Second Thomas Shoal | A symbol of defiance

About Second Thomas Shoal:

• It is a submerged reef located in the Spratly Islands in South China Sea. It is low-tide elevation located within the exclusive economic zone of the Philippines.
• The Philippines first took possession of the Second Thomas Shoal in the late 1990s, setting an outpost on the drowned BRP Sierra Madre. It continues to maintain its presence there and the ship serves as a military outpost, manned by a small contingent of troops.
• What is the issue?
• The Second Thomas Shoal lies about 108 nautical miles (200 km) from the Philippine island of Palawan.
• China claims sovereignty over most of the South China Sea, including the Second Thomas Shoal, based on the historical and controversial Nine-dash line. China’s claims cut into the EEZs of Vietnam, the Philippines, Malaysia, Brunei and Indonesia.
• In 2013, the Philippines had filed a case against China with the Permanent Court of Arbitration in The Hague, challenging the legality of China’s claims and activities in the South China Sea, including the Second Thomas Shoal. The court ruled in favour of the Philippines in 2016, but China rejected the judgment.

MNRE to discuss specialised cylinders for hydrogen storage with stakeholders

About Green Hydrogen:

• It is produced using electrolysis of water with electricity generated by renewable energy. Its carbon intensity ultimately depends on the carbon neutrality of the source of electricity (i.e., the more renewable energy there is in the electricity fuel mix, the "greener" the hydrogen produced).
• It has enormous potential to decarbonize several sectors, reduce carbon emissions and achieve energy independence.
• Its production using renewable energy sources like solar, wind, and hydropower is sustainable and environmentally friendly. It can replace traditional fossil fuels in transportation and industry, providing a constant and reliable source of energy.
• Hydrogen is stored in cylinders at a much higher pressure.
• Gas cylinders are typically categorised into four types, depending upon the materials used. Type 1 and Type 2 are suitable for storage, while Type 3 is preferred for storage and transportation, and Type 4 is recommended for on-board storage.
• Unlike compressed natural gas (CNG), which is stored at a pressure of around 3,600 psi, the pressure at which hydrogen is stored ranges between 5,000-10,000 psi.
• A vehicle can be powered by hydrogen in two ways– burning it in an internal combustion engine or using a fuel cell to convert it into electricity to charge on-board batteries.
• While both Type 3 and Type 4 cylinders are reinforced with carbon fibre, which makes them light and ideal for use in vehicles, Type 4 cylinders are even lighter as they are lined with a polymer as opposed to the aluminium lining in Type 3 cylinders.

Application of Green hydrogen

• It has numerous applications and can be used in fuel cells to power vehicles and provide electricity. It can also be used in heating systems and in the production of chemicals and fertilizers.
• Furthermore, Green Hydrogen can be used in microgrids, providing electricity to remote areas and enabling energy independence.

PM to participate in Sashakt Nari - Viksit Bharat programme

About Self Help Group – Bank Linkage Programme:

• It was launched by NABARD in 1992 which has blossomed into the world’s largest microfinance project. It has evolved as a cost-effective mechanism for providing financial services to the unreached and underserved poor households. 
• The components of Self Help Group (SHG) Bank linkage (BL) are as follows:
• Training and sensitization of Bank Branch Managers
• Training and positioning of Bank Sakhis at Rural Bank Branches
• Initiate Community Based Repayment Mechanism (CBRM) at Rural Bank Branches
• Credit Linkage of SHGs

What are Self-Help Groups?

• These are small, informal and voluntary associations of individuals, usually from similar socio-economic backgrounds, who come together to address common social and economic needs.
• SHGs are primarily focused on empowering their members, particularly women, through mutual support, collective decision-making, and skill development.
• The SHGs which follow  ‘Panchsutras’ viz. conduct of regular group meetings, regular savings within the group, internal lending based on the demand of members, timely repayment of loan and maintenance of proper books of accounts are considered to be of good quality and over years have proved themselves to be good customers of Banks.

FIRST TRAINING SQUADRON PARTICIPATES IN CUTLASS EXPRESS 24

About Exercise Cutlass Express:

• It is an exercise conducted in East African coastal regions and the West Indian Ocean to counter malign influence, aggression and activity along overlapping command seams and maritime regions.
• It is a premier multinational maritime exercise sponsored by U.S. Africa Command (AFRICOM) and led by U.S. Naval Forces Europe-Africa/U.S. Sixth Fleet.
• It brings together maritime forces from East Africa, West Indian Ocean nations, Europe, North America and several international organizations to enhance maritime law enforcement capacity, promote national and regional security and increase interoperability among participating nations.
• Training was conducted on theoretical and practical aspects of Maritime Interdiction Operations, Visit Board Search and Seizure procedures and Diving operations. During the sea phase, the ship''s VBSS team boarded Seychelles Coast Guard (SCG) ship LE Vigilant and demonstrated procedures of boarding operations.
• As part of Cutlass Express 2024, the Indian Navy actively engaged with participants from 16 friendly foreign countries. The Indian Navy has been participating in the exercise since 2019.

Core inflation to stay around 3% till Q1 FY25: Economists

About Core Inflation:

• It is the change in the costs of goods and services excluding the price variations in seasonal elements, such as those related to food and energy.
• Food and energy prices are exempt from this calculation because their prices can be too volatile or fluctuate wildly. Core inflation represents the long-term trend in the price level.
• Why is it important?
• It is used to determine the impact of rising prices on consumer income.
• To deal with such situations, many central banks use measures of core inflation that are designed to filter transitory price movements.
• If the increase in the price index is due to temporary shocks that could soon reverse themselves, it may not require any monetary policy action.
• On the other hand, prices of other commodities do not fluctuate as regularly as those of food and fuel: as such, an increase in their prices could be taken relatively to be much more of a permanent nature.
• It follows logically for Central Banks to target only core inflation, as it reflects the demand-side pressure in the economy. 
• Core inflation, by eliminating the volatile components from the headline helps in identifying the underlying trend in headline inflation and is believed to predict future inflation better.
• Whenever core inflation rises, Central Banks increase their key policy rates to suck excess liquidity from the market, and vice versa. It is, therefore, a preferred tool for framing long-term policy.

What is Headline Inflation?

• Headline inflation is the total inflation in an economy.
• It is the raw inflation figure reported through the Consumer Price Index (CPI).
• The headline inflation figure includes inflation in a basket of goods that includes commodities like food and energy.
• It is different from core inflation, which excludes food and energy prices while calculating inflation.

‘Ore shortage’ hitting steel production, says sponge iron industry, seeks ban on exports

About Sponge Iron:

• Direct-reduced iron (DRI), also called sponge iron, is produced from the direct reduction of iron ore (in the form of lumps, pellets, or fines) by a reducing gas produced from natural gas or coal. 
• The reducing gas is a mixture, the majority of which is hydrogen (H2) and carbon monoxide (CO), which act as reducing agents. 
• This process of reducing the iron ore in solid form by reducing gases is called direct reduction.
• Why is it called Sponge Iron?
• The process of sponge iron manufacturing involves the removal of oxygen from iron ore.
• When that happens, the departing oxygen causes micropores in the ore body, turning it porous.
• When the eventual product is observed under a microscope, it resembles a honeycomb structure, which looks spongy in texture. Hence the name sponge iron.
• Significance:
• Its significance in the steel industry ranges from an alternative to scrap to boosting furnace efficiency. 
• It is used as a substitute for scrap in induction and electrical furnaces.
• The reason for this is that melting scrap is expensive and also in short supply, so sponge iron is the perfect alternative when it comes to using it in the production of high-quality steel.
• It is an iron source that is relatively uniform in composition, and virtually free from tramp elements.
• India is the world''s largest producer of sponge iron, most of which is produced primarily through the coal-based method of production. India produces 20% of the world’s sponge iron with over 200 plants.

Most critical issue of 2019 amalgamation of RRBs was related to tech Book

About Regional Rural Banks (RRBs):

• RRBs are banks formed in collaboration by the Central Government, State Governments, and Sponsoring Commercial Banks to give loans to rural areas.
• Their mission is to fulfill the credit needs of the relatively unserved sections in rural areas: small and marginal farmers, agricultural labourers and socio-economically weaker sections.
• The RRBs mobilize financial resources from rural/semi-urban areas and grant loans and advances mostly to small and marginal farmers, agricultural labourers and rural artisans.
• Origin:
• The Narasimham Committee on Rural Credit(1975) recommended the establishment of RRBs.
• The establishment of RRBs finds its route in the ordinance passed on 26th September 1975, and the RRB Act of 1976. 
• Prathama Grameen Bank was the first RRB bank and was established on 2nd October 1975.
• RRBs were configured as hybrid micro banking institutions, combining the local orientation and small-scale lending culture of the cooperatives with the business culture of commercial banks.
• RRBs perform various functions in the following heads:
• Providing banking facilities to rural and semi-urban areas.
• Carrying out government operations like the disbursement of wages of MGNREGA workers, distribution of pension, etc.
• Providing Para-Banking facilities like locker facilities, debit and credit cards, mobile banking, internet banking, UPI etc.
• The RBI has set a Priority Sector Lending (PSL) target of 75% of total outstanding advances for RRBs as against 40% for Scheduled Commercial Banks. 
• Ownership: The shareholding pattern of RRBs among the three sponsoring entities is 50:35:15 among the central government, sponsoring bank, and state government, respectively.
• The area of operation of RRBs is limited to the area as notified by the Government of India, covering one or more districts in the State. 
• Regulation: Regional Rural Banks are regulated by the RBI and supervised by the National Bank for Agriculture and Rural Development (NABARD).
• Sources of Funds: It comprise of owned funds, deposits, borrowings from NABARD, Sponsor Banks and other sources, including SIDBI and the National Housing Bank.
• Management: The Board of Directors manages these banks, overall affairs, which consists of one Chairman, three Directors as nominated by the Central Government, a maximum of two Directors as nominated by the concerned State Government, and a maximum of three Directors as nominated by the sponsor bank.

Samudrayaan’s key test is complete, says govt

About Samudrayaan Mission:

• It is India’s first manned mission to explore the deep ocean. 
• It is aimed to develop a self-propelled manned submersible to carry three human beings to a water depth of 6,000 meters in the ocean.
• It is designed to study the deep ocean resources and conduct biodiversity assessments as well. 
• The project is part of the larger Deep Ocean Mission, which supports the Central Government’s Blue Economy policy.  
• Nodal Ministry: Ministry of Earth Sciences (MoES)

What is MATSYA 6000?

• It is a manned submersible vehicle developed by the National Institute of Ocean Technology (NIOT), Chennai. 
• It was developed under the Samudrayaan mission to facilitate humans in the deep ocean in exploring mineral resources. It has an endurance of 12 hours of operational period and 96 hours in case of emergency.
• It will allow scientific personnel to observe and understand unexplored deep-sea areas by direct interventions. Further, it will enhance the capability for deep-sea man-rated vehicle development.
• Expected to be launched in 2024-25, it would make India only one among six countries(US, Russia, Japan, France, and China) to have piloted a crewed under-sea expedition beyond 5,000 metres.

Key Facts about Deep Ocean Mission:

• It is a mission-mode project to support the Blue Economy Initiatives of the Government of India.
• It has been launched as a Central Sector Scheme of Ministry of Earth Sciences.
• It is a high-level, multi-ministerial, multi-disciplinary programme for a better understanding of the deep sea living and non-living resources of the Indian Ocean.
• The Mission consists of six major components:
• Development of Technologies for Deep Sea Mining and Manned Submersible and Underwater Robotics;
• Development of Ocean Climate Change Advisory Services;
• Technological innovations for exploration and conservation of deep-sea biodiversity;
• Deep Ocean Survey and Exploration;
• Energy and freshwater from the Ocean;
• Advanced Marine Station for Ocean Biology;