Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024

• Prime Minister  The Union government released tax devolution of Rs 1,78,173 crore to states, including one advance instalment of Rs 89,086.50 crore in addition to regular instalments in view of the festive season.
•  Uttar Pradesh received Rs 31,962 crore, the largest share among all states.
• • Advance instalment released in view of upcoming festive season and to enable states to accelerate capital spending and finance their development/welfare-related expenditure.

 Tax devolution

• Tax devolution is the distribution between the Union and states of the net proceeds of taxes.
• Currently, 41 per cent of taxes collected by the Centre is devolved to states on a regular instalments.
• The releases of states’ share (tax devolution) is as per the accepted recommendations of the Finance Commission for its award period.
• One of the core tasks of a Finance Commission as stipulated in Article 280(3)(a) of the Constitution is to make recommendations regarding the distribution between the Union and the states of the net proceeds of taxes from the divisible pool. 
• The divisible pool is that portion of gross tax revenue which is distributed between the Centre and states. The divisible pool consists of all taxes, except surcharges and cess levied for specific purpose, net of collection charges.
• This is the most important task of any Finance Commission, as the share of states in the net proceeds of Union taxes is the predominant channel of resource transfer from the Centre to states.
• The sharing of revenue has provided states with sufficient stability of unconditional revenue to pursue their diverse development objectives.

What is the Finance Commission?

• The Finance Commission is constituted by the President under Article 280 of the Constitution, mainly to give its recommendations on distribution of tax revenues between the Union and the states and among the states themselves.
• The Fifteenth Finance Commission was constituted on November 27, 2017 against the backdrop of the abolition of the Planning Commission (as also of the distinction between Plan and non-Plan expenditure) and the introduction of the Goods and Services Tax (GST), which has fundamentally redefined federal fiscal relations.
• In November 2020, the Fifteenth Finance Commission, led by chairman N.K. Singh, submitted its report for the period 2021-22 to 2025-26 to the then President Ram Nath Kovind. 
• In November 2023, the Union Cabinet cleared the Terms of Reference of the 16th Finance Commission to suggest the ratio for devolution of taxes between the Centre and states and also review financing disaster management initiatives, for five years beginning April 1, 2026.
• On December 31, 2023, the government appointed former vice chairman of NITI Aayog Arvind Panagariya as the chairman of the 16th Finance Commission.
•  The panel will make its recommendations available by October 31, 2025, covering an award period of five years commencing on April 1, 2026.

Sitharaman reviews performance of Regional Rural Banks in northeast

  • Union Minister for Finance and Corporate Affairs Nirmala Sitharaman chaired a meeting in Itanagar to review performance of seven Regional Rural Banks (RRBs) of the northeast region covering the states of Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura.

• Given the crucial role of RRBs in supporting the rural economy, Sitharaman asked them to increase credit disbursement under various flagship schemes of the government such as MUDRA, PM Vishwakarma, etc in the Northeast region.

• The minister was apprised about the improvement in the financial performance of the RRBs of the northeast and their technology upgradation ever since the regular review was initiated in 2022.

Regional Rural Banks (RRBs)

• The RRBs were established under the provisions of the ordinance promulgated on September 26, 1975 and Regional Rural Banks Act, 1976. 

• RRBs were established in 1975 on the recommendation of the Narasimham Working Group with the particular objective of catering to the financial inclusion needs of the small and marginal farmers, agricultural labourers, artisans and weaker sections of the society.

• The first five Regional Rural Banks were established on October 2, 1975 with the objective to create an alternative channel to cooperative credit structure with a view to ensure sufficient institutional credit for rural and agriculture sector. 

• The first RRB was Prathama Bank, with head office in Moradabad, Uttar Pradesh. It was sponsored by Syndicate Bank and had an authorised capital of Rs 5 crore.

• The RRBs, with focus on serving the rural areas, are an integral segment of the Indian banking system.

• Post amalgamation, the number of RRBs has come down from 196 in FY 2004-05 to 43 now.

• Sponsored by the Commercial Banks, the equity of RRBs are held by the central government, concerned state government and the sponsor bank in the proportion of 50:15:35. 

• These banks are envisaged to be state-sponsored, regionally based and rural-oriented. 

• The purpose of establishment of the RRBs is to develop the rural economy by providing credit and other facilities to the small and marginal farmers, agricultural labourers, artisans and small entrepreneurs. 

• Currently, 43 RRBs are operating through a network of over 21,000 branches covering 702 districts of the country. 

Role of RRBs

• Nearly 70 per cent of the total Indian population reside in rural areas, laying a larger impact on the economic situation of the country. Consequently, there is a need for a robust and efficient banking system in rural areas, offering customised products and timely credit at affordable rates, unlike traditional moneylenders providing loans at very high interest rates. 

• RRBs play a vital role in the growth and development of rural and backward areas in a developing country like India.

• RRBs have a mandate to ensure rural development and foster financial inclusion. 

• RRBs cater to a more scattered population that demand smaller ticket loans, and these banks operate under strict operational and lending norms.

The contributions being made by RRBs: 

i) Of the total loans extended by the RRBs, about 46 per cent goes to agriculture. About 90 per cent of loans are extended to the priority sector. Of the total loans, about 79 per cent is extended to weaker sections.

ii) RRBs play a significant role in extending micro credit. They account for 30 per cent of the Self-Help Group accounts and 26 per cent of the loan amount. About 19 per cent of total Kisan Credit Cards have been issued by the RRBs.

iii) Share of RRBs in total accounts/enrolments under government sponsored schemes like Pradhan Mantri Jan-Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana, etc varies from 12 per cent to 19 per cent.

iv) About 92 per cent of the branches of RRBs are in rural and semi-urban areas. Though RRBs have 14 per cent of total bank branches in the country, their share in total number of rural branches is about 29 per cent. In the rural areas of aspirational districts, RRBs have about 40 per cent of the rural branches. Moreover, many RRBs have branches in remote areas and they are providing financial services to vulnerable sections.

v) In rural areas, the share of deposit accounts of RRBs is about 26 per cent and RRBs have the highest average balance in PMJDY accounts amongst all categories of banks. In the northeast region, RRBs cater to the banking needs of about 38 per cent of the rural people. As against the overall rural credit-deposit ratio of 64 per cent for all the banks, RRBs have a rural credit-deposit ratio of 75 per cent.

  India ranks 105 in Global Hunger Index 2024 

•  The Global Hunger Index (GHI) has ranked India 105th out of 127 countries.
•  India is among 36 countries that fall within the “serious” category, alongside Pakistan and Afghanistan. Other South Asian neighbours such as Bangladesh, Nepal and Sri Lanka show better GHI scores and are listed under the “moderate” category.
• • Belarus has the lowest hunger level in the world, followed by Bosnia & Herzegovina, Chile and China.

What is Global Hunger Index?

•  The Global Hunger Index (GHI) is a tool designed to comprehensively measure and track hunger at global, regional, and national levels, reflecting multiple dimensions of hunger over time. 
•  It is a peer-reviewed annual report, jointly published by Concern Worldwide and Welthungerhilfe.
•  The GHI is intended to raise awareness and understanding of the struggle against hunger, provide a way to compare levels of hunger between countries and regions, and call attention to those areas of the world where hunger levels are highest and where the need for additional efforts to eliminate hunger is greatest.

How are the scores calculated?

• Each country’s GHI score is calculated based on a formula that combines four indicators that together capture the multidimensional nature of hunger:
• i) Undernourishment: The share of the population with insufficient caloric intake.
• ii) Child Stunting: The share of children under age five who have low height for their age, reflecting chronic undernutrition.
• iii) Child Wasting: The share of children under age five who have low weight for their height, reflecting acute undernutrition.
• iv) Child Mortality: The share of children who die before their fifth birthday, partly reflecting the fatal mix of inadequate nutrition and unhealthy environments.
• GHI scores are calculated using a three-step process:
• Step 1: Values are determined for the four component indicators for each country, drawing on the latest published data available from internationally recognised sources.
• Step 2: Each of the four component indicators is given a standardised score based on thresholds set slightly above the highest country-level values observed worldwide for that indicator since 1988.
• Step 3: The standardised scores are aggregated to calculate the GHI score for each country. Undernourishment and child mortality each contribute one-third of the GHI score, while child stunting and child wasting each contribute one-sixth of the score.
•  This calculation results in GHI scores on a 100-point scale, where 0 is the best score (no hunger) and 100 is the worst. 
•  In practice, neither of these extremes is reached. A value of 100 would signify that a country’s undernourishment, child wasting, child stunting, and child mortality levels each exactly meets the thresholds set slightly above the highest levels observed worldwide in recent decades. 
•  A value of 0 would mean that a country had no undernourished people in the population, no children younger than five who were wasted or stunted, and no children who died before their fifth birthday. 

• Other key points of the Index:
•  The 2024 Global Hunger Index (GHI) score for the world is 18.3, considered moderate, down only slightly from the 2016 score of 18.8. This global score obscures wide variations in hunger by region. 
•  The situation is most severe in South of the Sahara and South Asia, where hunger remains serious. South of the Sahara’s high GHI score is driven by the highest undernourishment and child mortality rates of any region by far. 
•  In South Asia, serious hunger reflects rising undernourishment and persistently high child undernutrition, driven by poor diet quality, economic challenges, and the increasing impact of natural disasters. 
•  The goal of Zero Hunger by 2030 now appears unreachable, and if progress remains at the pace observed since the 2016 global GHI score, the world will not reach even low hunger until 2160 — more than 130 years from now.
•  Hunger is considered alarming in six countries: Burundi, Chad, Madagascar, Somalia, South Sudan, and Yemen. In another 36 countries, hunger is designated as serious.

Some important definitions

• What is hunger?
• The problem of hunger is complex, and different terms are used to describe its various forms.
• Hunger is usually understood to refer to the distress associated with a lack of sufficient calories. The Food and Agriculture Organisation of the United Nations (FAO) defines food deprivation, or undernourishment, as the consumption of too few calories to provide the minimum amount of dietary energy that each individual requires to live a healthy and productive life, given that person’s sex, age, stature, and physical activity level.

What is undernutrition?

• Undernutrition goes beyond calories and signifies deficiencies in any or all of the following: energy, protein, and/ or essential vitamins and minerals.
• Undernutrition is the result of inadequate intake of food in terms of either quantity or quality, poor utilisation of nutrients due to infections or other illnesses, or a combination of these factors.
• These, in turn, are caused by a range of factors, including household food insecurity; inadequate maternal health or childcare practices; or inadequate access to health services, safe water, and sanitation.

What is malnutrition?

• Malnutrition refers more broadly to both undernutrition (problems caused by deficiencies) and overnutrition (problems caused by unbalanced diets, such as consuming too many calories in relation to requirements with or without low intake of micronutrient-rich foods).

DUST-DRIVEN OCEAN FERTILIZATION

• Dust carried by wind from drought-stricken southern Africa caused a bloom of marine phytoplankton off the southeast Madagascar coast.

Ocean Fertilization

• Ocean fertilization or ocean nourishment is a type of technology for carbon dioxide removal from the ocean based on the purposeful introduction of plant nutrients to the upper ocean to increase marine food production and to remove carbon dioxide from the atmosphere. 
• Ocean nutrient fertilization, for example iron fertilization, could stimulate photosynthesis in phytoplankton. The phytoplankton would convert the ocean''s dissolved carbon dioxide into carbohydrate, some of which would sink into the deeper ocean before oxidizing. 
• More than a dozen open-sea experiments confirmed that adding iron to the ocean increases photosynthesis in phytoplankton by up to 30 times.

 Iron Fertilization

• Iron fertilization is the intentional introduction of iron-containing compounds (like iron sulfate) to iron-poor areas of the ocean surface to stimulate phytoplankton production. 
• This is intended to enhance biological productivity and/or accelerate carbon dioxide (CO2) sequestration from the atmosphere. Iron is a trace element necessary for photosynthesis in plants. 
• It is highly insoluble in sea water and in a variety of locations is the limiting nutrient for phytoplankton growth. Large algal blooms can be created by supplying iron to iron-deficient ocean waters. These blooms can nourish other organisms.

Sources of Dust

• The primary sources of dust are large desert regions, such as the Sahara in Africa, the Gobi in Asia, and the deserts of Australia. Winds lift dust particles into the atmosphere, where they can travel thousands of kilometers across continents and oceans. 
• The most well-studied dust transport is from the Sahara Desert to the Atlantic Ocean, including regions as far away as the Caribbean and the Amazon basin.

Nutrient Content of Dust

• Dust contains various essential nutrients, including iron, phosphorus, and silicon. Iron is particularly crucial for ocean fertilization because it is a limiting nutrient in many parts of the ocean. 
• In regions like the Southern Ocean and the North Pacific, where nitrogen and phosphorus are abundant but iron is scarce, the deposition of iron-rich dust can boost phytoplankton productivity.

Mechanism of Ocean Fertilization

• When dust settles on the ocean surface, iron and other nutrients dissolve in seawater and become available to phytoplankton. 
• This fertilization stimulates the growth of these microorganisms, leading to an increase in primary production. 
• Phytoplankton, through photosynthesis, absorb carbon dioxide from the atmosphere, thus playing a critical role in the global carbon cycle. The enhanced growth of phytoplankton can lead to increased sequestration of carbon as they die and sink to the ocean floor, trapping carbon in the deep ocean for long periods.

Impact on Marine Ecosystems

• Enhanced Phytoplankton Growth: Dust-driven ocean fertilization can lead to phytoplankton blooms, particularly in high-nutrient, low-chlorophyll (HNLC) regions where iron is the limiting factor. This enhances the marine food web, supporting higher trophic levels, including zooplankton, fish, and marine mammals.
• Carbon Sequestration: The increase in phytoplankton growth facilitates greater carbon capture from the atmosphere. This process, known as the "biological pump," has implications for mitigating the effects of climate change. 
• However, the efficiency of this process in long-term carbon sequestration is still a subject of scientific research.
• Nitrogen Fixation: Certain types of phytoplankton, such as cyanobacteria, are nitrogen fixers, meaning they can convert atmospheric nitrogen into a form usable by other marine organisms. 
• Algal Blooms: While dust deposition can have positive effects on marine productivity, excessive fertilization can lead to harmful algal blooms (HABs). 
• These blooms can deplete oxygen levels in the water, causing dead zones where marine life cannot survive. 

Regional Impact

• North Atlantic: The Sahara Desert is the largest source of dust to the North Atlantic Ocean. This dust provides significant iron input to the Atlantic, influencing phytoplankton productivity and carbon cycling.
• Southern Ocean: Dust from Patagonia and Australia fertilizes the Southern Ocean, a key region for global carbon sequestration. Here, iron is often the limiting nutrient for phytoplankton growth, making dust input particularly important.
• Pacific Ocean: The Gobi Desert is a major source of dust to the North Pacific Ocean. Dust-driven fertilization in this region can affect marine productivity, particularly in areas where iron is the limiting nutrient.

What Is Climate Change?

• Climate change refers to long-term shifts in temperatures and weather patterns. Such shifts can be natural, due to changes in the sun’s activity or large volcanic eruptions. But since the 1800s, human activities have been the main driver of climate change, primarily due to the burning of fossil fuels like coal, oil and gas.
• Burning fossil fuels generates greenhouse gas emissions that act like a blanket wrapped around the Earth, trapping the sun’s heat and raising temperatures.

Climate Change and Dust Transport:

• Climate change is likely to affect both dust production and transport patterns. Changes in temperature, precipitation, and wind patterns may alter the amount of dust available for ocean fertilization. Additionally, human activities, such as land-use changes, deforestation, and desertification, can influence the amount of dust generated from arid regions.
• On the other hand, increased ocean fertilization through dust deposition has the potential to mitigate some effects of climate change by enhancing carbon sequestration in the oceans. However, the relationship between dust-driven ocean fertilization and climate change is complex, and there are uncertainties regarding the long-term impact on global carbon cycling.

Artificial Ocean Fertilization:

• There has been growing interest in artificially replicating the process of ocean fertilization as a geoengineering solution to combat climate change. Proponents argue that adding iron to the ocean could enhance phytoplankton growth and carbon sequestration, potentially reducing atmospheric CO2 levels. 
• However, this approach is controversial due to the potential unintended consequences, including disruption of marine ecosystems, creation of dead zones, and the uncertain long-term efficacy of carbon sequestration.
• International regulations, such as the London Protocol, currently restrict large-scale iron fertilization experiments in the ocean due to the potential environmental risks.

Conclusion 

• Dust-driven ocean fertilization plays a significant role in regulating marine ecosystems and the global carbon cycle. While natural dust deposition contributes to ocean productivity and carbon sequestration, the implications of altering this process, either through climate change or artificial means, remain a topic of ongoing research. 

World Telecommunication Standardization Assembly (WTSA)

  The World Telecommunication Standardization Assembly (WTSA) event will be organized by the International Telecommunication Union (ITU) in New Delhi from October 14 to 24, 2024.

• The WTSA is held every four years, with the first assembly being held in 2002.
• It serves as the governing conference for the ITU Telecommunication Standardization Sector (ITU-T). The assembly defines the work program, working methods, and structure of study groups for the ITU-T.
• The WTSA plays an essential role in setting global telecommunication standards, which are crucial for ensuring interoperability and encouraging innovation in the telecommunications sector.
• The WTSA 2024 will be held in New Delhi, from October 14 to 24, 2024.
•  This marks the first time the event is being hosted in the Asia-Pacific region, highlighting India’s growing influence in the global telecommunications landscape.

 Significance of WTSA 2024

• It highlights India’s growing role in the global telecommunications sector and its commitment to advancing ICT standards.
• The assembly will focus on critical areas such as 6G, artificial intelligence (AI), the Internet of Things (IoT), big data, cybersecurity, machine-to-machine (M2M) communications, and quantum technologies. These discussions will shape the future of global telecommunications standards.
• The event will bring together over 3,000 leaders and technology experts from more than 190 countries, fostering international collaboration and knowledge exchange.

What is Codex Alimentarius?

 India participated in the 44th session of the Codex Committee on Nutrition and Foods for Special Dietary Uses (CCNFSDU) held in Dresden, Germany .

•  During the conference, India provided valuable insights on nutrient reference values for persons aged 6-36 months. It also extended support to frame harmonised guidelines for probiotic foods and food supplements.
•  Playing a pivotal part in creating harmonised guidelines for probiotics, India highlighted that the current Food and Agriculture Organisation (FAO)/ World Health Organisation (WHO) documents on probiotics are two decades old and need revision in light of scientific advancements.
•  Additionally, India emphasised the lack of international harmonisation in probiotic regulation guidelines, which may impede global trade practices.
•  The committee agreed to revisit these guidelines.

Codex Alimentarius

•  International food trade has existed for thousands of years but until not too long ago, food was mainly produced, sold and consumed locally. Over the last century, the amount of food traded internationally has grown exponentially, and a quantity and variety of food never before possible travels the globe today.
•  The international trade in food is now worth over $1.6 trillion annually.
•  The Codex Alimentarius, or “Food Code”, is a collection of standards, guidelines and codes of practice developed by consensus and based on the most robust up-to-date science available. 
•  It includes standards for all the principal foods, whether processed, semi-processed or raw, for distribution to the consumer. 
•  The Codex Alimentarius includes provisions in respect of food hygiene, food additives, residues of pesticides and veterinary drugs, contaminants, labelling and presentation, methods of analysis and sampling, and import and export inspection and certification.
•  Public concerns about food safety issues often place Codex at the centre of global debates. 

How a Codex Standard is developed?

•  The procedures for preparing standards are well defined, open and transparent.
•  A national government or a subsidiary committee of the Commission usually makes the proposal for a standard to be developed. They then prepare a discussion paper that outlines what the proposed standard is expected to achieve, and then a project document that indicates the time frame for the work and its relative priority.
•  The Commission reviews the project document and decides whether the standard should be developed as proposed.
•  The preparation of a proposed draft standard is arranged by the Commission Secretariat and circulated to member governments, observer organisations and other Codex committees for two rounds of comments and special advice.
•  Standards can take several years to develop. Once adopted by the Commission, a Codex standard is added to the Codex Alimentarius. 
•  Codex standards are based on sound science provided by independent international risk assessment bodies or ad-hoc consultations organised by FAO and WHO.
•  Codex standards and related texts are voluntary in nature. They need to be translated into national legislation or regulations in order to be enforceable.
•  Codex standards ensure that food is safe and can be traded.
•  The texts contained in the Codex Alimentarius are considered the benchmark standards for international commerce in food, and as such are recognised by the World Trade Organisation (WTO). 
•  They facilitate cross-border exchange while preventing and helping to resolve trade disputes. Codex texts are not mandatory but governments frequently use them as the basis for national legislation.
•  The texts are adopted by the Codex Alimentarius Commission. 

Who decides on standards in Codex?

•  Since its beginnings in 1963, the Codex system has evolved in an open, transparent and inclusive way to meet emerging challenges. 
•  The Codex Alimentarius Commission and its subsidiary bodies are committed to elaborate as necessary of Codex standards and related texts to ensure that they are consistent with and reflect current scientific knowledge and other relevant information. 
•  Each member of the Codex Alimentarius Commission is responsible for identifying, and presenting to the appropriate committee, any new scientific and other relevant information which may warrant revision of any existing Codex standards or related texts.

Codex Alimentarius Commission

•  The Codex Alimentarius Commission emerged following a four-year process and met for the first time in Rome from June 25 to July 3, 1963. That inaugural meeting is taken as the date that Codex came into being.
• • It was established by the Food and Agriculture Organisation of the United Nations (FAO) and the World Health Organisation (WHO) to protect consumer health and ensure fair practices in the food trade.
• • The Codex Alimentarius Commission is based in FAO in Rome. 
•  It currently comprises 188 member countries and one member organisation (The European Union). There 240 Observers, of which 60 are inter-governmental organisations, 164 are non–governmental organisations and 16 are United Nations agencies.
•  The Commission meets in regular session once a year alternating between Geneva and Rome.
•  The programme of work of the Commission is funded through the regular budgets of WHO and FAO with all work subject to approval of the two governing bodies of the parent organisations.Codex Alimentarius and India

•  The National Codex Contact Point (NCCP) of India has been constituted by the Food Safety and Standards Authority of India (FSSAI) for keeping liaison with the Codex Alimentarius and to coordinate Codex activities in India. 
•  NCCP for India coordinates and promotes Codex activities in India in association with the National Codex Committee and facilitates India’s input to the work of Codex through an established consultation process.

What are Codex subsidiary bodies?

• There are four kinds of Codex subsidiary bodies:
• i) General Subject Committees which establish standards and guidelines  applicable to all foods.
• ii) Commodity Committees which prepare standards for specific commodities.
• iii) FAO/WHO Coordinating Committees, through which regions or groups of countries coordinate food standards  activities in the region, including the development of regional standards.
• iv) Ad hoc Intergovernmental Task Forces, which are time-limited and prepare standards and guidelines on specific issues.

 ISRO targets to launch Venus Orbiter Mission in March 2028

 India’s Venus Orbiter Mission is planned to be launched in March 2028 and will embark on a 112-day journey to reach the planet.

•  The Rs 1,236-crore Venus Orbiter Mission (VOM) was recently approved by the Union Cabinet and the Indian Space Research Organisation (ISRO) revealed the targeted launch window for the mission.
•  The VOM by ISRO is scheduled for launch on March 29, 2028, with an expected arrival at Venus on July 19, 2028. 
•  This mission will be launched using the Launch Vehicle Mark-3 (LVM-3), ISRO’s heavy-lift launch vehicle. 
•  The spacecraft will be placed in an Elliptical Parking Orbit (EPO) of 170 km x 36,000 km, with an inclination of 21.5 degrees and an Argument of Perigee (AOP) of 178 degrees.
•  The Venus Orbiter Mission will study the surface topography of the planet, Venusian dust and clouds, lightning, volcanic activity, atmosphere, ionosphere, solar forcing and the Sun-Venus interaction.
•  It will also study the underlying causes of the transformation of Venus, which is believed to be once habitable and quite similar to Earth.
•  It is expected to answer some of the outstanding scientific questions resulting in various scientific outcomes. 
•  The mission will be accomplished by the Department of Space.

Key Phases and Details:

•  Launch and Elliptical Parking Orbit (EPO): The spacecraft will be launched into an EPO, where it will orbit Earth before heading towards Venus.
•  Venus Orbit Injection (VOI): After the cruise phase, the spacecraft will be injected into an elliptical orbit around Venus of 500 km x 60,000 km.
•  Aerobraking Maneuver: Over a period of six to eight months, aerobraking will be used to gradually lower the spacecraft into the desired Science Orbit of 200 km x 600 km with a 90-degree inclination. This will allow for low-altitude science operations and studies of Venus’s atmosphere and surface.

Scientific Objectives:

•  Study the dust in Venus’s atmosphere.
•  High-resolution mapping of Venus’s surface topography.
•  Investigate the solar X-ray spectrum near Venus.
•  Analyse Venusian airglow.
•  Examine sub-surface characteristics of the planet.
•  Explore the interaction between Venus and the Sun.

Payloads:

•  A total of 19 payloads onboard VOM, including 16 Indian payloads, two collaborative payloads (Indian and international), and one international payload. 

Quick facts on Venus:

•  Venus is the second planet from the Sun and is Earth’s closest planetary neighbour. 
•  Venus is often called Earth’s twin because it’s similar in size and density. However – there are radical differences between the two worlds.
•  Venus has a thick, toxic atmosphere filled with carbon dioxide and it’s perpetually shrouded in thick, yellowish clouds of sulfuric acid that trap heat, causing a runaway greenhouse effect. 
•  It is the hottest planet in our solar system, even though Mercury is closer to the Sun. Surface temperatures on Venus are about 900 degrees Fahrenheit (475 degrees Celsius) – hot enough to melt lead. 
•  The surface is a rusty colour and it is peppered with intensely crunched mountains and thousands of large volcanoes.
•  Venus has crushing air pressure at its surface – more than 90 times that of Earth.
•  Venus rotates on its axis backward, compared to most of the other planets in the solar system. This means that, on Venus, the Sun rises in the west and sets in the east.
•  Venus rotates very slowly on its axis – one day on Venus lasts 243 Earth days. The planet orbits the Sun faster than Earth, however, so one year on Venus takes only about 225 Earth days, making a Venusian day longer than its year.

Past missions to Venus

•  Venus was the first planet to be explored by a spacecraft – NASA’s Mariner 2 successfully flew by and scanned the cloud-covered world on December 14, 1962. 
•  Since then, numerous spacecrafts from the US and other space agencies have explored Venus, including NASA’s Magellan, which mapped the planet’s surface with radar. 
•  Soviet spacecraft made the most successful landings on the surface of Venus to date, but they didn’t survive long due to the extreme heat and crushing pressure. 
•  More recent Venus missions include ESA’s Venus Express (which orbited from 2006 until 2016) and Japan’s Akatsuki Venus Climate Orbiter (orbiting since 2016).
•  NASA’s Parker Solar Probe has made multiple flybys of Venus.

RBI, Maldives Monetary Authority enter into currency swap pact

• The Reserve Bank of India (RBI) has entered into a currency swap agreement with the Maldives Monetary Authority (MMA) under the SAARC Currency Swap Framework 2024-27.
•  Under the agreement, the MMA is eligible for financing support from the RBI amounting to $400 million under the US Dollar/Euro Swap Window and Rs 30 billion (Rs 3,000 crore) under the INR Swap Window.
•  The agreement would be valid till June 18, 2027.
•  The SAARC Currency Swap Framework came into operation on November 15, 2012, to provide a backstop line of funding for short-term foreign exchange liquidity requirements or short-term balance of payments stress till longer term arrangements are made.

What is a Currency Swap Agreement?

•  The term “swap” means exchange.
•  A currency swap between two countries is an agreement or contract to exchange currencies (either the countries’ own currencies or any hard currency) with predetermined terms and conditions.
•  Currency swaps are often conducted between two central banks.
•  For a central bank like the RBI, the main purpose of a currency swap is to obtain foreign currency from the issuing foreign central bank under predetermined conditions (such as exchange rate and currency volume).
•  In addition to supporting the domestic currency and foreign exchange market, another key purpose of a currency swap is to maintain the value of the foreign exchange reserves held by the central bank.

What is the purpose of currency swap?

•  The primary purpose of currency swaps is to avoid turbulence and risks in the foreign exchange market and exchange rates.
•  Central banks and governments engage in currency swaps with foreign counterparts to ensure adequate foreign currency during times of scarcity.
•  Both central banks and governments work towards this objective using similar mechanisms.
•  Turbulence often occurs when a country faces foreign currency scarcity, which can lead to a currency crisis and steep depreciation of the domestic currency.
•  In such scenarios, if the central bank or government (e.g., the RBI/government of India) can obtain sizable foreign currency by exchanging domestic currency, it ensures the availability of foreign currency.
•  This helps avoid turbulence in the foreign exchange market, depreciation of the domestic currency, and currency crises.

Beyond currency or exchange rate stability, currency swaps between governments have supplementary objectives such as:

• i) Promoting bilateral trade.
• ii) Maintaining the value of foreign exchange reserves with the central bank.
• iii) Ensuring financial stability by protecting the health of the banking system.
• • It is desirable for developing countries like India to reach currency swap agreements with countries like the USA, UK, EU, and Japan, whose currencies are hard currencies used in international trade.
• • Currency swap agreements can be bilateral or multilateral. The earliest currency swap was between the US Federal Reserve and the Central Bank of France, signed on February 28, 1962.

Currency swap agreements are usually categorised into five types based on the nature and status of the currencies swapped:

• i) Exchange cash for cash vs cash for securities.
• ii) Exchange conditional vs unconditional swaps.
• iii) Exchange reserve currencies on both sides.
• iv) Exchange reserve currency for non-reserve currency.
• v) Exchange non-reserve currencies on both sides.

 Chaukhamba Peaks of the Garhwal Himalayas

• Towering over the Gangotri Glacier, Chaukhamba stands as a majestic massif in the Gangotri Group of the Garhwal Himalayas.
• Its name, translating to “four legs” in Hindi, aptly reflects its quadripartite peak structure, each summit exceeding 7,000 meters
• It is located in the northern Indian state of Uttarakhand, west of the Hindu holy town of Badrinath.
• It has four summits, along a northeast-southwest trending ridge, ranging in elevation from 7,138 meters (23,419 ft) to 6,854 m (22,487 ft) with an average elevation 7,014 m; the main summit is at the northeast end.
• Chaukamba I     7,138 m
• Chaukamba II    7,070 m
• Chaukamba III   6,995 m
• Chaukamba IV   6,854 m
• Chaukhamba I is an ultra-prominent peak, with a prominence of more than 1,500m. Mana Pass is the key col for Chaukhamba I.