PROJECT PARI

Key highlights:

• Launched by: Ministry of Culture
• Executed by: Lalit Kala Akademi and National Gallery of Modern Art
• Event: Coincides with the 46th World Heritage Committee Meeting in New Delhi (July 21-31, 2024)
• Objective: Enhance Delhi''s public art scene by blending traditional Indian artforms with contemporary themes
• Artforms involved: Phad, Thangka, Warli, Gond, Tanjore paintings, among others
• Number of artists: Over 200 visual artists
• Goal: Celebrate cultural heritage, enhance visual landscape, foster community pride
• Government effort: Merge cultural history with modern public art through artist incentives.

Project PARI: 

• The Project PARI (Public Art of India) aims to stimulate dialogue, reflection, and inspiration, contributing to the dynamic cultural fabric of the nation.
• It provides a platform to uplift the aesthetic and cultural outlook of Delhi while adding grandeur to the rich historical legacy of our national capital.
• The representation of Art in public spaces is particularly significant as it showcases the nation''s rich and diverse cultural heritage. 
• The proposed sculptures being created for Project PARI include wide-ranging ideas such as paying tributes to nature, ideas inspired by the Natyashastra, Gandhi ji, toys of India, hospitality, ancient knowledge, Naad or Primeval Soun, Harmony of life, Kalpataru – the divine tree, etc.
• Women artists have been an integral part of Project PARI and their participation in large numbers is a testimony of Bharat’s NARI SHAKTI.

Significance of Public Art

Cultural Reflection

1. Representation: Public art represents India’s diverse cultural heritage.
2. Accessibility: Transforms urban spaces into open galleries, making art accessible to everyone.

Inclusivity and Social Cohesion

1. Democratization: Public art installations bring art outside museums and galleries, integrating it into daily life.
2. Shared Identity: Fosters a shared cultural identity and enhances social unity.
3. Engagement: Invites citizens to interact with art, stimulating dialogue, reflection, and inspiration.

 Lalit Kala Akademi:

It is India''s national academy of fine arts established by the Government of India to promote and propagate understanding of Indian art, in and outside the country.

INDIAN NAVAL SHIP TABAR REACHES LONDON, UK FOR A FOUR DAY VISIT

Key highlights:

• Arrival: INS Tabar, a stealth frigate of the Indian Navy, docked at London Harbour on August 7, 2024, for a four-day visit.
• Maritime Ties: The visit underscores the strong historical and ongoing maritime relationship between India and the UK, including their annual bilateral naval exercise, Konkan.
• Activities: During its stay, INS Tabar will engage in professional interactions with the Royal Navy and participate in community service at an Old Age Home, reflecting the Vasudhaiva Kutumbkam ideology of PM Narendra Modi.
• Ship Details: INS Tabar is commanded by Captain MR Harish, has a complement of approximately 280 personnel, and is one of the Indian Navy’s early stealth frigates, built in Russia.

INS Tabar:

• It is a stealth frigate built forthe Indian Navy in Russia.
• It is the third of the Talwar-class frigate of the Indian Navy. 
• The frigate was commissioned on 19 April 2004 in Kaliningrad, Russia.
• INS Tabar has the ability to handle air/surface/sub-surface missions or defending herself, operating either independently on maritime missions or supporting a larger naval task force.
• The ship is part of the Indian Navy’s Western Fleet,which is based in Mumbai under the Western Naval Command.

Features:

• Fully loaded, INS Tabar has a displacement of 4,035 tons.
• Speed: 30 knots (56 km/h; 35 mph)
• Maximum range is 4,850 nautical miles(8,980 km; 5,580 mi) at 14 knots (26 km/h; 16 mph), while at 30 knots (56 km/h; 35 mph), the range lessens to 1,600 nautical miles (3,000 km; 1,800 mi).
• The ship is equipped with a versatile range of weapons and sensors.
• It is the first vessel in the Talwar classfrigate to be armed with supersonic Brahmos (anti-ship cruise missiles).
• It is also equipped with Barak-1 missiles.

CAR-T cell therapy

CAR-T Cell Therapy:

• CAR-T cell therapy, also known as chimeric antigen receptor T-cell therapy is a type of immunotherapy that uses a patient''s own immune system to fight cancer.
• CAR T-cell therapy has been approved for leukaemias (cancers arising from the cells that produce white blood cells) and lymphomas (arising from the lymphatic system).
• CAR-T cell therapies, often referred to as''living drugs’.

Development in India:

• NexCAR19, an indigenously developed therapy for B-cell cancers,has been collaboratively developed by ImmunoACT, Indian Institute of Technology Bombay (IIT-B), and Tata Memorial Hospital.

Potential Benefits of CAR-T therapy

• High Remission Rates: For some patients with advanced cancers who have not responded to other treatments, CAR-T therapy can lead to high rates of complete remission.
• Personalised Approach: The therapy is tailored to each individual patient''s cancer, making it a highly targeted treatment.

Current Challenges and Limitations

Some challenges and limitations need to be overcome before CAR T-cell therapy can be widely applied to solid tumours and haematological malignancies. 

• Relapses can occur in some patients due to antigen escape when cancer cells stop expressing the CAR''s target antigen. Combination treatments or CAR T cells targeting multiple antigens may help prevent relapse.
• Toxicity: Severe toxicities like cytokine release syndrome and neurological issues can occur in some patients after CAR T cell infusion, although usually manageable.
• Complex, personalised manufacturing is logistically challenging. Allogeneic off-the-shelf CAR T cell products from donors aim to simplify manufacturing and administration.
• High costs and reimbursementdifficulties make CAR T cell therapies inaccessible for many patients. Health systems need funding models to improve access.

Way Forward

• Ongoing innovation is expanding the range of cancer targets and working to improve efficacy, safety and
• It may eventually be an off-the-shelf treatment used earlier in cancer therapy, rather than later.
• Combination regimens with checkpoint inhibitors, bispecific antibodies or systemic immunomodulators may further enhance CAR T cell potency.
• Next-generation enhancementslike TRUCKs, ARM T cells and the use of iPSC-derived NK or T cells may also help overcome current limitations.

RBI can’t ignore food inflation Governor Shaktikanta Das

Key highlights:

• RBI Governor Shaktikanta Das highlighted the need to address food inflation in monetary policy due to its significant impact on overall inflation and policy credibility.
• Food inflation accounts for about 46% of the CPI basket and contributed over 75% to the headline inflation in May and June.
• Current Trends: While core inflation is softening, high food prices persist. Food price momentum likely continued in July, though base effects may have reduced headline inflation.
• Policy Impact: The MPC must stay alert to prevent spill overs from food inflation and preserve monetary policy credibility.
• Economic Survey: There''s debate on whether to exclude food inflation from the inflation-targeting framework; the NSO is conducting a survey to inform future decisions.

What is Inflation?

• Inflation refers to the overall increase in the prices of goods and services, coupled with a decrease in people''s purchasing power.
• This means that when inflation rises (without an equivalent rise in your income), you are able to buy fewer things than you could buy previously, or you have to pay more money for the same stuff now.

The Different Indices through Which Food Inflation is Measured in India

Consumer Price Index (CPI):

• CPI inflation, also known as retail inflation, is the rate at which the prices of goods and services that consumers buy for personal use increase over time.
• It measures the change in the cost of a basket of goods and services that are typically purchased by households, including food, clothing, housing, transportation, and medical care, and are of four types:

1. CPI for Industrial Workers (IW).
2. CPI for Agricultural Labourer (AL).
3. CPI for Rural Labourer (RL).
4. CPI for Urban Non-Manual Employees (UNME).

Consumer Food Price Inflation (CFPI):

• It is a component of the broader Consumer Price Index (CPI),where the Reserve Bank of India (RBI) utilises the CPI-Combined or this purpose.
• CFPI monitors the price fluctuations of a particular selection of food items commonly consumed by households, including cereals, vegetables, fruits, dairy products, meat, and other essential food staples.
• CFPI is a component of the broader Consumer Price Index (CPI), where the Reserve Bank of India (RBI) utilises the CPI-Combined (CPI-C) for this purpose.

The Wholesale Price Index (WPI):

• It tracks changes in the prices of goods sold and traded in bulk by wholesale businesses to other businesses and it specifically focuses on goods, services are not part of it.
• The WPI is utilized to monitor supply and demand dynamics in industries, manufacturing, and construction sectors.
• Released monthly by the Economic Advisor in the Ministry of Commerce and Industry, the index measures the level of wholesale inflation in the economy based on the month-to-month increase in WPI, and it comprises various component
• Primary articles,constituting 22.62% of the Wholesale Price Index (WPI), are divided into Food Articles and Non-Food Articles:

1. Food Articles encompass items like Cereals, Paddy, Wheat, Pulses, Vegetables, Fruits, Milk, Eggs, Meat, and Fish.
2. Non-Food Articles include Oil Seeds, Minerals, and Crude Petroleum.

Various Government Initiatives to Control Food Inflation

• Subsidized Commodities:The government is increasing the distribution of subsidized vegetables like onions and tomatoes through its network and releasing stocks of wheat and sugar to stabilize prices.
• Reduction in Import Duty: To enhance domestic production, the government is incentivizing pulse cultivation among farmers and reducing import duties on certain pulses to boost local availability.
• Export Bans: Bans on wheat exports since May 2022and on broken rice exports since September 2022 aim to maintain ample domestic supply and lower prices.
• Ban on Stockpiling: Regulations limit wheat stocks to 3,000 tonnes for traders, millers, wholesalers, and retail chains, and 10 tonnes for smaller retailers and shops to prevent excessive stockpiling.

RBI holds repo rate at 6.5% for ninth time

RBI Monetary Policy Committee (MPC) Meeting Summary

Repo Rate Decision:

• Policy Repo Rate: Kept unchanged at 6.50% for the ninth consecutive time.
• Standing Deposit Facility Rate: 25%
• Marginal Standing Facility Rate and Bank Rate: 75%

Rationale for Decision:

• Inflation Status:
  • Headline Inflation: Increased to 5.1% in June from 4.8% in April and May, driven mainly by food inflation.
  • Core Inflation: Moderated; fuel group remained in deflation.
  • Inflation Trajectory: Moderation is uneven, with expected changes in Q3 2024-25.

Monetary Policy Stance:

• Focus: Withdrawal of accommodation to progressively align inflation with the target while supporting economic growth.

Growth Projections for 2024-25:

• Real GDP Growth:2%
  • Q1:1%
  • Q2:2%
  • Q3:3%
  • Q4:2%

Monetary Policy Committee (MPC):

• The Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016 to provide for a statutory and institutionalized framework for an MPC.
• Under Section 45ZB of the amended RBI Act, 1934, the central government is empowered to constitute a six-member MPC.

Function: The MPC is entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level. 

Composition:

1. MPC will have six members - the RBI Governor (Chairperson), the RBI Deputy Governor in charge of monetary policy, one official nominated by the RBI Board, and the remaining three members would represent the Government of India.
2. The external members hold office for a period of four years.

• The quorum for a meeting shall be four Members, at least one of whom shall be the Governor and, in his absence, the Deputy Governor, who is the Member of the MPC.
• The MPC takes decisions based on a majority vote. In case of a tie, the RBI governor will have the second or casting vote.
• The decision of the MPC would be binding on the RBI.