1. 16TH FINANCE COMMISSION (Syllabus: GS Paper 2 - Polity)

Context: The Government of India, with the approval of the President of India, has constituted the Sixteenth Finance Commission, in pursuance to Article 280(1) of the Constitution.

Finance Commission

• About: Article 280 of the Constitution of India provides for a Finance Commission as a quasi-judicial body. 
• Constituted by: President of India every fifth year or at such earlier time as he considers necessary.
• Composition: Chairman and four other members to be appointed by the president.
• Tenure: They hold office for such period as specified by the president in his order.
• Recommendation of Commission: The recommendations made by the Finance Commission are only of advisory nature, not binding on the government.
• Fifteenth Finance Commission was constituted: On November 27, 2017.
• Power and Functions

oThe distribution of the net proceeds of taxes to be shared between the Centre and the states.

oThe principles that should govern the grants-in-aid to the states by the Centre (i.e., out of the consolidated fund of India).

oAny other matter referred to it by the president in the interests of sound finance.

The Sixteenth Finance Commission shall make recommendations as to the following matters, namely: 

• The distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds;
• The principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States by way of grants-in-aid of their revenues under Article 275 of the Constitution for the purposes other than those specified in the provisos to clause (1) of that article.

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2. SOVEREIGN GOLD BONDS Syllabus GS Paper 3 – Economy)

Context: Recently, there has been a notable surge in interest for Sovereign Gold Bonds (SGBs) following the maturity of the initial set of bonds.

Sovereign Gold Bonds (SGB)

• Introduced: In November 2015
• Issued by: Reserve Bank of India on behalf of the Government of India.
• Aim: To reduce the demand for physical gold and shift a part of the gold imported every year for investment purposes, into financial savings through Gold Bonds.
• Eligibility: SGBs will be restricted for sale to resident individuals, HUFs (Hindu Undivided Family), Trusts, Universities and Charitable Institutions.
• Tenor: The tenor of the SGB will be for a period of eight years with an option of premature redemption after 5th year.
• Minimum size: The minimum permissible investment will be One gram of gold.
• Maximum limit: The maximum limit of subscription shall be 4 Kg for individuals, 4 Kg for HUF, and 20 Kg for trusts and similar entities per fiscal year (April-March) notified by the Government from time to time.
• Joint holder: In case of joint holding, the investment limit of 4 Kg will be applied to the first applicant only.

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3. PSLV-C58 (Syllabus: GS Paper 3 – Sci and Tech)

Context: The countdown for the launch of PSLV-C58 has been started by ISRO.

PSLV-C58

• Objective: The primary goal of the PSLV-C58 mission is to launch the XPOSAT Satellite into an Eastward low inclination orbit.
• 3-Axis Stabilized Mode: This is aimed at reducing the orbit to a 350 km circular orbit, ensuring the satellite remains in 3-axis stabilized mode for Orbital Platform (OP) experiments.
• 10 Identified Payloads: This experiment is designed to achieve the objectives of 10 identified payloads, supplied by ISRO and IN-SPACe.

Polar Satellite Launch Vehicle (PSLV)

• About: PSLV serves as India's third-generation launch vehicle.
• Innovation: It stands out as the initial Indian launch vehicle incorporating liquid stages.
• Reliability: Earning the moniker 'the workhorse of ISRO,' PSLV has consistently delivered a diverse range of satellites into low Earth orbits, notably contributing to the IRS Series of satellites.
• Capability: PSLV is capable of placing multiple payloads into orbit, thus multi-payload adaptors are used in the payload fairing.
• Stages of PSLV

oFirst Stage (PS1): Comprises the S139 solid rocket motor, complemented by six solid strap-on boosters.

oSecond Stage (PS2): Utilizes the Vikas engine, an Earth-storable liquid rocket engine developed by the Liquid Propulsion Systems Centre.

oThird Stage (PS3): Employs a solid rocket motor to provide high thrust during the upper stages following the atmospheric phase of the launch.

oFourth Stage (PS4): Represents the uppermost stage of the PSLV, housing two Earth-storable liquid engines.

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4. PUBLIC SECTOR BANKS (Syllabus: GS Paper 3 – Economy)

Context: Finance Minister of India asked state-owned banks to come out with innovative and attractive schemes to mobilise deposits from the public as this will enable them to extend more credit.

Public Sector Banks

• Ownership Structure: Public Sector Banks (PSBs) are characterized by government ownership exceeding 50%.
• Government Regulation: Due to government ownership, financial guidelines for PSBs are regulated by the government, instilling a sense of security among depositors.
• Customer Base: Public sector banks typically boast a large customer base, owing to the perceived security of deposits.
• Exemplary Case: The State Bank of India (SBI) stands as the largest public sector bank in India, with the Indian government holding more than 63% of its shares.

Private Sector

• Ownership Dynamics: Private sector banks are defined by significant ownership by private individuals or companies.
• Independent Financial Strategy: Despite adhering to the central bank's guidelines, private sector banks have the autonomy to formulate their independent financial strategies for customers.

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5. LUMPY SKIN DISEASE (Syllabus: GS Paper 3 – Sci and Tech)

Context: The Indian Immunological Institute, a subsidiary of the National Dairy Development Board (NDDB), is working on new vaccines to treat lumpy skin disease and infectious bovine rhinotracheitis (IBR) virus along with a combination of vaccines for protection against rabies

Lumpy Skin Disease

• About: It is a viral disease that affects cattle. It is genetically related to the goatpox and sheeppox virus family.
• Transmitted by: Blood-feeding insects, such as certain species. of flies and mosquitoes, or ticks.
• Causes: Fever, nodules on the skin and can also lead to death, especially in animals that that have not previously been exposed to the virus.
• Symptoms: The incubation period for lumpy skin disease is between  14 day post-infection.
• After an initial period of high fever (41°C) and swollen lymph glands, the animal may develop large, firm nodules that are up to 5 cm in diameter in the skin.
• These can be found all over the body, but particularly on the: head.
• Guidelines for prevention of Lumpy Skin Disease:
• Preventive Measures: Control of animal movement, Restriction with affected animals and persons dealing with such animals, Vaccination.

National Dairy Development Board (NDDB)

• About: It is a statutory body set up by an Act of the Parliament of India.
• Founded: In 1965
• Nodal Ministry:  Ministry of Fisheries, Animal Husbandry and Dairying

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6. EXCLUSIVE ECONOMIC ZONE (Syllabus: GS Paper 1 – Geography)

Context: Sri Lanka has informed India that it will not allow any Chinese research vessel to dock at its ports or operate within its exclusive economic zone (EEZ) for one year.

Exclusive Economic Zone (EEZ)

• About: EEZ” is an area of the ocean, generally extending 200 nautical miles (230 miles) beyond a nation's territorial sea, within which a coastal nation has jurisdiction over both living and nonliving resources.
• Concept Origin: EEZ was adopted through the 1982 United Nations Convention on the Law of the Sea.

Exclusive Economic Zone of India

• About: India has the 18th-largest exclusive economic zone (EEZ) with a total size of 2,305,143 km2 (890,021 sq mi).
• Coverage: It includes the Lakshadweep island group in the Laccadive Sea off the southwestern coast of India[2] and the Andaman and Nicobar Islands in the Bay of Bengal and the Andaman Sea.
• India's EEZ is Bordered: West by Pakistan, to the south by the Maldives and Sri Lanka and to the east by Bangladesh, Myanmar, Thailand, Malaysia and Indonesia.

Importance of EEZ

• An EEZ provides a nation greater access to oil, natural gas, minerals, commercial fishing and other marine resources, freedom of navigation, international trade, national security, and strategic leverage over other nations.[
• Piracy, poaching or illegal fishing by foreign vessels, freedom of navigation, transgression of foreign vessels into Indian EEZ, and conflicting claims are major issues in EEZ.

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7. TAHREEK-E-HURIYAT (Syllabus: GS Paper 3 – Internal Security)

Context: The Centre declared Tehreek-e-Hurriyat (TeH) an 'Unlawful Association' under the Unlawful Activities (Prevention) Act (UAPA).

Tehreek-e-Hurriyat (TeH)

• About: It is a separatist political party in Jammu and Kashmir, India founded by Syed Ali Shah Geelani. 
• Founded:  On 7 August 2004 after Geelani quit his former party Jamaat-e-Islami Kashmir.
• Composition of TeH: Jamat-e-Islami, JKLF, Muslim Conference, Islamic Students’ League, Mahaz-e-Azadi, Muslim Khawateen Markaz, Kashmir Bar Association, Ittehadul Muslimeen, Dukhtaran-e-Millat, and Jamiat-e-Ahle Hadees.

The Hurriyat Constitution

• Struggle for Self-Determination: The APHC constitution defines its purpose as leading a peaceful struggle to secure the right to self-determination for the people of Jammu and Kashmir, in accordance with the UN charter and resolutions adopted by the UN Security Council. 
• Negotiated Settlement Efforts: The constitution emphasizes efforts towards an alternative negotiated settlement of the Kashmir dispute. 
• Global Projection of Struggle: To project the ongoing struggle in the state before nations and governments worldwide. This presentation aims to depict the struggle as one directed against the alleged forcible and fraudulent occupation of the state by India.

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8. UNRWA (Syllabus: GS Paper 2 – International Organization)

Context: India recently announced that it has provided US $ 2.5 million to the United Nations Relief and Works Agency for Palestine Refugees in the Near East or the UNRWA for the welfare of Palestinian refugees.

United Nations Relief and Works Agency (UNRWA) 

• About: UNRWA is a UN agency dedicated to supporting the relief and human development of Palestinian refugees.
• Establishment: 1948 Arab-Israeli war by UNGA Resolution 302 (IV) on December 8, 1949.
• Commenced operations on May 1, 1950.
• Headquarters: Beirut, Lebanon, Relocated to Vienna, Austria, in 1978.
• Fields of Operations: Provides services in five areas: Jordan, Lebanon, Syria, Gaza Strip, and the West Bank, including East Jerusalem.
• Services Provided: Encompasses education, healthcare, relief and social services, camp infrastructure improvement, microfinance, and emergency assistance, including during armed conflicts.
• Funding: Voluntary contributions from UN Member States.

oReceives some funding from the Regular Budget of the United Nations, mainly for international staffing costs.

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9. SVAMITVA SCHEME (Syllabus: GS Paper 2 – Govt Scheme)

Context: The Government has distributed around 1.25 crore property cards under the SVAMITVA Scheme in the country. 

SVAMITVA Scheme

• Full Form: Survey of Villages and Mapping with Improvised Technology in Village Areas 
• Launched: On 24 April 2020 with the Ministry of Panchayati Raj as nodal ministry.
• Aim: To survey village areas and provide a property card to house owners as their Record of Rights (RoR).
• Target: To cover all Indian villages by March 2025.
• Implemented by: Ministry of Panchayati Raj, State Revenue Department, State Panchayati Raj Department and Survey of India.
• Objectives: Creation of accurate land records for rural planning and reduce property related disputes.

oTo bring financial stability to the citizens in rural India by enabling them to use their property as a financial asset for taking loans and other financial benefits.

• Benefits of the Scheme

oGranting property rights through an official document will empower villagers to leverage their property as collateral, facilitating access to bank finance.

oProperty records for the village will be systematically maintained at the Panchayat level, streamlining the collection of associated taxes from property owners.

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10. SUEZ CANAL AND PANAMA CANAL (Syllabus: GS Paper 2 – IR)

Context: Recently, the shipping giant Maersk decided to suspend the passage of its vessels through the Red Sea route for 48 hours in response to fresh attacks by Yemen-based Houthi rebels.

oTwo crucial Choke Points: the Suez Canal and the Panama Canal – threaten to disrupt over a third of global trade.

Suez Canal

• About: The canal links Port Said on the Mediterranean Sea to the Indian Ocean via the Egyptian city of Suez on the Red Sea, serving as a critical international shipping route.
• Location: Situated in northeastern Egypt, the Suez Canal stretches across the Isthmus of Suez, covering approximately 120 miles (193 kilometers) from Port Said in the north to Suez in the south.

oIt acts as a geographical separator between the African continent and the Sinai Peninsula.

• Historical Development: While the idea of a canal across the Isthmus of Suez has ancient origins, significant efforts began in the nineteenth century. 
• In 1858, the Universal Suez Ship Canal Company, predominantly owned by the French and British, was established to undertake the canal's construction.

Panama Canal

• About: The Panama Canal, a man-made waterway, serves as a vital link connecting the Atlantic and Pacific oceans by traversing the Isthmus of Panama.
• Strategic Importance: Recognized as one of the world's two most crucial artificial water passages, the Panama Canal shares this distinction with the Suez Canal, playing a pivotal role in international maritime trade.
• Dimensions: Stretching approximately 80 kilometers in length, the canal serves as a remarkable feat of engineering, significantly shortening travel distances for ships.

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