sankalp Abhiyan

Launch & Duration

• Announced by Union Agriculture Minister Shivraj Singh Chouhan
• 15-day campaign from May 29 to June 12, 2025
• Target: Reach 10–15 million farmers across 700 districts in India

Objectives

• Promote modern agricultural technology
• Encourage adoption of new high-yielding seed varieties
• Strengthen agriculture extension services to boost crop productivity

Campaign Structure

• Named “Viksit Krishi Sankalp Abhiyan”
• 2,000 outreach teams to conduct 3 meetings daily at the district level
• Daily outreach target: 11.2 million farmers
• 3,100 trained agriculture scientists to act as master trainers
• Distribution of farmer feedback forms for inputs and lessons learned
• Campaign will be nationally monitored via a dedicated cell

Coordination with States

• Union Agriculture Minister Shivraj Singh Chouhan has urged state agriculture ministers to spearhead the campaign.
• Coordination with state chief ministers to ensure effective local outreach and farmer participation.

Seed Legislation Reforms

• Proposed amendments to the Seeds Act, 1966 to:
  • Prevent sale of spurious seeds.
  • Ensure access to quality and certified seeds.
  • Promote seed traceability across the supply chain for transparency and accountability.

Soil Health & Productivity

• Addressing India’s below-average crop productivity by:
  • Promoting modern farming techniques.
  • Leveraging soil health cards for balanced fertilizer use and sustainable soil management.

Key Focus Areas

• Promotion of direct-seeded rice (DSR) using scientific methods
  • Direct Seeded Rice (DSR) is a method of rice cultivation where seeds are sown directly into the main field, rather than transplanting seedlings from a nursery. It can be done through wet DSR (sowing into puddled soil) or dry DSR (sowing into a non-puddled seedbed). 
• Emphasis on climate-resilient crop varieties, especially in paddy-growing belts.

BS

2. India’s Genome-Edited Rice Varieties

Key Development

• India recently released two genome-edited rice varieties:
  • DRR Dhan 100 (Kamala)
  • Pusa DST Rice 1
• Both developed using Site Directed Nuclease 1 (SDN1) genome-editing technology.
• Derived from popular parent varieties Samba Mahsuri (BPT 5204) and Cottondora Sannalu (MTU1010).

Agronomic & Environmental Advantages

• Up to 30% yield increase compared to conventional varieties.
• 15–20 days shorter maturity period, allowing:
  • Faster crop rotation
  • Efficient land usage
• Improved nitrogen-use efficiency and reduced water requirement, especially beneficial for:
  • Punjab and Haryana (regions facing severe groundwater depletion)

Climate Resilience and Regional Impact

• Tolerant to:
  • Drought
  • Salinity
  • Degraded soils
• Can benefit traditionally underperforming rice regions:
  • Eastern Uttar Pradesh
  • Coastal West Bengal
  • Odisha
  • Maharashtra
• May ease ecological pressure on high-yield but environmentally stressed zones.

Scientific and Regulatory Benefits

• No foreign DNA introduced (unlike traditional GMOs), thus:
  • Lower regulatory hurdles
  • Higher public acceptance
  • Faster policy clearance
• Not classified as genetically modified organisms under SDN1 protocol.

Broader GM Crop Perspective

• India approved GM mustard (DMH11) in 2022 — a key regulatory shift.
• Supreme Court has asked for a national policy on GM crops for:
  • Research
  • Cultivation
  • Trade and commerce
• GM technology, with safeguards, can boost yields, resilience, and input efficiency.

Way Forward: Boosting Biotech Investment

• Current agri R&D allocation: ₹10,466 crore
• Needs significant increase over the next 2–3 years.
• National strategy must integrate:
  • Biotechnology deployment
  • Climate resilience
  • Nutritional security

BS

Facts To Remember

1. Robert Prevost, first American Pope, will take the name Leo XIV

Robert Prevost, a missionary who spent his career ministering in Peru and took over the Vatican’s powerful office of bishops, was elected the first pope from the United States in the 2,000-year history of the Catholic Church.

2. Mission Sankalp

Launched by: Joint command of Chhattisgarh Police, Telangana Police, CRPF, CoBRA
Area of Operation: Karregutta Hills (Bijapur, Chhattisgarh) to Mulugu District (Telangana)
Objective: Neutralise core Maoist leadership and dismantle fortified guerrilla infrastructure

3. HAROP – India’s Loitering Kamikaze Drone

Overview

• Type: Loitering munition / suicide drone
• Origin: Developed by Israel Aerospace Industries (IAI)
• Used by: Indian Armed Forces (especially the Air Force and Army)

Key Features

• Dual Capability: Combines features of a UAV (Unmanned Aerial Vehicle) and a precision-guided missile
• Loitering Functionality: Capable of hovering over a target area for extended periods while scanning for enemy assets
• Autonomous Target Acquisition: Can independently detect, track, and lock onto high-value targets without requiring precise pre-fed coordinates
• Terminal Attack Mode: On identifying a target, it dives into it with an explosive warhead, eliminating the need for external command at the final stage