RBI Gets A Tax Expert As Its New Governor

• India’s central bank, the Reserve Bank of India (RBI) is all set to see an expert in taxation and finance head it. Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer, has been appointed as the new Governor of RBI for three years by the Appointments Committee of the Cabinet.
• Currently serving as Revenue Secretary in the Ministry of Finance, Malhotra brings over 33 years of experience across key sectors, including finance, taxation, power, information technology, and mining.
• Malhotra is the second consecutive career civil servant to helm the central bank, after predecessor Shaktikanta Das. Das served as the economic affairs secretary, revenue secretary and fertiliser secretary
•  Malhotra, a 1990 batch Rajasthan Cadre IAS Officer, will replace Shaktikanta Das, whose tenure ends on December 10.
•  Das was appointed as the 25th Governor of the RBI on December 12, 2018, after the abrupt exit of Urjit Patel. He was granted an extension after completing a three-year term in office. 
• RBI Deputy Governor Michael Patra’s term is also set to conclude in mid-January and the government is looking for a replacement.

How is the RBI Governor appointed?

•  The Appointments Committee of the Cabinet (ACC) has constituted the  Financial Sector Regulatory Appointments Search Committee (FSRASC) for recommending the names for appointment of Chairperson and Members of Financial Sector Regulatory Bodies including those of Governor and Deputy Governors of Reserve Bank of India. 
• Besides the Cabinet Secretary, other members of FSRASC include the RBI Governor, Financial Services Secretary and two independent members.
• The selected names will be sent to the Appointments Committee of the Cabinet headed by the Prime Minister for final approval.

Who is Sanjay Malhotra?

Malhotra, 56, will be the 26th RBI Governor. He is an engineering graduate in computer science from the Indian Institute of Technology, Kanpur, and has a Master’s in Public Policy from Princeton University, the US.

•  In his career of over 33 years, he has worked in multifarious sectors, including power, finance and taxation, information technology, and mines, among others. 
• Presently, he is the Secretary (Revenue) in the Ministry of Finance. 
•  In his previous assignment, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance.
•  He has extensive experience in finance and taxation at the state as well as the central government levels. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.

RBI’s 90th anniversary

• The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy. It commenced its operations on April 1, 1935 in accordance with the Reserve Bank of India Act, 1934. Following India’s Independence, the RBI was nationalised on January 1, 1949.

Centre’s PLI scheme to boost millet-based products: All you need to know

·          The Government of India has introduced the Production Linked Incentive Scheme for Millet-Based Products (PLISMBP) to support the use of millets in food products and encourage value addition.

·         This initiative, launched for the period 2022-2027, comes with an allocation of ₹800 crore and aims to boost millet production and processing by removing the threshold investment requirement, making it accessible to a wider range of participants.

·         Under the scheme, companies are eligible for incentives if they achieve a minimum year-on-year sales growth of 10% over the base year. It focuses on sales of branded Ready-to-Eat and Ready-to-Cook products in consumer packs, provided these products contain at least 15% millet by weight or volume.

·         Initially, 30 beneficiaries were enrolled under the scheme. Following the withdrawal of one participant, 29 beneficiaries remain. According to the guidelines, the products must be prepared using domestically sourced agricultural materials, excluding additives, flavors, and oils. This requirement has helped strengthen local agricultural procurement, benefiting farmers.

·         The scheme has a five-year duration. For the first performance year (FY 2022-2023), 19 participants filed claims in FY 2023-2024, with ₹3.917 crore disbursed to eligible applicants.

·         The government has taken steps to ensure smooth implementation of the scheme. These include launching a user-friendly portal, establishing support groups for issue resolution, and issuing regular clarifications on guidelines. Weekly meetings with applicants, along with technical support, are being conducted to track progress and address challenges effectively.

Key points: 

·          The scheme eliminates the threshold investment requirement, making it accessible to more applicants. To qualify for incentives, companies selected under the scheme must achieve a minimum year-on-year sales growth of 10 per cent over the base year. 

·         The scheme incentivises sales of branded ready-to-eat and ready-to-cook products in consumer packs that contain over 15 per cent millet by weight or volume.

·         As many as 30 beneficiaries were initially enrolled in the PLI Scheme for Millet-Based Products. Following the withdrawal of one beneficiary, there are now 29 beneficiaries. 

·          According to the scheme guidelines, only domestically sourced agricultural products (excluding additives, flavors, and oils) must be used in the preparation of millet-based products.  This requirement has boosted local production and procurement of agricultural produce, which has benefited farmers. As many as 19 applicants submitted incentive claims, and Rs 3.917 crore has been disbursed to the eligible applicants so far.

What are millets?

·         Millets are a collective group of small seeded annual grasses that are grown as grain crops, primarily on marginal land in dry areas of temperate, sub-tropical and tropical regions.

·          These grains, some of the earliest plants domesticated for food, were part of the diet even during the Indus Valley Civilization.

India is home to a variety of millets, including:

·         Ragi (Finger Millet) 

·         Jowar (Sorghum) 

·         Sama (Little Millet) 

·         Bajra (Pearl Millet) 

·         Variga (Proso Millet) 

·         Millets are cultivated in about 131 countries and serve as a traditional staple food for approximately 600 million people across Asia and Africa.

·          India: The largest producer globally, contributing 20 per cent of the world’s millet production and 80 per cent of Asia’s output.

·          Global Leaders: India, Nigeria, and China together produce over 55 per cent of the world’s millets.

·          Although India has historically been a dominant producer, recent years have witnessed significant growth in millet cultivation across Africa, signaling a shift in production dynamics.

Millets are ‘nutri-cereals’

·          Millets are uniquely suited to areas with unpredictable weather patterns and water scarcity, thriving in poor soil conditions with minimal water requirements.

·         These grains are rich in fiber, protein, vitamins, and minerals, offering a wholesome diet and promoting overall health.

·         Millets are an excellent choice for individuals with celiac disease or gluten intolerance, providing a safe and nutritious alternative to wheat-based products.Millets can flourish in a diverse range of soils and climates, making them a versatile crop that supports farmers across different regions.

·         Often cultivated using traditional farming methods, millets are environmentally friendly and align with sustainable agricultural practices, reducing the ecological footprint of food production.

Hanle in Ladakh prime candidate for quantum communications tech: Indian researchers

·          India’s unique geographical diversity could play a critical role in transmitting quantum signals into space for more efficient satellite-based quantum communications, researchers from Bengaluru’s Raman Research Institute (RRI) said on Friday.

·         Through meticulous analysis, RRI scientists evaluated open-source data from three of India’s premier observatory sites.

·          They identified the Indian Astronomical Observatory (IAO) in Hanle, located in Ladakh’s remote high-altitude desert, as the prime candidate for hosting this revolutionary technology.

·         Hanle, known for its dry, cold desert conditions, experiences winter temperatures plunging to minus 25 to 30 degrees Celsius. The region also benefits from low levels of atmospheric water vapour and oxygen, making it ideal for quantum communication experiments.

·         “Hanle offers all the natural conditions necessary for setting up a ground station and enabling long-distance quantum communication,” said Professor Urbasi Sinha, head of the Quantum Information and Computing (QuIC) lab at RRI, an autonomous institute under the Department of Science and Technology, Government of India.

·         Satellite-based quantum communications, including quantum key distribution (QKD), represent a promising approach to achieving global-scale quantum networks. To implement these, atmospheric simulations for both uplink and downlink communications are critical, as is identifying practical locations for ground stations.

·         While similar studies have been carried out in Canada, Europe, and China, India’s geographical diversity—from the towering Himalayas to coastal plains, deserts, and tropical regions—adds unique value to this research.

·         Traditional satellite communication typically operates at frequencies in the MHz or GHz range, whereas quantum communication functions at much higher frequencies, measured in THz.

·         The researchers worked with signals in the 370 THz band (810 nm wavelength) as outlined in their studies.

·         Using open-source data on temperature, humidity, atmospheric pressure, and other meteorological parameters, researchers evaluated three observatory sites: IAO Hanle, Mt Abu in Rajasthan, and Aryabhatta Research Institute of Observational Sciences (ARIES) in Nainital, Uttarakhand.

·         “India’s geographical diversity offers a vast and versatile template for quantum communication research that could be applied globally.

·         This versatility could make our research invaluable for future quantum satellite projects worldwide,” Professor Sinha added.

·         Proposed satellites for secure quantum communication would operate in Low Earth Orbit (LEO), with altitudes of up to 500 km.

·         Beacon signals would be used to track moving satellites and align them with corresponding telescopes.

·         According to the team’s proposed system involves a main signal at 810 nm, with uplink and downlink signals using 532 nm and 1550 nm wavelengths, respectively.

India, Nicaragua sign agreements to implement Quick Impact Projects

·          India and Nicaragua signed an umbrella agreement on Tuesday to implement Quick Impact Projects (QIPs). The agreement was signed by Indian Ambassador to Panama, Nicaragua, and Costa Rica, Sumit Seth, and Nicaragua’s Foreign Minister, Valdrack Jaentschke, in the capital city of Managua.

·         The memorandum of understanding (MoU) aims to deliver tangible benefits to local communities in Nicaragua by focusing on key areas such as physical infrastructure—roads and community centers—as well as social infrastructure, including education, healthcare, and sanitation.

·          The Government of India will provide grant assistance for each QIP under this framework, ensuring immediate and visible improvements for the people of Nicaragua.

·         the Indian Embassy highlighted the significance of the agreement, saying, “To add another dimension to the relationship, Ambassador Sumit Seth and Foreign Minister Valdrack Jaentschke signed an umbrella agreement to implement Quick Impact Projects.”

·         This initiative underscores India’s active role in supporting global development through partnerships tailored to the needs of local communities. By prioritizing impactful and time-sensitive projects, the agreement reflects India’s commitment to fostering stronger ties with Nicaragua and enhancing its socio-economic infrastructure.

·         The relations between India and Nicaragua have remained warm and cooperative since the establishment of diplomatic ties in March 1983. While India’s Embassy in Panama is concurrently accredited to Nicaragua, Nicaragua’s Embassy in Tokyo is concurrently accredited to India. These collaborations, including the newly signed MoU, signify a shared vision for development and strengthened bilateral engagement.

Effective waste management and circular economy crucial to urban liveability

·         In April, a massive fire consumed the Ghazipur landfill in New Delhi. The 65-metre-tall waste mountain released toxic fumes and methane that caused an air pollution crisis. The incident is symbolic of the fallouts of rapid urbanisation, of which mismanaged waste is a major component.

·         Unsafe waste disposal uses up precious land resources and disrupts the natural environment by contaminating water, air and soil.

·         While fires are a potential hazard in landfills, the constantly decaying waste also poses grave threats to the environment.

·         Methane emissions are 26 times more harmful than carbon dioxide and exacerbate global warming. Leachate, a toxic liquid produced by decomposing waste, seeps into groundwater and contaminates it

·         Without urgent and effective solutions, the ever-increasing waste issue will continue to contaminate air, water and land and hamper the sustainability of these large habitations.

The growing urban waste challenge

·         A World Bank Report, What a Waste 2.0, estimates that cities worldwide produce over 2.01 billion tonnes of municipal solid waste annually.

·         Rapid urbanisation and changing consumption patterns have only accelerated this growth. By 2050, global waste generation is projected to increase by 70%.

·         Left unchecked, this will not only convert large swathes of land into dumping sites but also contaminate air, water and soil in several inhabited areas.

·         This challenge is particularly acute in rapidly developing regions, where waste management infrastructure struggles to keep pace with urban growth.

·         Several low and middle-income countries grapple with basic waste collection, with only 48% of waste collected in cities and even less in rural areas.

·         As per The Energy and Resources Institute (TERI) India generates over 62 million tons (MT) of waste annually. Of the 43 MT which is collected, just 12 MT undergoes treatment before disposal. The remaining 31 MT (which would fill a space equivalent to the size of 62 football fields stacked 100metres high) is discarded in landfills, untreated and unaccounted for.

Waste management—a pillar for sustainable cities

·         Effective waste management systems serve as a cornerstone of urban liveability and sustainability. Amid growing climate change concerns, well-executed waste management has a multi-fold impact that protects the environment and reduces the burden on natural resources.

·         A circular economy views waste as a resource rather than a burden. Circular models can create numerous opportunities including employment through green jobs in recycling, processing, and environmental technology sectors.

·         Studies estimate that a circular economy in India can add $624billion annually by 2050 and result in a 44 per cent reduction in greenhouse gas emissions.

Waste management solutions for sustainable cities

·         As urban populations continue to expand, investing in comprehensive waste management solutions becomes not just an environmental imperative but a fundamental requirement for creating thriving, liveable urban spaces.

·          Instituting robust waste collection mechanisms, policies to reduce itsgeneration, and technological innovation for processing and recycling is the need of the hour.

·         Waste collection and segregation are necessary for its sustainable management. Separating recyclables, organic matter, and non-recyclable waste streamlines processing, maximises resource recovery, and reduces contamination.

·         Municipal corporations must establish robust collection schedules, provide standardised bins for different waste streams, and maintain a reliable fleet of collection vehicles.

·         Resident Welfare Associations can complement these efforts by implementing door-to-door collection systems, organising community composting initiatives, and ensuring compliance with segregation protocols.

·         Strong collection mechanisms also support circularity. Circular models can open several avenues that utilise waste from landfills as a resource for other products.

·         Technological innovation can help drive this transition more effectively, saving energy and reducing emissions in the process.

·         For example, a biomining initiative by Blue Planet at the Perungudi landfill in Chennai reclaims valuable materials while simultaneously addressing environmental and land-use issues.

·         The initiative not only reduces CO2 emissions but also generates refuse-derived fuel, creating a circular economy solution for industrial energy needs.

·         The project also aims to repurpose the reclaimed land for sustainable development. By September 2023, the initiative cleared 96 acres of the landfill.

·         This effort helped preserve the Pallikaranai wetland. Legacy waste processing mechanisms mitigated 838,295 tonnes ofcarbon dioxide emissions.

·         The initiative avoided greenhouse gas emissions equivalent to 242 wind turbines operating for a year.

Collaborating for Sustainability

·         While waste poses a significant challenge, it also presents opportunities to transform urban landscapes and the economy. Through proper waste collection mechanisms, technological innovations, and circular economy approaches, cities can turn their waste management challenges into drivers of economic growth and environmental sustainability.

·         Effective waste management requires a coordinated effort from urban local bodies, the private sector and NGOs.

·         Both manufacturers and end consumers have critical roles to play in these efforts. Extended producer responsibility measures that put the onus of product life cycles on manufacturers help incentivise more sustainable product design, promote recyclability, and encourage manufacturers to develop products with reduced environmental impact.

·         By encouraging companies to consider the entire lifecycle of their products, EPR policies create a powerful economic framework that drives innovation towards more circular and sustainable production models.

·         As urban populations continue to grow, we need critical investments in our cities’ capacities to handle waste. The examples of landfill remediation and resource recovery demonstrate that with the right combination of technology and collaboration, we can create cleaner, healthier, and more sustainable urban spaces for generations to come.

 National Industrial Corridor Development Programme (NICDP)

• India’s industrial development is progressing with the National Industrial Corridor Development Programme (NICDP) facilitating the creation of new industrial areas. Minister of State for Commerce and Industry, Jitin Prasada, informed the Lok Sabha about the ongoing projects aimed at enhancing the country’s manufacturing and investment capabilities.
• Under the Delhi-Mumbai Industrial Corridor (DMIC), the Shendra-Bidkin Industrial Area (SBIA) has completed major infrastructure works with an investment of Rs 3,000 crore
• A total of 294 companies, including South Korea’s Hyosung Corporation, have been allocated plots across 2,620 acres in Maharashtra’s Aurangabad district.
• In Raigad district, Maharashtra, the Dighi Port Industrial Area (DPIA) is being developed with a project cost of Rs 5,468 crore. The project is expected to generate employment for 100,000 people and attract investments worth Rs 12,000 crore.
• The Amritsar-Kolkata Industrial Corridor (AKIC) has also been conceptualized along the Eastern Dedicated Freight Corridor. Two projects, IMC Agra and IMC Prayagraj, proposed by the Uttar Pradesh government, have been approved. Shahjahanpur is included in the corridor’s influence zone.
• The government has approved the Indian Footwear and Leather Development Programme (IFLDP) with a budget of Rs 1,700 crore until March 2026.
• Under this program, Maharashtra has received Rs 5.75 lakh for technology upgrades and approval for a Mega Leather Footwear and Accessories Cluster in Ratwad Village, with a project cost of Rs 256.42 crore involving Government of India assistance of Rs.125.00 crore.
• Central schemes for industrial development in Himachal Pradesh, Uttarakhand, Jammu & Kashmir, and Ladakh have also been implemented.
• Incentives worth Rs 93.09 crore have been allocated to J&K and Ladakh, while Himachal Pradesh and Uttarakhand received Rs 642.63 crore. Under a new scheme for Jammu and Kashmir, Rs 299.10 crore has been disbursed.

Legacy of C. Rajagopalachari: Tribute to a Multifaceted Leader

• Prime Minister Narendra Modi honored freedom fighter C Rajagopalachari on his birth anniversary. Rajagopalachari was known for his role in India''s independence movement and as the country''s only Indian governor-general post-British rule.
• His influence extended across governance, literature, and social empowerment, inspiring dignity and prosperity for all.
•  Lok Sabha Speaker Om Birla paid floral tributes to Rajagopalachari in the Central Hall of Samvidhan Sadan on his birth anniversary on December 10.
•  Deputy Chairman in Rajya Sabha Harivansh, Members of Parliament, former Members of Parliament and Secretary-General of Lok Sabha Utpal Kumar Singh also paid floral tributes on the occasion.
• Rajagopalachari was a statesman, lawyer, freedom fighter and the only Indian Governor-General of the country, an office that was abolished after India achieved independence from British rule.
•  In recognition of his commendable service to the nation, Rajagopalachari was awarded ‘Bharat Ratna’ in 1954. 

Key Points:

•  Chakravarti Rajagopalachari, popularly known as Rajaji, was born on December 10, 1878.
•  Studied law at Presidency College in Madras (now Chennai), and started legal practice in Salem in 1900.
•  In 1916, founded the Tamil Scientific Terms Society to translate scientific terms into simple Tamil words.

Pre-Independence:

•  Joined the Indian National Congress and served as a legal advisor.
•  Defended Indian independence activist P. Varadarajulu Naidu in 1917 against charges of sedition.
•  Elected the first Premier of the Madras Presidency in 1937.
•  Played a key role in the Madras Temple Entry Authorisation and Indemnity Act (1939), allowing Dalits to enter temples, combating untouchability.
•  Appointed as Governor of West Bengal during Partition.
• Temporarily served as Governor-General of India in 1947, making him the last Governor-General before India became a republic.

Post-Independence:

• Became Home Affairs Minister after Sardar Patel’s death in 1950.
•  Became Chief Minister of Madras in 1952, where he reformed the education system and introduced Hindi as a compulsory language. His policy led to protests, and he eventually resigned.
• Advocated for a free market economy and was a social conservative, supporting the reintroduction of the Varna system.
• In 1959, he resigned from the Indian National Congress and founded the Swatantra Party.

Role in the Freedom Struggle:

•  Non-Cooperation Movement (1919): Met Gandhiji and participated in the movement; jailed in 1920 for two years.
•  Opened an ashram to promote Gandhi’s principles of Hindu-Muslim harmony and abolition of untouchability.
•  Vaikom Satyagraha: Fought against untouchability.
•  Dandi March (1930): Led a similar march at Vedaranyam in Madras Presidency to break the salt law. Editor of Gandhi’s Young India

Literary Contributions:

• Wrote a Tamil translation of the Ramayana, later published as Chakravarthi Thirumagan, which won the Sahitya Akademi Award in 1958.

Copernicus Sentinel-1C Earth observation satellite successfully launched

• Sentinel-1C is part of Copernicus, the Earth Observation component of the European Union’s Space Programme.
• This programme is managed by the European Commission and funded by the EU with a partial contribution of the European Space Agency (ESA), the organisation responsible for the development and launches of dedicated Sentinel satellites. ESA also operates some of the missions and ensures the availability of data.
• Sentinel-1C will join the Sentinel-1A satellite in orbit, providing images of the Earth’s surface, day and night and in all weather conditions, for a broad array of science applications designed to protect our planet.
•  Vega-C (VV25 mission) successfully placed the Copernicus Sentinel-1C satellite into Sun-Synchronous Orbit (SSO) at an altitude of 700 km. Vega-C blasted off into leaden skies from its Kourou launch pad in French Guiana.
• Sentinel-1C is part of Copernicus, the European Union’s Space program Earth observation component.This launch is the 6th Sentinel satellite in the Copernicus program launched by Arianespace.
•  Sentinel-1A, Sentinel-2A, Sentinel-1B, Sentinel-2B and Sentinel-2C were successfully launched by Arianespace.

What is Copernicus program?

• Copernicus is the Earth observation component of the European Union’s Space Programme, looking at our planet and its environment to benefit all European citizens.
• It provides accurate, timely and easily accessible information to improve the management of the environment, understand and mitigate the effects of climate change and ensure civil security.
• The world’s most advanced Earth Observation system, Copernicus provides continuous, free, and reliable Earth observation data and services to public authorities, companies and citizens around the globe.
• Earth observation refers to the use of remote sensing technologies to monitor land, marine (seas, rivers, lakes) and atmosphere. Satellite-based Earth observation relies on the use of satellite-mounted payloads to gather imaging data about the Earth’s characteristics. 
•  The images are then processed and analysed in order to extract different types of information that can serve a very wide range of applications and industries.
•  These include urban area management, sustainable development and nature protection, regional and local planning, agriculture, forestry and fisheries, health, civil protection, infrastructure, transport and mobility, as well as tourism.
•  This initiative is headed by the European Commission in partnership with the European Space Agency (ESA).
•  ESA coordinates the delivery of data from upwards of 30 satellites. The European Commission, acting on behalf of the European Union, is responsible for the overall initiative, setting requirements and managing the services.
•  ESA has developed a new family of satellites, called Sentinels, specifically for the operational needs of Copernicus.

Copernicus Sentinel-1C

• The Sentinel-1 mission comprises two satellites in Sun-synchronous orbit operating in tandem to provide optimal global coverage with a 12-day repeat cycle. Their pre-tasking capability means that data can be acquired consistently over long periods, which is essential for analyzing environmental trends. 
• This data is accessible to public authorities, companies and citizens around the world on a free, full and open basis.
• As prime contractor for the Sentinel-1 mission on behalf of ESA, Thales Alenia Space is responsible for satellite design, development, integration and testing.
• Each Sentinel-1 satellite is built on the PRIMA spacecraft bus developed by Thales Alenia Space for the Italian Space Agency (ASI) and carries a C-band synthetic aperture radar (SAR) instrument developed by Airbus Defence & Space.
•  This SAR instrument enables precise mapping at resolutions up to 5 meters and coverage out to 400 kilometers
• The Sentinel-1 mission, the first in the family of Copernicus, is based on a constellation of two identical satellites flying in the same orbit but 180° apart, to optimise global coverage and data delivery for Copernicus – the Earth observation component of the EU’s Space Program.
•  It is designed as a two-satellite constellation. Each satellite carries an advanced radar instrument to provide an all-weather, day-and-night supply of imagery of Earth’s surface.
• Sentinel-1A was the first satellite in the series, launched in April 2014, followed by the launch of Sentinel-1B in 2016. The Sentinel-1B mission came to an end in August 2022 after experiencing a technical fault that rendered it unable to acquire data. The satellite has been successfully de-orbited and will re-enter Earth’s atmosphere within 25 years.
•  Sentinel-1C, along with its sibling Sentinel-1A, will return the mission to its full potential as a two-satellite constellation.
• Sentinel-1A is then due to be replaced by Sentinel-1D later next year. Carrying advanced radar technology to provide an all-weather, day-and-night supply of imagery of Earth’s surface, the ambitious Copernicus Sentinel-1 mission has raised the bar for spaceborne radar. 
•  Sentinel-1 carries a C-band synthetic aperture radar (SAR) instrument, which allows it to capture high-resolution imagery of Earth''s surface.
•  The satellite has the advantage of operating at wavelengths that are not obstructed by clouds or lack of illumination and therefore can acquire data during day or night under all weather conditions. 
•  The applications are numerous and the images bring most valuable resources, for instance, for urban planners, for monitoring shifts from earthquakes, landslides or volcanic uplift. SAR images are the best way of tracking land subsidence and structural damage.
•  Sentinel-1C extends the legacy of its predecessors, delivering high-resolution radar imagery to monitor Earth’s changing environment, supporting a diverse range of applications and advancing scientific research. 
• Additionally, Sentinel-1C introduces new capabilities for detecting and monitoring maritime traffic.
•  Sentinel-1C carries a new Automatic Identification System (AIS), developed by the International Maritime Organisation to help ships avoid collisions at sea. The combination of radar images and AIS signals improves the monitoring of global shipping traffic and can also help detect piracy and other illegal activities.  
• Designed and built by a consortium of more than 70 companies led by Thales Alenia Space and Airbus Defence and Space, it is an outstanding example of Europe’s technological excellence
• Vega-C

•  Europe’s Vega-C rocket can launch 2,300 kg into space, such as small scientific and Earth observation spacecraft. 
•  At 35 m tall, Vega-C weighs 210 tonnes on the launch pad and reaches orbit with three solid-propellant-powered stages before the fourth liquid-propellant stage takes over for precise placement of satellites into their desired orbit around Earth. 
•  Vega-C is the evolution of the Vega family of rockets and delivers increased performance, greater payload volume and improved competitiveness.
•  ESA owns the Vega-C program, working with Avio as prime contractor and design authority. Arianespace was the launch service provider for Sentinel-1C.This launch marks Vega-C’s return to flight. 
• The first commercial flight in December 2022 failed due to a nozzle issue in its Zefiro-40 motor.
•  Since then, an improved nozzle was designed and built and the complete Zefiro-40 stage has undergone two successful firing tests, in May and October 2024, which demonstrated the motor’s ability to perform reliably under different pressure conditions and burn duration. 
•  These tests confirmed the motor’s readiness, and cleared the path for Vega-C’s flight with Sentinel-1C.

Indian Navy, ISRO conduct critical Gaganyaan mission recovery trials

• Preparations are underway for India’s Gaganyaan mission, aimed at sending humans into space. The first uncrewed flight is expected by the end of 2024.
• Key components like propulsion systems and the crew escape system have arrived at the Sriharikota launch complex. The Indian Space Research Organisation (ISRO) is working diligently to ensure a successful mission.

Overview of Gaganyaan Mission

• The Gaganyaan mission is India’s ambitious project to send astronauts to space. It includes multiple uncrewed missions before the first crewed flight.
• The uncrewed missions are scheduled for late 2024 and 2025. The crewed mission is planned for late 2026.

Launch Vehicle and Systems

• ISRO is using the LVM3 launch vehicle for Gaganyaan. This vehicle has undergone a ‘human rating’ process.
•  This ensures safety through redundancies in its solid, liquid, and cryogenic stages. Testing for these systems is complete.

Crew Escape System

• A critical safety feature is the Crew Escape System. This system ejects astronauts from the crew module during emergencies. It has been successfully tested at a height of 17 km. The system is ready for the first uncrewed flight.

Orbital Module Development

• The mission includes an orbital module that will carry astronauts. The crew module and service module are being integrated.
•  Flight systems are also in the final stages of preparation.

Astronaut Training

• Astronauts have completed two out of three semesters of training in India. This training is vital for preparing them for space travel.

Ground Infrastructure

• ISRO has established necessary ground infrastructure. The mission control centre is nearing completion. Ground stations will track the spacecraft during its mission.

International Collaboration

• ISRO has partnered with the European Space Agency. This collaboration will enhance ground support for tracking during the Gaganyaan mission.

Future Missions

• Following the first uncrewed mission, additional uncrewed flights are planned. These will further test systems and prepare for the eventual crewed mission.

Significance of Gaganyaan

• The Gaganyaan mission represents step for India in space exploration. It aims to establish India as a key player in human spaceflight. Successful missions could lead to more advanced space initiatives in the future.

India Post Unveils Special Philatelic Postcards for Antarctica and Celebrates Heritage Initiatives

•  The India Post has recently launched an innovative initiative involving the Antarctic penguins.
• This project is part of the 44th Antarctica Expedition, organised by the National Centre for Polar and Ocean Research (NCPOR). A set of special postcards featuring penguins will be sent to Antarctica and returned to India with unique postmarks.

Overview of the Initiative

• The initiative features postcards showcasing three notable penguin species – the Emperor Penguin, King Penguin, and Adelie Penguin.
• A total of 1,500 postcards have been printed, with 250 of each species. They will be taken on the expedition scheduled to depart from Goa around December 13, 2024.

Significance of Penguins

• Penguins are iconic inhabitants of Antarctica, known for their adaptability to icy environments. They represent the vast and pristine Antarctic ecosystem, which covers over 14 million square kilometres. The postcards aim to raise awareness about these unique creatures and the importance of preserving their habitat.

Expedition Details

• The expedition will be led by NCPOR Scientist Ravi Mishra, who will also serve as the designated special Postman. The postcards will be stamped at Indian research stations in Antarctica – Dakshin Gangotri, Maitri, and Bharati. This will not only symbolise India’s presence in Antarctica but also its commitment to scientific research in polar regions.

Postal Significance

• The postcards will receive special postmarks from the Bharati and Maitri Branch Offices. These are the only two overseas post offices of India, both located in Antarctica. The initiative marks India’s strategic interests in the region and its active role in international research collaborations.

Historical Context

• This initiative comes 125 years after the establishment of the first research base during the Southern Cross Expedition in 1899. It also coincides with historical events in polar exploration, including the first successful expedition to the South Pole by Norwegian explorer Ronald Amundsen in 1911.

Previous Themes and Future Plans

• Since 2020, India Post has introduced special postcard themes related to Antarctica, including flora and fauna, icebergs, and the aurora. The current theme focuses on penguins, reflecting ongoing efforts to promote awareness of Antarctic biodiversity. Future initiatives will continue to celebrate the unique characteristics of this remote region.

Commemorative Postmarks and Events

• In addition to the penguin postcards, India Post has released a permanent pictorial cancellation for ‘Strawberry at Mahabaleshwar Post Office’.
• This marks the Geographical Indication (GI) tag for strawberries from Maharashtra. Upcoming events include the Mahapex-2025 stamp festival, which aims to celebrate philately in India.

Insolvency and Bankruptcy Board of India (IBBI) should impose a code of conduct for the Committee of Creditors (CoC)

• According to the Reserve Bank of India (RBI) Deputy Governor, the Insolvency and Bankruptcy Board of India (IBBI) should impose a code of conduct for the Committee of Creditors (CoC), as their performance in insolvency proceedings has been "lacking in several aspects".

Committee of Creditors (CoC)  

• It is a group of financial creditors formed during the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) of 2016.
• It is in charge of managing the resolution process and making key decisions regarding the debtor''s outstanding debts.

How is the Committee of Creditors formed?

• It is formed after the Interim Resolution Professional (IRP) has verified the claims. The IRP requires creditors to submit claims within 14 days of the public announcement. Once claims have been verified, the CoC is formed, consisting solely of financial creditors, as specified in Section 21 of the IBC.
• The CoC consists of all of the corporate debtor''s financial creditors. Financial creditors include banks, bondholders, homebuyers, and other lenders to whom the debtor owes money.

Role and Responsibility  in the Corporate Insolvency Resolution Process (CIRP)

• Approve or reject resolution plans submitted by potential resolution applicants.
• Deciding whether to appoint or remove the Interim Resolution Professional (IRP).
• Evaluating the debtor''s financial situation and ensuring that the resolution plan addresses the issues effectively.
• Approve the debtor''s proposed asset restructuring or liquidation.
• Ensuring that the resolution plan''s terms are followed after approval.

Powers under the Insolvency and Bankruptcy Code 2016

• Deciding on the functioning of the corporate debtor, including major decisions like restructuring or liquidation.
• Seeking approval from the National Company Law Tribunal (NCLT) if there is any suspicion of wrongdoing or irregularities.
• Replacing the Interim Resolution Professional as needed.
• Approve the resolution plan with at least 66% of the CoC members'' votes.
• Directing the debtor''s liquidation if no resolution plan is approved.
• Reducing the notice period for meetings as needed.

RBI Deputy Governor on the performance of the CoC in insolvency proceedings

• According to an RBI Deputy Governor, the Committee of Creditors (CoC) has been "lacking in several aspects" in insolvency proceedings. 
• He highlighted issues such as prioritizing individual creditors'' interests over collective ones, disagreements over resolution plans, low attendance at CoC meetings, and insufficient skill sets in areas such as corporate finance and legislation.

Recommendations by the RBI deputy governor to improve the performance of the CoC

• He indicated that the Insolvency and Bankruptcy Board of India (IBBI) should implement a code of conduct for the CoC to enhance its performance and ensure transparency, accountability, and effective participation. He described that when incentives are not perfectly aligned then deviations from best practices become the norm. 

Shipping Industry Reforms.

• The Government of India is set to introduce transformative legislation to revolutionise the shipping industry. Key proposals include the Merchant Shipping Bill, 2024 and the Coastal Shipping Bill, 2024. These bills aim to modernise outdated laws and address contemporary challenges in maritime operations.
• The existing Merchant Shipping Act, 1958 and Coasting Vessels Act, 1838 are outdated. They fail to cater to the needs of the modern shipping sector.
•  Regulatory gaps exist, especially for offshore vessels, which constitute nearly 50% of Indian-flagged vessels. Current laws do not adequately address the welfare of seafarers working on foreign-flagged ships.

Key Features of the Merchant Shipping Bill

• The new bill introduces reforms. It eases registration processes for vessels by reducing ownership requirements from 100% to 51%.
• This allows foreign investment while ensuring majority Indian ownership. It also permits temporary registration for vessels designated for demolition, aiding the ship recycling industry.
• The bill broadens the definition of ‘vessels’. It includes various crafts like submersibles and mobile offshore units.
•  This aims to provide comprehensive regulatory oversight and improve safety standards across all vessel types.
• To combat marine pollution, the government has launched initiatives to lower sulphur content in marine fuels. The new legislation incorporates international conventions aimed at preventing pollution, aligning India with global standards.
• The proposed bill extends welfare measures to Indian seafarers employed on foreign vessels. It aims to improve working conditions and safety standards in line with the Maritime Labour Convention.
• With the rise of private maritime training institutes, the bill introduces legal frameworks to regulate these institutions. This aims to ensure quality education and eliminate fraudulent practices in maritime training.
• The Coastal Shipping Bill differentiates between technical regulations and commercial operations in coastal waters. It aims to enhance coastal shipping through the Sagarmala programme, promoting infrastructure development and improved connectivit
• The proposed reforms in India’s shipping sector are designed to enhance safety, promote investment, and ensure sustainable practices. These legislative changes are crucial for unlocking the potential of India’s maritime industry.