UPSC Daily Current Affairs- 26th December 2023 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly PDF Download

GS-I

Veer Bal Diwas

Subject: Art and Culture

Why in News?

The Prime Minister paid homage to the courage and sacrifice of the Sahibzade, the sons of Guru Gobind Singh, the tenth Sikh Guru.

• This day, announced on January 9, 2022, commemorates the martyrdom of Sahibzada Zorawar Singh and Sahibzada Fateh Singh.

Veer Bal Divas: A Day of Remembrance

• Inception: Veer Bal Divas was established to honor the young Sahibzade who were martyred at the ages of 6 and 9.
• Guru Gobind Singh’s Legacy: Guru Gobind Singh, as the tenth Guru of Sikhs and founder of the Khalsa, holds a significant place in Sikh history.

The Legend of the Sahibzades

• Meaning of Sahibzada: In Punjabi, “Sahibzada” means “son,” referring to the four sons of Guru Gobind Singh.
• Sacrificial Week: The week from December 21 to 27 is observed in memory of the Sahibzades’ sacrifices for Sikhism and Hinduism.
• Martyrdom for Faith: The Sahibzades, Ajit Singh, Jujhar Singh, Zorawar Singh, and Fateh Singh, were martyred defending their faith against forced conversion.

Backstory of Their Martyrdom

• Khalsa Panth and Anandpur Sahib: After establishing the Khalsa Panth, Guru Gobind Singh left Anandpur Sahib with his family in December 1704 amidst Aurangzeb’s invasion.
• Capture and Martyrdom: The younger Sahibzades were captured by Subedar Wazir Khan of Sirhind and faced pressure for religious conversion, leading to their tragic martyrdom.
• Elder Sahibzades’ Sacrifice: The elder Sahibzades, Ajit Singh and Jujhar Singh, were martyred in the battle of Chamkaur in 1705.

Implications and Historical Impact

• Guru Gobind Singh’s Response: Upon learning of their martyrdom, Guru Gobind Singh wrote the ‘Zafarnama’ to Aurangzeb, declaring the Khalsa’s readiness to challenge his empire.
• Baba Banda Singh Bahadur’s Revenge: He avenged the Sahibzades’ martyrdom, punishing Wazir Khan and establishing Sikh dominance in the region.
• Emergence of the Sikh Empire: This sacrifice paved the way for the later establishment of a vast Sikh empire under Maharaja Ranjit Singh.

Significance in Indian History

• A Watershed Moment: The martyrdom of the Sahibzades is a pivotal event in Indian history, remembered with both respect and sorrow.
• Legacy in Sikh Tradition: The Sahibzades’ names are honored in the Sikh Ardas, symbolizing their enduring legacy in Sikh faith and history.

Source: Indian Express

Goa’s Konsachem Festival and St. Bartholomew’s Feast

Subject: Art and Culture

Why in News?

In Goa, August marks the formation of new rice grains, celebrated through the festival of Konsachem.

Konsachem Festival and Its Traditions

• Background: Konsachem, observed by Goan Hindus and Catholics, honors the new rice grains, known as konxeo in Konkani.
• Shared Rituals: The first harvested rice sheaves are taken for blessings – to deities by Hindus and to saints by Catholics.
• Catholic Celebrations: For Goan Catholics, the festival peaks on August 24, the Feast Day of St. Bartholomew, one of Jesus Christ’s 12 Apostles.
• Observances: The celebration includes a procession, ritual cutting of grain, and a thanksgiving mass, with offerings made to St. Bartholomew.

Bartholomew’s Legacy and Christian Faith in India

• Missionary Journey: Bartholomew is believed to have landed in Kallianpur and preached along the Konkan coast, reaching as far as Karachi.
• Lesser-Known Apostles: While St. Thomas’s mission in Kerala and Tamil Nadu is well-documented, St. Bartholomew’s contributions in India are less known but significant.
• Martyrdom and Influence: He is revered for his martyrdom in Azerbaijan and his role in the Christianization of Armenia and Georgia.
• Pre-Portuguese Christian Origins: Research by scholars underscores Christianity’s roots in India dating back to the Apostles, reinforcing its integral place in Indian faith traditions.

Source: Indian Express

GS-II

Mission Karmayogi

Subject: Government Schemes

Why in News?

Recently, on the occasion of Good Governance Day the Union Minister of Personnel, Public Grievances & Pensions launched the Extended Version of Mission Karmayogi, at a function in New Delhi.

GS-III

RBI reports reduced risk of Stagflation in India

Subject: Economy

Why in News?

The Reserve Bank of India (RBI) officials have reported a decreased risk of stagflation in India, now estimated at 1%, down from 3% in August

What is Stagflation?

Methodology for Assessing Stagflation

• Two-Pronged Approach: RBI assessment utilized two methods: analyzing periods of low economic growth with high inflation, and employing ‘at-risk’ frameworks, namely “Inflation at Risk” (IaR) and “Growth at Risk” (GaR), using quantile regression.
• Determinants of Stagflation: Key factors identified include supply-side shocks, commodity price spikes, tighter financial conditions, and currency depreciation.

Key Risk Factors for India

• Financial Conditions and Rupee Depreciation: Financial conditions and the depreciation of the rupee against the U.S. dollar are significant risk factors for stagflation in India.
• Empirical Evidence: The integrated IaR and GaR frameworks corroborate these findings, although the impact of crude oil prices on domestic fuel prices has limited predictive power for stagflation.
• Global Concerns: Post-pandemic, higher commodity prices and the U.S. dollar’s appreciation raised global stagflation concerns.

Source: The Hindu

India’s Disinvestment Strategy amidst upcoming Elections

Subject: Economy

Why in News?

India’s disinvestment process, primarily focusing on minority stake sales rather than full privatisation, is expected to fall short of its fiscal year 2024 target.

• The government’s cautious approach, influenced by the upcoming general elections, has led to a slowdown in the privatisation of major public sector undertakings (PSUs).

Disinvestment Performance and Targets

• Past Achievements: Over the past decade, disinvestment has generated over ₹4.20 lakh crore, but the current fiscal year’s target appears challenging.
• FY24 Target: The government set a disinvestment goal of ₹51,000 crore for FY24, a reduction from the previous year’s estimate.
• Major PSUs on Hold: Plans for the privatisation of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corporation of India (SCI), and CONCOR have been deferred.
• Progress So Far: Approximately ₹10,049 crore, or 20% of the budgeted amount, has been raised through IPOs and OFS.
• Pipeline Projects: Strategic sales of CPSEs like SCI, NMDC Steel Ltd, BEML, HLL Lifecare, and IDBI Bank are planned but face delays due to various procedural hurdles.

Factors Influencing Disinvestment

• Political Considerations: Strategic disinvestment decisions are being influenced by the upcoming elections, leading to a cautious approach.
• Challenges in Strategic Sales: The sale process involves multiple stakeholders and complex procedures, making it a lengthy affair.
• Public and Political Resistance: Certain sectors, particularly defence and shipping, face opposition to privatisation, causing delays and policy reassessments.
• Economic Think Tank Views: Observers note a recent slowdown in PSU stake sales, attributed to regulatory processes, global economic volatility, and shifting government priorities.

Historical Context and Government Policy

• Post-2014 Strategy: Since 2014, the government has revived its disinvestment policy, focusing on stake sales and listing of PSEs on the stock market.
• Union Budget 2023-24: The disinvestment target for FY24 is the lowest in seven years, with the government yet to meet the target for 2022-23.
• Reasons for Disinvestment: The government undertakes disinvestment to reduce fiscal burdens, finance deficits, invest in development, and retire debt.
• Types of Disinvestment: The process includes minority disinvestment, majority divestment, and complete privatisation, managed by the Department of Investment and Public Asset Management (DIPAM).

Recent Disinvestment Performance

• Meeting Targets: The government has met its disinvestment targets only twice since 2014.
• Challenges in Execution: Strategic sales have been complicated by various factors, including market volatility and political opposition.

Future of Disinvestment in 2023-24

• No New Additions: The government plans to continue with the already announced privatisation of state-owned companies without adding new ones.
• Challenges and Vision: Observers suggest that disinvestment should align with the government’s long-term vision for privatisation and sectoral presence, rather than being driven solely by revenue needs.

Conclusion

• Strategic Policy Shifts: The government’s disinvestment strategy is evolving, balancing between raising revenues and managing political and public sentiments.
• Impact of Upcoming Elections: With general elections approaching, the focus on disinvestment might shift, impacting the progress and priorities of stake sales.

Source: The Hindu

OSIRIS-APEX

Subject: Science and Technology

Why in News?

In an unprecedented extension of its celestial duties, the spacecraft that delivered asteroid samples from Bennu, OSIRIS-REx, has embarked on a new mission, and NASA has renamed it as OSIRIS-APEX.