1. GNPA And NNPA (Syllabus: GS Paper 3 – Economy)

Context: According to the Reserve Bank of India's biannual Financial Stability Report, commercial banks' asset quality declined further as their gross non-performing asset ratio dropped to a 12-year low of 2.8% by March 2024 from 3.2% in September 2023. 

• The report also highlighted a decrease in the net NPA ratio from 0.9% to 0.6% over the same period.

Gross Non Performing Asset

• Definition: It represents the total amount of NPAs before any provisioning is made.
• It is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.
• Nature: It refers to the total amount of loans that are considered non-performing, meaning the debtors have defaulted on payments.
• Classification: Commercial banks categorize loans as non-performing assets if payments are overdue by ninety days or more.

Net Non Performing Asset

• Definition: It is a term that most commercial banks use to indicate less allowance for any uncertain or poor debts.
• Calculation: It represents the amount of non-performing loans after deducting the provision made for potential loan losses.
• Purpose: Commercial banks set aside provisions to cover potential losses from unpaid loans, reducing the impact on their financial health.

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2. JP MORGAN GBI-EM INDEX (Syllabus GS Paper 3 – Economy)

Context: JP Morgan will start including Indian Government Bonds (IGBs) in its emerging markets bond indices, marking a significant milestone for India's financial markets.

JP Morgan GBI-EM 

• About: It is a widely followed and influential benchmark index that tracks the performance of local-currency-denominated Sovereign Bonds issued by emerging market countries.
• Launched: June 2005
• Expansion of the Index: It began with the issuance of the first Brady bond and has since expanded to include the Government Bond Index-Emerging Markets (GBI-EM) and the Corporate Emerging Markets Bond Index (CEMBI).
• Objective: It is designed to provide investors with a representative measure of the fixed income market within emerging market economies.
• Aim: To provide investors with a representative measure of the fixed income market within emerging market economies.
• Components: It includes government bonds issued by various emerging market countries.
• Composition: The composition may change over time based on eligibility criteria.

India's Inclusion

• India's 10 percent weight in the index is expected to attract $21 billion (Rs 1.7 trillion) in investments by March 31, 2025, assuming investors initially had zero weight in Indian bonds.
• Eligible Indian Government Bonds: Only Indian Government Bonds (IGBs) under the Reserve Bank of India's 'Fully Accessible Route (FAR)' qualify.
• Minimum Size Requirement: Bonds must have a minimum outstanding amount above $1 billion.
• Bonds must have at least 2.5 years of residual maturity, making those maturing after December 31, 2026, eligible.
• Impact of India’s Inclusion on Financial Flows
• Expected Inflows: India's inclusion in the JP Morgan Emerging Market Global Diversified Index is expected to bring in $23.6 billion into Fully Accessible Route (FAR) bonds.
• Increase in FPI Holdings: Foreign Portfolio Investor (FPI) holdings in outstanding FAR bonds could rise to 3.4% by April/May 2025.

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3. CURRENCY SWAP ARRANGEMENT (Syllabus: GS Paper 3 – Economy)

Context: The Reserve Bank of India (RBI), in collaboration with the Government of India, has announced a revised Framework on Currency Swap Arrangement for SAARC countries, effective from 2024 to 2027.

Currency Swap Arrangement

• Definition: A currency swap involves two parties exchanging equivalent amounts in different currencies, essentially acting as a loan repayment in differing currencies.
• Contractual Agreement: It is a contractual agreement between two parties to exchange financial instruments or cashflows over a specified period, typically based on a notional principal amount.
• Purpose: Currency swaps are used to manage currency risk, hedge against exchange rate fluctuations, or access lower interest rates in different markets.
• Mechanics and Settlement: Parties agree on the notional amount, currencies involved, exchange rate, and maturity date. Settlement occurs at the end of the swap period based on the agreed terms.

South Asian Association for Regional Cooperation (SAARC)

• Establishment: The South Asian Association for Regional Cooperation (SAARC) was established with the signing of the SAARC Charter in Dhaka on 8 December 1985.
• Regional Cooperation: The idea of regional cooperation in South Asia was first raised in November 1980, leading to the inaugural meeting of the foreign secretaries of the seven founding countries in Colombo in April 1981.
• Membership: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri-Lanka.
• Expansion of Membership: Afghanistan joined SAARC as its newest member.
• Headquarters: Kathmandu, Nepal.
• Objectives: SAARC's objectives include promoting welfare, economic growth, collective self-reliance, mutual trust, collaboration, and cooperation with other developing countries and international organizations.
• Principles of Cooperation: SAARC is grounded on principles like sovereign equality, territorial integrity, non-interference, and mutual benefit, outlined in its charter.
• Areas of Cooperation: SAARC's areas of cooperation span diverse sectors such as human resource development, agriculture, environment, trade, social affairs, energy, education, and security.

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4. MALAYSIAN BORNEO AND KALIMANTAN (Syllabus: GS Paper 1 – Geography)

Context: The elephants of Sabah in Malaysian Borneo and Kalimantan in Indonesian Borneo have been classified as 'Endangered' on the IUCN Red List.

Malaysian Borneo

• Also known as: East Malaysia or the Borneo States.
• Island Information: It is the part of Malaysia on and near the island of Borneo, the world's third-largest island.
• Constituent States: East Malaysia comprises the states of Sabah, Sarawak, and the Federal Territory of Labuan.

Kalimantan 

• About: It is the Indonesian portion of the island of Borneo.
• Area: It constitutes 73% of the island's area.
• Political Division: Kalimantan, southern three-fourths of the island of Borneo that is politically part of Indonesia.
• Malaysian and Brunei Territories: The rest of the island is divided between the Malaysian states of Sabah and Sarawak and, between them, the sultanate of Brunei.

International Union for Conservation of Nature (IUCN)

• About: IUCN was founded in 1948 as the International Union for the Protection of Nature (IUPN).
• In 1956, the organization was renamed IUCN.
• Headquarters: Gland, Switzerland.
• IUCN Red List: The most extensive record of the worldwide conservation status of plant and animal species across the globe.
• IUCN Red Data Book: It is a publicly available document designed to record endangered and rare species of plants, animals, fungi, and certain local subspecies found in a specific region.

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5. INTERNATIONAL SOLAR ALLIANCE (Syllabus: GS Paper 2 – IR)

Context: Paraguay has become the 100th member of the International Solar Alliance.

 International Solar Alliance (ISA)

• About: It is an action-oriented, member-driven, collaborative platform for increased deployment of solar energy technologies as a means for bringing energy access, ensuring energy security, and driving energy transition in its member countries.

oIt was conceived as a joint effort by India and France to mobilize efforts against climate change through deployment of solar energy solutions.

• Background: It was first proposed by the Prime Minister of India in a speech in November 2015 when he referred to sunshine countries as Suryaputra ("Sons of the Sun").
• Launched: It was conceptualized at the 21st Conference of Parties (COP21), 2015.
• With the signing and ratification of the ISA Framework Agreement by 15 countries on 6 December 2017, ISA became the first international intergovernmental organisation to be headquartered in India. 
• Headquarter: Gurugram, Haryana (India).
• Vision: Let us together make the sun brighter.
• Membership: At present, 119 countries are signatories to the ISA Framework Agreement, of which 99 countries have submitted the necessary instruments of ratification to become full members of the ISA.

oSpain has become the 99th member of the International Solar Alliance (ISA).

• Objective:

oIncrease worldwide demand to drive down solar energy deployment costs.

oEnhance research and development, focusing on efficient storage systems.

oAdvocate for standardised equipment and electricity generation processes.

oStandardisation will lower manufacturing costs for hardware and equipment.

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6. EMERGENCY IN INDIA (Syllabus: GS Paper 2 – Polity)

Context: President of India, addressing a joint session of Parliament, described the imposition of National Emergency in 1975 as the country's "biggest and darkest chapter," reflecting on its historical significance and impact.

Emergency Provisions in India

• About: The Emergency provisions are contained in Part XVIII of the Constitution, from Articles 352 to 360.
• During an Emergency, the Central government becomes all powerful and the states go into the total control of the Centre

National Emergency (Article 352)

• Grounds of Declaration: Under Article 352, the President can declare a national emergency when the security of India or a part of it is threatened by war or external aggression or armed rebellion.
• External Emergency: If the national emergency is declared based on the grounds of 'war' or 'external aggression,' it falls under the category termed as 'External Emergency.'
• Internal Emergency: Conversely, if the declaration is based on the grounds of 'armed rebellion,' it is categorized as an 'Internal Emergency.'
• 44th Amendment Impact: The term 'armed rebellion' was introduced in the 44th amendment, replacing the previous term 'internal disturbance' in the context of declaring emergencies.
• Parliamentary Approval: The proclamation of Emergency must be approved by both the Houses of Parliament within one month from the date of its issue
• Duration: The emergency continues for six months, and can be extended to an indefinite period with an approval of the Parliament for every six months.
• Revocation of Proclamation: By the President at any time by a subsequent proclamation. Such a proclamation does not require the parliamentary approval.

Effects of National Emergency

• Centre can direct state executive actions during national emergency.
• Parliament can legislate on State List subjects during emergency.
• Parliament can extend Lok Sabha term beyond five years during emergency.
• Parliament can extend state assembly term during emergency.
• Article 358 suspends Article 19 Fundamental Rights during emergency.
• Article 359 suspends access to courts for Fundamental Rights enforcement during emergency.

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7. SPACE MAITRI MISSION (Syllabus: GS Paper 3 – Sci and Tech)

Context: Recently, the Australian government signed an $18 million memorandum of understanding (MoU) with NewSpace India Limited (NSIL), ISRO's commercial arm, as part of the space MAITRI mission.

Space MAITRI Mission

• About: Space MAITRI (Mission for Australia-India's Technology, Research and Innovation) signifies a significant advancement in the space collaboration between India and Australia.
• Objective: The mission aims to strengthen bonds among commercial, institutional, and governmental space entities of both nations.
• Focus on Debris Management: It emphasizes debris management and sustainability, aligning with mutual goals of responsible space practices.
• Launch Agreement: NewSpace India Limited (NSIL) will launch Australia’s Space Machines Company's Optimus spacecraft in 2026.
• Optimus Spacecraft: The 450kg Optimus spacecraft will be the largest Australian-designed and built satellite, launched using ISRO's SSLV.

NewSpace India Limited

• About: It is company under the Department of Space and the commercial arm of the Indian Space Research Organisation (ISRO).
• Establishment: Incorporated in March 2019, NSIL was established to advance space-related ventures in India.
• Headquarters: Bengaluru
• Role: It plays a pivotal role under India's 2020 space policy reforms, facilitating operational satellite missions based on demand.
• Responsibilities: NSIL is entrusted with building, launching, owning, and operating satellites, providing comprehensive services to its clientele.

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8. JOINT SITTING OF PARLIAMENT (Syllabus: GS Paper 2 – Polity)

Context: Recently, the President of India addressed the Joint Sitting Of Lok Sabha and Rajya Sabha in Parliament.

Joint Sitting of Parliament

• Constitutional Provision: Article 87 specifies occasions when the President addresses both Houses of Parliament.
• First Occasion: After each general election, at the commencement of the first session of the reconstituted Lok Sabha.
• Second Occasion: At the beginning of the first session of each calendar year.
• Purpose: The President's address outlines government policies and priorities for the upcoming year.
• Constitution (First Amendment) Act, 1951: Amendments modified the occasions and procedures for the President's addresses to Parliament.
• Article 108: Joint sitting of both Houses in certain cases

oIf after a Bill has been passed by one House and transmitted to the other House--

othe Bill is rejected by the other House; or

othe Houses have finally disagreed as to the amendments to be made in the Bill; or

omore than six months elapse from the date of the reception of the Bill by the other House without the Bill being passed by it.

• Exceptions: Only certain types of bills can be referred to a joint sitting.

oMoney bills under Article 110.

oConstitution amendment bills under Article 368.

• Time of convening: The Speaker shall decide the duration and adjournment of the joint sitting.
• Quorum: A joint sitting shall require one-tenth of the total members of both Houses to constitute a quorum.

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9. MAINLAND SEROW (Syllabus: GS Paper 3 – Env and Eco)

Context: The mainland serow, a mammal that appears somewhere between a goat and an antelope, has been recorded at the lowest elevation beyond Bhutan, its natural home.

Mainland Serow

• About: These are goatlike mammals that inhabit diverse regions spanning from Japan to western India and the Himalayas.
• Habitat: It is usually found across various habitats extending from the  Himalayas on the Indian subcontinent to southern China, mainland southeastern Asia and Sumatra.
• Classification: Serows are classified either under the tribe Rupicaprini (goat antelopes) or, alternatively, they may form their own tribe (Naemorhedini) within the subfamily Caprinae of the family Bovidae, order Artiodactyla.
• Distinct Characteristics: Each serow species exhibits unique physical and behavioral traits adapted to its specific habitat and environmental conditions.
• Five recognized species of serows:

oMainland serow - widely distributed across mainland Southeast Asia.

oJapanese serow -  endemic to Japan.

oFormosan serow - found in Taiwan.

oBurmese red serow - native to Burma (Myanmar).

oThar or Himalayan serow - although some classifications consider it a subspecies of the mainland serow.

• Conservation Status: IUCN - Vulnerable

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10. BAR COUNCIL OF INDIA (Syllabus: GS Paper 2 – Polity)

Context: Days before the rollout of the new criminal codes, protests by lawyer bodies have escalated to the Bar Council of India, prompting it to urge all bar associations nationwide to abstain from immediate protests.

Bar Council of India

• About: The Bar Council of India is a statutory body that regulates and represents the Indian bar. 
• Act: It was created by Parliament under the Advocates Act, 1961. 
• Nodal ministry: Ministry of Law and Justice ( Department of Legal Affairs).
• The All India Bar Committee under Justice S.R. Das in 1951 and the Law Commission of India in 1958 both recommended the establishment of All India Bar Councils and State Bar Councils.
• Structure Of the Bar Council of India:

oThe Bar Council of India consists of 18 Members. 

oThe Attorney General of India and the Solicitor General of India are Ex-officio Members of the council and the other 16 Members represent the 16 State Bar Councils in the country. 

oThe Members are elected for a period of five years and the Chairman and Vice -Chairman are elected for a period of two years from among the Members of the Bar Council of India. 

oThe Bar Council further consists of various committees viz., Legal Education Committee, Disciplinary Committee, Executive Committee, Legal Aid Committee, Advocates Welfare Fund Committee, Rules Committee and various other Committees formed to look into specific issues arising from time to time.

Function:

• To lay down standards of professional conduct and etiquette for advocates.
• To lay down procedure to be followed by its disciplinary committee and the disciplinary committees of each State Bar Council.
• To safeguard the rights, privileges and interests of advocates.
• To promote and support law reform.
• To deal with and dispose of any matter which may be referred to it by a State Bar Council.
• To promote legal education and to lay down standards of legal education. This is done in consultation with the Universities in India imparting legal education and the State Bar Councils. 

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