7th April 2021
BRICS Finance Ministers and Central Bank Governors Meet
Recently, India hosted the first meeting of the BRICS Finance Ministers and Central Bank Governors.
Key Highlights
- India’s approach as 2021 BRICS chair was focused on strengthening intra-BRICS cooperation based on Continuity, Consolidation and Consensus.
- It is the first meeting of the BRICS Finance Ministers and Central Bank Governorsunder India Chairmanship in 2021.
- The BRICS Finance Ministers and Central Bank Governors discussed financial cooperation agenda set by India for 2021 included:
- Global Economic Outlook and Response to COVID-19 pandemic,
- New Development Bank (NDB) Activities,
- Social Infrastructure Financing and Use of Digital Technologies,
- Cooperation on Customs related issues,
- IMF reforms,
- Fintech for SMEs and Financial Inclusion,
- BRICS Rapid Information Security channel and BRICS Bond Fund
- India has emphasised the importance of BRICS in responding to the COVID-19 crisisthrough policy support and enhancing international coordination.
- The Finance Minister stressed on the need for assessment of the $100 billion commitment per year from developed countries to developing countries for strengthening climate action.
- The meeting emphasised that the focus on climate change should be both on mitigation and on strengthening adaptation measures.
BRICS
- It is an informal group of states comprising the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People’s Republic of China and the Republic of South Africa.
- It was the Russian side that initiated the creation of BRICS.
- In 2006, the first BRICS Ministerial Meeting was held at the proposal of Russian President Vladimir Putin on the margins of a UN General Assembly Session in New York.
- In 2009, Yekaterinburg hosted the first BRIC Summit.
- BRICS countries are influential members of leading international organisations and agencies, including the UN, the G20, the Non-Aligned Movement and the Group of 77.
- The Russian Federation is a member of the Commonwealth of Independent States, the Collective Security Treaty Organisation and the Eurasian Economic Union.
- Russia, India and China are members of the Shanghai Cooperation Organisation and the Asia Pacific Economic Cooperation.
- Brazil is a member of the Union of South American Nations, MERCOSUR and the Community of Latin American and Caribbean States.
- The Republic of South Africa is a member of the African Union and the Southern African Development Community.
- India is a member of the South Asian Association for Regional Cooperation and BIMSTEC.
Importance of BRICS for India
- The one of the factors behind the persistence of international institutions is because of “sunk costs” i.e. efforts expended to set up an institution that cannot be recovered and binding the actors involved in setting it up permanently.
- New Delhi has often equated BRICS with its participation in other “Western-led” groupings such as the Quad, in order to signal to domestic constituencies that its commitment to strategic autonomy remains intact.
- The “cost” India would pay from dissolving the BRICS is far higher than simply playing along, despite its diminishing dividends from participation in that grouping.
- The BRICS also allows India and China to modulate their rivalry within the setting of a small grouping, even when bilateral relations remain rocky.
- The groupings like the BRICS and the SCO afford both India and China the opportunity to “decouple” their strategic contest from the other dimensions of the relationship.
- BRICS provides India a transcontinental reach by virtue of Brazil and South Africa’s presence.
- India is a proudly revisionist power when it comes to the extant structure of international organizations and the United Nations system.
- It continues to maintain that the international system does not recognize the country’s economic and political heft and demands top-down reform, beginning with the U.N. Security Council (UNSC) where it seeks permanent membership.
Wolf–Rayet stars or WR stars
Recently, the Indian astronomers have tracked a rare supernova explosion and traced it to one of the hottest kinds of stars called ‘Wolf-Rayet’ or WR stars.
Key Highlights
- The long-term monitoring of these transients opens the door to understand the nature of the exploding star as well as the explosion properties.
- Supernovae (SNe) are highly energetic explosions in the universe releasing an enormous amount of energy.
- A team of astronomers from the Aryabhatta Research Institute of Observational Sciences (ARIES) have conducted optical monitoring of one such stripped-envelope supernova called SN 2015dj hosted in the galaxy NGC 7371.
Wolf–Rayet stars or WR stars
- The massive stars which are at an advanced stage of stellar evolution and losing mass at a very high rate are known as Wolf-Rayet stars.
- The rare Wolf–Rayet stars are highly luminous objects, a thousand times more than the Sun and have intrigued astronomers for long.
- They are massive stars and strip their outer hydrogen envelope which is associated with the fusion of Helium and other elements in the massive core.
- The spectra of WN stars are dominated by helium and nitrogen emission lines, but can contain some carbon, while WC stars show no nitrogen and are dominated by helium, carbon and oxygen emission lines.
- It is estimated that about 50% of Wolf-Rayet stars occur in binary systems.
- The Wolf- Rayet stars are thought to end their lives spectacularly as either a Type Ib or Type Ic supernova explosion.
- The Wolf-Rayet (WR) phenomenon involves classical WRs, very massive stars (VMS), WR central stars of planetary nebula CSPN [WRs], and supernovae (SNe).
Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM)
Recently, the Rajasthan Renewable Energy Corporation Ltd (RRECL) has commissioned the country’s first farm-based solar power project under the PM-KUSUM scheme.
PM-KUSUM
- It is for farmers for installation of solar pumps and grid connected solar and other renewable power plants in the country.
- It aims to add solar and other renewable capacity of 25,750 MW by 2022 with total central financial support of Rs. 34,422 Crore including service charges to the implementing agencies.
- The scheme has three components:
- Component-A: Installation of 10 GW of renewable energy power plants of individual plant capacity up to 2 MW on barren and fallow land.
- Component-B: Installation of 17.5 lakh standalone solar pumps of capacity up to 7.5 HP.
- Component-C: Solarization of 10 lakh existing grid-connected agricultural pumps of pump capacity up to 7.5 HP.
- It will open a stable and continuous source of income to the rural land owners for a period of 25 years by utilisation of their dry/uncultivable land.
Key Amendments in the PM-KUSUM Scheme Implementation Guidelines
Amendments for Component-A
- The scope of the PM-KUSUM has been increased by including pasturelands and marshy lands owned farmers.
- The size of solar plant has been reduced so that small farmers can participate and completion period increased from nine to twelve months.
- The solar power projects smaller than 500 kW may be allowed by States based on techno-commercial feasibility to support small farmers.
- There shall be no penalty to Renewable Power Generator (RPG) for shortfall in solar power generation from minimum prescribed Capacity Utilization Factor (CUF).
Amendments for Component-B
- The MNRE will retain 33% of eligible service charges for nation-wide Information, Education and Communication (IEC) activities.
- The ministry may release 50% of eligible service charges for the sanctioned quantity after placement of Letter of Award (LoA) for preparatory activities.
- The order allows either one or both of the following two categories to participate in the centralised tendering:
- Manufacturer of solar PV modules or manufacturer of solar pumps or manufacturer of solar pump controllers using indigenous technology.
- Joint venture of any of manufacturers mentioned above with system integrators.
Amendments for Component-C
- Under Component-C, individual farmers having grid connected agriculture pumps are being supported to solarise their pumps.
- The farmers will be provided solar panels and they will be able to use the generated solar power to meet the irrigation needs and sell the surplus solar power.
- The DISCOMs will buy surplus power from the farmers at the pre-determined rate to be decided by the respective State/SERC.
Objective of PM KUSUM Yojana
- Under PM KUSUM Yojana, farmers, group of farmers, panchayat, co-operative societies can apply to plant a solar pump.
- The total cost involved in this scheme is divided into three categories in which the Government will help farmers.
- The government will provide a subsidy of 60% to farmers and 30% of the cost will be given by Government in form of loans.
- The farmers will only have to give 10% of the total cost of the project.
- The electricity generated from the solar panel can be sold by the farmers.
- The money gained after selling electricity can further be used for starting a new business.
Supreme Court Portal for Assistance in Court’s Efficiency (SUPACE)
Recently, the Chief Justice of India has launched the Supreme Court Portal for Assistance in Court’s Efficiency (SUPACE).
Supreme Court Portal for Assistance in Court’s Efficiency (SUPACE)
- It is a tool that collects relevant facts and laws and makes them available to a judge.
- It is an Artificial Intelligence (AI) portal which is designed to make research easier for judges, thereby easing their workload.
- It is not designed to take decisions, but only to process facts and to make them available to judges looking for an input for a decision.
- It is a perfect blend of human intelligence and machine learning and 'a hybrid system', which works better with human intelligence.
Significance of Artificial Intelligence in Judiciary
- The portal has ensured that AI only collects all relevant facts & law and makes it available to Judge on their fingertips.
- The AI can process words and figures in a better way and the results only get better with more examples that are given to the system, to process.
- The AI doesn't have access to feelings and emotions and operates in areas of cognition, where understanding takes place only through language and symbols.
- The introduction of AI tool is a big step in ensuring access to justice and will be helpful to Judiciary in reducing pendency and delivering justice to needy people.
Disqualification of MLAs
Recently, the Goa Assembly Speaker has agreed to pass orders on a Congress leader’s petition seeking disqualification of 10 party MLAs who had joined the opposition in July 2019.
Constitutional Provisions for Disqualification of MLAs
- Under the Constitution, a person shall be disqualified for being chosen as and for being a member of the legislative assembly or legislative council of a state:
- If he holds any office of profit under the Union or state government (except that of a minister or any other office exempted by state legislature),
- If he is of unsound mind and stands so declared by a court,
- If he is an undischarged insolvent,
- If he is not a citizen of India or has voluntarily acquired the citizenship of a foreign state or is under any acknowledgement of allegiance to a foreign state, and
- If he is so disqualified under any law made by Parliament.
Parliamentary Provisions for Disqualification of MLAs
- The Parliament has prescribed a number of additional disqualifications in the Representation of People Act (1951) and the same is followed by Legislative Assembly and Council:
- He must not have been found guilty of certain election offences or corrupt practices in the elections.
- He must not have been convicted for any offence resulting in imprisonment for two or more years.
- But, the detention of a person under a preventive detention law is not a disqualification.
- He must not have failed to lodge an account of his election expenses within the time.
- He must not have any interest in government contracts, works or services.
- He must not be a director or managing agent nor hold an office of profit in a corporation in which the government has at least 25 per cent share.
- He must not have been dismissed from government service for corruption or disloyalty to the state.
- He must not have been convicted for promoting enmity between different groupsor for the offence of bribery.
- He must not have been punished for preaching and practicing social crimes such as untouchability, dowry and sati.
- The governor’s decision is final on the question whether a member has become subject to any of the above disqualifications.
- The governor should obtain the opinion of the Election Commission and act accordingly.
Disqualification on Ground of Defection
- The Constitution lays down that a person shall be disqualified for being a member of either House of state legislature if he is so disqualified on the ground of defectionunder the provisions of the Tenth Schedule.
- The question of disqualification under the Tenth Schedule is decided by the Chairman, in the case of legislative council and, Speaker, in the case of legislative assembly.
- In 1992, the Supreme Court ruled that the decision of Chairman/Speaker in this regard is subject to judicial review.
Vivad Se Vishwas Scheme
Recently, the Central Board of Direct Taxes (CBDT) has informed that it had settled tax disputes in more than 1.3 lakh pleas made under the Vivad Se Vishwas scheme, fetching ₹54,005 crore to the exchequer.
Vivad Se Vishwas Scheme
- It is a direct tax scheme announced in Budget 2020, for settling tax disputes between individuals and the income tax department.
- Under the scheme, penalty and interest were to be waived if the disputed amount was paid before the stipulated date.
- The income tax disputes settled under it cannot be reopened in any other proceeding by the income tax department or any other designated authority.
- The main purpose of the scheme is to:
- Reduce pending litigation
- Generate revenues for the Govt.
- Get relief from pending dispute by paying disputed tax and get waiver from payment of interest and penalty and also get immunity from prosecution.
Benefits of Vivad se Vishwas Scheme
- Brings certainty: It ends ambiguity around the likely outcome of disputes.
- Instant relief: The resolution process can be completed within a month, bringing an expeditious end to protracted disputes.
- Tangible savings: The Scheme provides for waiver of interest, penalty and prosecution.
- In disputes involving penalty, interest or fine, only partial amounts need to be paid which will also have a bearing on the ongoing cost of litigation.
- Flexibility: The Scheme provides taxpayers with the option to choose the years of payment (even if the dispute is pending at the behest of the tax authorities), without creating a precedent.
- Focus on core activities: Frees the management from allocating time and resources towards ongoing disputes and allows organisations to focus on strategic business matters.
Significance of Vivad Se Vishwas Scheme
- It provides for the settlement of disputed tax, interest, penalty or fees in relation to an assessment or reassessment order.
- It grants immunity to taxpayers from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-Tax Act in respect of matters covered in the declaration.
- Its primary objectives are to reduce pending income tax litigation, generate timely revenue and provide taxpayers peace of mind.
- It has been a successful scheme that resolved several litigations quickly and settled the matter amicably.
India Energy Exchange (IEX)
Recently, an average spot power price rose by 65% to Rs. 4.06 per unit in March as compared to previous month at the India Energy Exchange (IEX).
India Energy Exchange (IEX)
- It is the first and largest energy exchange in India.
- It is providing a nationwide, automated trading platform for physical delivery of electricity, Renewable Energy Certificates and Energy Saving Certificates.
- It enables efficient price discovery and increases the accessibility and transparencyof the power market in India while also enhancing the speed and efficiency of trade execution.
- It is a publicly listed company with National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).
- It is approved and regulated by Central Electricity Regulatory Commission (CERC) and has been operating since 2008.
- In 2016, IEX received three ISO Certifications i.e. ISO 9001:2015 for quality management, ISO 27001:2013 for Information security management and ISO 14001:2015 for environment management.
Products of Indian Energy Exchange (IEX)
- Day-Ahead Market (DAM): It is a physical electricity trading market for deliveries for any/some/all 15 minute time blocks in 24 hours of next day starting from midnight.
- Term-Ahead Market (TAM): The contracts under TAM cover a range for buying/selling electricity for duration up to 11 days.
- It enables participants to purchase electricity for the same day through intra-day contracts, for the next day through day-ahead contingency, on daily basis for rolling seven days through daily contracts.
- Renewable Energy Certificates (REC): The Renewable Energy (RE) generator can opt to get RECs against green attributes of their generation.
- It aims to ease the purchase of renewable energy by the state utilities and obligated entities, including the states which are not well endowed with RE sources.
- The REC framework seeks to create a national level market for renewable generators to recover their cost.
- Energy Saving Certificates (ESCerts): These are the tradable certificates under the Perform, Achieve, Trade (PAT) Scheme of Bureau of Energy Efficiency (BEE).
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