UPSC Daily Current Affairs- 3rd July 2023 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly PDF Download

GS-I

Why in News?

Recently, the union Ministry of New and Renewable Energy (MNRE) has issued scheme guidelines for implementation of strategic interventions for green hydrogen transition (SIGHT) programme

About SIGHT programme:

• It is a sub component under the National Green Hydrogen Mission.
• Aim of the programme:
  • Component I: It aims at providing electrolyzer manufacturing incentives with a total outlay of INR 4440 crore
  • Component II: It focuses on green hydrogen production with financial outlay of INR 13050 crore. 
• Implementing agency: The Solar Energy Corporation of India (SECI) would be the implementing agency responsible for the scheme’s execution.

Key facts about National Green Hydrogen Mission

• It was launched in 2022, with the goal of making India energy independent and decarbonising major sectors of the economy.
• Benefits of this mission
  • India’s Green Hydrogen production capacity is likely to reach at least 5 MMT per annum, with an associated renewable energy capacity addition of about 125 GW.  
  • The targets by 2030 are likely to bring in over Rs. 8 lakh crore investments.
  • Nearly 50 MMT per annum of CO2 emissions are expected to be averted by 2030.

What is the green hydrogen?

• It is the gas produced by splitting water into hydrogen and oxygen using an electrolyzer that may be powered by electricity generated from renewable energy sources.

 Source: The Hindu

Why in News?

Union Minister of ports, shipping and waterways reviewed the construction of the National Maritime Heritage Complex (NMHC) site at Lothal.

National Maritime Heritage Complex (NMHC)

• Bodies involved: It is being developed under the Sagarmala Scheme by the Ministry of Ports, Shipping and Waterways (MoPSW) in collaboration with Government of Gujarat.
•  Background: The project was launched in 2022, and is being developed at a cost of Rs 3,500 crore.
• Objective: The NMHC is being developed with the aim of displaying India’s diverse maritime history and also help Lothal emerge as a world-class international tourist destination.
• It will house four theme parks – Memorial theme park, Maritime and Navy theme park, Climate theme park, and Adventure and Amusement theme park.
• It will also house the world’s tallest lighthouse museum, 14 galleries highlighting India’s maritime heritage starting from the Harappan time till today, as well as a coastal states pavilion displaying the diverse maritime heritage of Indian states and UTs.

Lothal

• Location: It is situated near the village of Saragwala in the Dholka Taluka of Ahmedabad district (Gujarat). The nearest cities are Dholka and Bagodara.
• Name: The meaning of Lothal (a combination of Loth and (s) thal) in Gujarati is “the mound of the dead”. Incidentally, the name of the city of Mohenjo-daro (also part of the Indus Valley Civilisation, now in Pakistan) means the same in Sindhi.

Lothal as Indus Valley Site

• Lothal was one of the southernmost sites of the Indus Valley civilization, located in the Bhāl region of what is now the state of Gujarat.
• Timeline: The port city is believed to have been built in 2,200 BC. Archaeological Survey of India (ASI) discovered Lothal in 1954.
• Features: In later excavations, ASI unearthed a mound, a township, a marketplace, and the dock at Lothal.
• Trade: Lothal was a thriving trade centre in ancient times, with its trade of beads, gems and ornaments reaching West Asia and Africa.

World's oldest Dockyard?

• According to the Archaeological Survey of India (ASI), Lothal had the world’s earliest known dock, connecting the city to an ancient course of the Sabarmati river.
• A metropolis with an upper and a lower town had in on its northern side a basin with vertical wall, inlet and outlet channels which has been identified as a tidal dockyard.
• Additionally, the National Institute of Oceanography in Goa discovered marine microfossils and salt, gypsum crystals at the site, indicating that sea water once filled the structure and it was definitely a dockyard.
• Satellite images show that the river channel, now dried, would have brought in considerable volume of water during high tide, which would have filled the basin and facilitated sailing of boats upstream.
• The remains of stone anchors, marine shells, sealings which trace its source in the Persian Gulf, together with the structure identified as a warehouse further aid the comprehension of the functioning of the port.”

Heritage Value

• Lothal was nominated in April 2014 as a UNESCO World Heritage Site, and its application is pending on the tentative list of UNESCO.
• Its heritage value is comparable to other ancient port-towns around the world – including Xel Ha (Peru), Ostia (Port of Rome) and Carthage (Port of Tunis) in Italy, Hepu in China, Canopus in Egypt, Gabel (Byblos of the Phoenicians), Jaffa in Israel, Ur in Mesopotamia, Hoi An in Vietnam.
• In the region, it can be compared with other Indus port towns of Balakot (Pakistan), Khirasa (in Gujarat’s Kutch) and Kuntasi (in Rajkot).

Source: PIB

Why in News?

Japan's plan to release over 1 million tons of water, which is claimed to be treated but potentially radioactive, from the Fukushima nuclear power plant into the sea, has sparked strong opposition and anxiety among neighboring countries, particularly South Korea.

What is the Fukushima Water Issue?

• About:
  • The Fukushima Daiichi Nuclear power plant suffered a meltdown in 2011 after a massive earthquake and tsunami, releasing large amounts of radioactive materials into the environment.
  • No deaths were initially attributed to the incident, although around 18,000 people lost their lives as a result of the earthquake and tsunami.
  • Since then, Japan has been storing the cooling water for nuclear fuel and rain and groundwater seeping through the damaged reactor buildings in large tanks on site.
• Recent Developments of the Issue:
  • The water is treated using a filtering system called Advanced Liquid Processing System (ALPS), which removes most of the radioactive elements except for tritium, a hydrogen isotope that is difficult to separate.
  • Japan says it has no space to keep storing the water, and that releasing it into the sea.
  • The International Atomic Energy Agency (IAEA) is assisting Japan to release the water.
• Raised Concerns:
  • South Korea fears that the water release will contaminate its waters, salt and seafood, affecting its fishing industry and public health.
  • The increased demand for salt in South Korea has led to a nearly 27% price surge, attributed to both stockpiling and external factors like weather and lower production.
  • China has also criticized Japan's plan, questioned its transparency and expressed concerns about the potential impact on the marine environment and global health.

What are the Other Major Nuclear Disasters of the World?

• Chernobyl Disaster (1986): One of the most well-known and severe nuclear disasters, the Chernobyl disaster took place in Chernobyl Nuclear Power Plant in Ukraine.
  • A sudden power surge during a safety test led to a series of explosions and fires that destroyed the reactor core and released large amounts of radioactive material into the atmosphere.
• Three Mile Island Accident (1979): This accident occurred in the United States at the Three Mile Island Nuclear Generating Station in Pennsylvania. A partial meltdown of the reactor's core resulted in the release of radioactive gases.
• Kyshtym Disaster (1957): It took place at the Mayak Production Association in the Soviet Union (now Russia).
  • It involved a nuclear waste storage tank explosion, releasing a significant amount of radioactive materials into the environment.

What is a Nuclear Power Plant?

• Nuclear power plants are a type of power plant that use the process of nuclear fission in order to generate electricity.
• In nuclear fission, atoms are split apart to form smaller atoms, releasing energy.
• Fission takes place inside the reactor of a nuclear power plant. At the center of the reactor is the core, which contains uranium fuel.
• The heat produced during nuclear fission in the reactor core is used to boil water into steam, which turns the blades of a steam turbine.
• As the turbine blades turn, they drive generators that make electricity.
• Nuclear plants cool the steam back into water in a separate structure at the power plant called a cooling tower, or they use water from ponds, rivers, or the ocean.
• The cooled water is then reused to produce steam.

Source: Indian Express

GS-II

Shanghai Cooperation Organisation (SCO)

Why in News?

Chinese Foreign Ministry recently said that the Chinese President will attend the virtual summit of the Shanghai Cooperation Organisation (SCO) being hosted by India.

About Shanghai Cooperation Organisation (SCO):

• SCO  is an intergovernmental organization founded in Shanghai, China, on 15 June 2001 by the leaders of China, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan. 
• Apart from Uzbekistan, the other five countries have been a part of the ‘Shanghai Five’ constituted in 1996 by China to address border security issues with four of its neighbours.
• The cooperation was renamed SCO after Uzbekistan joined the organization in 2001.
• The SCO currently comprises eight Member States: China, India, Kazakhstan, Kyrgyzstan, Russia, Pakistan, Tajikistan and Uzbekistan.
• India and Pakistan became permanent members in 2017.
• The main objectives of the SCO are as follows:
  • Strengthening mutual trust, friendship and neighborly relations among the member states;
  • Promoting effective cooperation in political, trade, economic, scientific, technical, and cultural spheres as well as in the realm of educational, energy, transport, tourism, environmental protection, and other areas;
  • Jointly maintaining and safeguarding peace, security and stability in the region; and
  • Fostering creation of democratic, fair and rational new international political and economic order.
• Structure:
  • The Heads of State Council (HSC) is the supreme decision-making body in the SCO. It meets once a year and adopts decisions and guidelines on all important matters of the organisation.
  • The organisation has two permanent bodies:
    • The SCO Secretariat based in Beijing.
    • The Executive Committee of the Regional Anti-Terrorist Structure (RATS) based in Tashkent.
    • RATS serves to promote cooperation of member states against terrorism, separatism and extremism.
• The official working languages: Chinese and Russian.

 Source: The Hindu

Why in News?

Recently, the Union Minister of State for Panchayati Raj released the Report on Panchayat Development Index (PDI) at the National Workshop on Panchayat Development Index in New Delhi.

What is the Panchayat Development Index?

• About:
  • The PDI is a composite index that measures the performance of panchayats in achieving the Localization of Sustainable Development Goals (SDGs).
  • It provides a holistic and evidence-based assessment of the development status of panchayats, highlighting their strengths and weaknesses.
• Objective:
  • The PDI aims to promote the Localization of SDGs by creating awareness among panchayats and stakeholders about their importance.
  • It encourages panchayats to adopt best practices and innovations to improve their performance in achieving SDGs.
• Ranking and Categorization:
  • The PDI provides rankings for panchayats at different levels, including district, block, and village, based on their overall scores.
  • Panchayats are categorized into four grades: D (scores under 40%), C (40-60%), B (60-75%), A (75-90%), and A+ (above 90%).
• Themes and Focus Areas:
  • The PDI considers nine themes, including poverty-free and enhanced livelihood, healthy village, child-friendly village, water-sufficient village, clean and green village, self-sufficient infrastructure, socially just and secured villages, good governance, and women-friendly village.
• Applications and Benefits of the PDI:
  • The PDI can be used by states/union territories for Panchayati Raj Awards and to emphasize a data-driven and evidence-based approach to development.
  • It serves as a tool for planning, monitoring, and evaluating schemes implemented by panchayats and other agencies aligned with the SDGs.
  • The PDI facilitates the sharing of knowledge and experiences among panchayats and stakeholders for learning and replication of successful models and interventions.

What are the Key Highlights of the Report on the PDI?

• The pilot project was carried out in four districts of Maharashtra, namely Pune, Sangli, Satara, and Solapur.
• The data collected from the pilot project was used to compile the report of the Panchayat Development Index Committee.
• The pilot study showed that 70% of the panchayats in the four districts of Maharashtra fall in Category C, while 27% are in Category B.
• The report highlights the need for evidence-based planning, resources must be deployed where required for overall development.

Source: PIB

GS-III

Why in News?

Recently, in a rare occurrence, a leatherback sea turtle was seen after a gap of seven years in Visakhapatnam

About Leatherback Sea turtle:

• It is the largest turtle in the world. 
• It is the only species of sea turtle that lack scales and a hard shell. 
• They are named for their tough rubbery skin and have existed in their current form since the age of the dinosaurs. 
• These turtles are highly migratory which can swim over 10,000 miles a year between nesting and foraging grounds. 
• They are also accomplished divers with the deepest recorded dive reaching nearly 4,000 feet deeper than most marine mammals.
• It has a unique thermoregulatory adaptation allows them to maintain core body temperatures at extremely cold depths.
• Distribution: It is found in every ocean except the Arctic and Antarctic.
• They have the widest global distribution of any reptile, with nesting mainly on tropical or subtropical beaches.
• Conservation status
  • IUCN: Endangered
  • CITES: Appendix I

Source: The Hindu

 India’s External Debt

Why in News?

As per the RBI India’s external debt has risen up to $624.7 billion during the financial year 2023.

Present Status of India’s External Debt

• India’s external debt at end-March 2023 rose by $5.6 billion to $624.7 billion from the year-earlier period but the external debt-to-GDP ratio slid to 18.9% at end-March from 20% a year earlier.
• Valuation Gains: Valuation gains due to the appreciation of the U.S. dollar vis-à-vis the Indian rupee and major currencies such as yen, SDR, and euro were placed at $20.6 billion. 
  • Excluding the valuation effect, external debt would have increased by $26.2 billion instead of $5.6 billion at end-March 2023 over end-March 2022.
  • The contractual value of a debt can be defined as the present value of the stream of payments set out in the initial contract between the debtor and creditor on the assumption that such payments will be made with certainty.
• Long-term debt (with original maturity of above one year) was placed at $496.3 billion, logging a decline of $1.1 billion over the end-March 2022 level.
• The share of short-term debt (with original maturity of up to one year) in total external debt rose to 20.6% at end-March 2023 from 19.7% a year earlier.
• Dollar-denominated debt remained the largest component of external debt, with a share of 54.6% at end-March 2023, followed by debt denominated in the Indian rupee (29.8%), SDR (6.1%), yen (5.7%), and euro (3.2%).
• Outstanding debt of government and non-government sectors rose during FY23 to $133.3 billion ($130.8 billion in FY22) and $491.3 billion ($488.3 billion), respectively.

What is the External Debt of a country?

• It refers to money borrowed from a source outside the country. External debt has to be paid back in the currency in which it is borrowed.
• Sources
  • External debt can be obtained from foreign commercial banks, international financial institutions like International Monetay Fund (IMF), World Bank, Asian Development Bank (ADB) etc and from the government of foreign nations.
  • Normally these types of debts are in the form of tied loans, meaning that these have to be used for a predefined purpose as determined by a consensus of the borrower and the lender.
• Governments and corporations are eligible to raise loans from abroad. These are in the form of external commercial borrowings. The interest rate on foreign loans is linked to LIBOR (London Interbank Offer rate) and the actual rate will be LIBOR plus applicable spread, depending upon the credit rating of the borrower.

What are the types of external debt?

External debt is money borrowed by a government or corporation from a foreign source. It can include:

• Public and publicly guaranteed debt
• Non-guaranteed private-sector external debt
• Central bank deposits
• Loans from the International Monetary Fund (IMF)

The Impact of Rising/Defaulting on External Debt

• A debt crisis can occur if a country with a weak economy is not able to repay the external debt due to an inability to produce and sell goods and make a profitable return.
• If a nation is unable or refuses to repay its external debt, it is said to be in sovereign default. This can lead to the lenders withholding future releases of assets that might be needed by the borrowing nation. 
• Such instances can have a rolling effect. The borrower’s currency may collapse, and the nation’s overall economic growth will stall.
• Defaults and bankruptcies in the case of countries are handled differently from defaults and bankruptcies in the consumer market. It is possible that countries that default on external debt may potentially avoid having to repay it.
• Excessive levels of foreign debt can hamper countries' ability to invest in their economic future as their limited revenue goes to servicing their loans. 
  • This thwarts long-term economic growth.

Conclusion and way forward 

• Like any form of debt, borrowing money from foreign sources can be good or bad. It may be a useful, cost-effective way to access much-needed capital or trigger a vicious cycle of debt.
• If it means procuring money for important investments at a cheaper rate than can be found domestically, then it can ultimately be viewed as a good thing. However, the same cannot be said when struggling economies are effectively forced to borrow from other countries on ridiculous terms just to stay afloat.

Source: The Hindu