Context:  RBI’s Monetary Policy Committee minutes released.

Highlights:

• RBI keeps benchmark interest rate unchanged at 6.5% citing inflationary concerns.
• Price stability essential for high growth.
• Food inflation risks remain elevated, warns RBI.
• Climate shocks pose key risk to food inflation.
• MPC member advocates reducing real interest rates to spur growth.
• GDP growth projected at 7% for 2024-25, inflation at 4.5%.

Context: Supreme Court declares Indian forests are national assets, vital for financial wealth. Top of Form

Synopsis:

• Controversy over Forest Conservation Act 2023 criticized for land misuse.
• Forests vital for biodiversity, carbon capture, and climate control.
• Indian forests valued at $120 billion, key carbon sink.
• As per RBI’s report, Climate change could slash India’s GDP 3-10% annually by 2100.
• Supreme Court stresses duty to safeguard forests and biodiversity.

Prelims Connect(Acts, Bills, Rules & Guidelines)

Context: Central government releases ‘Aadharshila’ curriculum for 3-6-year-olds.

Synopsis:

• Aim: Bridge foundational literacy and numeracy gaps.
• Developed in alignment with National Education Policy 2020.
• Curriculum spans 48 weeks, emphasizing play-based learning.
• Focus on enhancing listening skills, vocabulary, creativity, and social development.
• Serves as a guide for states to develop their own curriculums.
• Anganwadi workers receive training under ‘Poshan Bhi, Padhai Bhi’ scheme.

Prelims Connect(Schemes/Policies/Programmes)

4P model:

• The Mahatma Gandhi International Sanitation Conference (MGISC) in 2018 introduced India’s 4Ps for achieving developmental results.
• India’s 4Ps are political leadership, public financing, partnerships, and people’s participation, formulated during the Swachh Bharat Mission (SBM).
• Prime Minister Modi’s leadership was crucial in announcing and monitoring the SBM, addressing open defecation as a national challenge.
• Public financing of sanitation, recognized as a public good, saw significant investment of around $20 billion by the Indian government.
• Partnerships with international bodies, NGOs, and local communities were integral to the SBM’s success.
• People’s participation, where rural communities took ownership of sanitation initiatives, ensured sustainability and success.
• India’s 4Ps have been applied to other national programs like LIFE and the Jal Jeevan Mission.
• These principles are relevant globally for addressing challenges such as climate change, pandemics, and water and energy access.

Source: Indian Express

Context: Elon Musk’s visit to India may include a pledge of over $2 billion for a car manufacturing facility and discussions with the Prime Minister.

Opportunities in India’s electric car market:

• India’s electric car market is growing, with the government offering incentives for Tesla to import 8,000 electric cars annually at a reduced duty of 15%.
• Analysts project that electric vehicles (EVs) will account for around 5% of all automobiles in India by 2030.
• Tesla setting up a manufacturing facility in India could be a significant moment for the country’s auto sector, akin to Apple’s success in phone assembly.

Challenges:

• Tesla faces challenges in adapting its products to Indian conditions, such as ground clearance issues with the Model 3.

The way ahead:

• India’s new EV policy lowers import duties to 15% for electric car models costing over $35,000 if manufacturers invest $500 million in local factories.
• The policy aims to attract investment from global EV manufacturers and provide Indian consumers access to the latest
• The policy seeks to boost the Make in India initiative and promote competition among EV players.

Source: The Hindu

Paradiplomacy:

• Paradiplomacy refers to subnational exchanges that aid relations between nations.
• Punjabiyat, or shared Punjabi identity, has historically facilitated Indo-Pak relations.

Paradiplomacy at work:

• Leaders from Punjab, India, and Punjab, Pakistan, have engaged in various exchanges to promote ties.
• Initiatives include visits, sports events, and trade discussions between leaders of both Punjabs.
• The Attari-Wagah land route, opened in 2005, facilitated trade between India and Pakistan.
• The route was closed in 2019 but there is mutual interest in reopening it for trade.

Source: Indian Express

Reforms needed in research ecosystem:

• Increase in research and development (R&D) spending to at least 4% of GDP over five years, with private sector participation.
• Modernize physical and intellectual infrastructure of public sector institutions, including universities and research centers.
• Implement transparent and merit-based hiring processes in educational and research institutions, with a six-month timeline for appointments.
• Establish a robust science grant management system with less red tape, timely disbursal, and autonomy for scientists.
• Ensure freedom of speech and action for scientists, allowing for innovation, entrepreneurship, and autonomy in decision-making.

Source: The Hindu

Context: The USA vetoed a resolution supporting full membership of the United Nations(UN) for Palestine.

Current status:

• Israel became a full UN member in 1949, while Palestine remains unrecognized as a full member.
• Despite gaining permanent observer status in 2012 and temporary powers of a full member in 2019, Palestine has not yet achieved full UN recognition.

Why full membership is being opposed:

• The U.S. advocates for Palestinian statehood through direct negotiations, not through the UN process.
• Israel opposes granting Palestine full membership, citing recent terror attacks by Hamas.

The way ahead:

• Granting Palestine UN membership would subject it to UN obligations and give it a stronger voice on the global stage.
• Conflating Palestinians with Hamas’s actions is deemed unjust and further marginalizes victims of violence.
• Upholding the principle of sovereign equality for all nations is essential for international cooperation and order.

Source: The Hindu