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▪️The Indian Space Research Organisation (ISRO) has received the NASA-ISRO SAR (NISAR) satellite from the U.S. space agency. NISAR is a Low Earth Orbit observatory jointly developed by NASA and ISRO.

▪️According to ISRO, NISAR will map the entire globe in 12 days and provide spatially and temporally consistent data for understanding changes in Earth’s ecosystems, ice mass, vegetation biomass, sea level rise, groundwater and natural hazards, including earthquakes, tsunamis, volcanoes and landslides.

▪️NISAR carries L and S dual-band Synthetic Aperture Radar (SAR), which operates with the Sweep SAR technique to achieve large swaths with high-resolution data. The SAR payloads mounted on Integrated Radar Instrument Structure (IRIS) and the spacecraft bus are together called an observatory.

▪️Last month, NASA said since early 2021, engineers and technicians at Jet Propulsion Laboratory (JPL) in Southern California have been integrating and testing NISAR’s two radar systems — the L-band SAR provided by JPL and the S-band SAR built by ISRO.

▪️The final integration of the satellite will be carried out at the U.R. Rao Satellite Centre in Bengaluru, and ISRO is looking to launch the satellite in 2024 from Satish Dhawan Space Centre in Sriharikota.

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Mission Vatsalya:

◾️It is an umbrella scheme for child protection services in the country.
◾️Earlier there were three schemes for child protection. In 2010, these schemes were merged into a single scheme as Integrated Child Protection Scheme.
◾️Later in 2017, it was renamed as Child Protection Services Scheme. In 2022 it was again renamed as Mission Vatsalya.
◾️It is under the purview of Women and Child Development.
◾️Components/objectives of the scheme are:
- To secure a healthy and happy childhood for each and every child in the country.
- Improving the functioning of statutory bodies.
- Strengthening the service delivery structure.
- Upscaling the institutional care and services.
- Encouraging non-institutional community-based care.
- Providing emergency outreach services
Providing training and capacity building
Delivering the mandate of the Juvenile Justice Act, 2015.
◾️It is a centrally sponsored scheme.

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Q. Consider the following statements:

1. India is elected as a member of the Intangible Cultural Heritage (ICH) committee for the period 2022-2026.
2. For the first time, India is going to be a member of the ICH committee.

https://samajho.com/upsc/a-shared-g20-vision-for-the-ocean-commons-28th-march-2023-upsc-daily-editorial-analysis/

A shared G20 vision for the ocean commons | 28th March 2023 | UPSC Daily Editorial Analysis

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India got elected to the Intergovernmental Committee of UNESCO’s 2003 Convention for the Safeguarding of the Intangible Cultural Heritage (ICH).

▪️Statement 1 is correct. India has been elected as a member of the Intergovernmental Committee of UNESCO’s 2003 Convention for the Safeguarding of the Intangible Cultural Heritage for the 2022-2026 cycle.
▪️The elections for the Intergovernmental Committee took place during the 9th General Assembly of the 2003 Convention held at UNESCO headquarters, Paris, from 5th to 7th July 2022.
▪️ Against the four seats falling vacant within the Asia-Pacific group, six countries, namely, India, Bangladesh, Vietnam, Cambodia, Malaysia, and Thailand had presented their candidature. India received 110 votes from the 155 State Parties that were present and voting.
▪️The Intergovernmental Committee of the 2003 Convention consists of 24 members and is elected in the General Assembly of the Convention according to the principles of equitable geographical representation and rotation. States Members to the Committee are elected for a term of four years.
▪️The Committee also examines requests submitted by States Parties for the inscription of intangible heritage on the Lists as well as proposals for programmes and projects.

▪️Statement 2 is incorrect. In the past, India has served two terms as a member of the Intergovernmental Committee of this Convention. One from 2006 to 2010 and the other from 2014 to 2018.

▪️For its 2022-2026 term, India has formulated a clear vision for the protection and promotion of the intangible cultural heritage of humanity.
▪️Some of the priority areas that India will focus upon include fostering community participation, strengthening international cooperation through intangible heritage, promoting academic research on intangible cultural heritage, and aligning the work of the Convention with the UN Sustainable Development Goals.

▪️India ratified the 2003 Convention for the Safeguarding of the Intangible Cultural Heritage in September 2005. As one of the earliest State Parties to ratify the Convention, India has shown great commitment towards matters related to intangible heritage and has actively encouraged other State Parties to ratify it.

▪️With 14 inscriptions on the Representative List of Intangible Cultural Heritage of Humanity, India also ranks high in the listing of intangible cultural heritage. After the inscription of Durga Puja in 2021, India submitted the nomination for Garba of Gujarat to be discussed in 2023.

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▪️Going Online as Leaders (GOAL) Program was launched by Meta (Facebook) in partnership with the Ministry of Tribal Affairs (MoTA) on 15th May 2020 to digitally skill and empower 5000 youth from tribal communities over the next five years.
▪️The project aims to identify and mobilise 2500 renowned people from the industry which include policymakers and influencers, teachers, artists, entrepreneurs and social workers known for their achievements in their respective domains, to personally mentor tribal youth across India.
▪️The nine-month program includes seven months of mentorship in areas such as digital literacy, life skills, leadership & entrepreneurship and sector-specific skills followed by a two-month internship for the mentees to gain on-ground experience.
▪️Recently, the Ministry of Tribal Affairs and Meta (Facebook) launched GOAL 2.0, the second phase of GOAL.
▪️In GOAL 2.0, a platform will be created for self-help groups and families associated with the Tribal Co-operative Marketing Federation of India (TRIFED) to take their products global.
▪️The programme will include 'Facebook Live' sessions in nine languages on topics like anti-scamming education, staying safe online and how to combat misinformation.

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Q. Which of the following benefits are associated with Masala Bonds?

1. Internationalization of Indian Rupee.
2. Tapping of a larger number of investors.
3. Reduction in borrowing cost for Indian companies.

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Following benefits are associated with Masala Bonds:
▪️Masala Bonds can help Indian companies to diversify their bond portfolio in addition to corporate bonds and ECBs.
▪️Masala Bonds can help Indian companies to cut down cost.
- If the company issues any bond in India, it carries an interest rate of 7.5%-9.00% whereas, Masala Bonds outside India is issued below 7.00% interest rate.
▪️Masala Bonds can help Indian companies to tap a large number of investors as these bonds are issued in the offshore market.
▪️Masala Bonds will help in building up foreign investors‘ confidence in Indian economy and currency which will strengthen the foreign investments in the country.
▪️An offshore investor earns better returns by investing in Masala Bonds rather than by investing in his home country, because the bond yield in his/her home country may be very low (for example bond yield in the US is hardly 2% as against minimum assured Masala Bond yield of 5% to 7%). The investor will also potentially benefit if the rupee appreciates at the time of maturity, but may lose if rupee depreciates.
▪️Masala bond will make available more of foreign funds for infrastructural development in India.
▪️Masala Bonds will also help enhance internationalization of Indian Rupee.

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Q. A government cuts taxes and runs a budget deficit in order to stimulate consumer spending. However, consumer responds to it by increasing savings instead of spending more. The forward looking approach of consumers is based on the fact that increased borrowings by the government will be repaid by taxes in future. This will lead to a similar impact on the economy as borrowing by the government today.
Which of the following is best described in the passage given above?

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▪️The Ricardian equivalence theorem (RET) plays an important role in macroeconomic theory. The RET suggests that fiscal stimuli which are defined in terms of deficit-financed public spending hikes or tax cuts will lead to a crowding out of private consumption, thereby decreasing the effectiveness of fiscal policy in boosting economic activity.

▪️It states that consumers are forward-looking and will base their spending not only on their current income but also on their expected future income. They will understand that borrowing today means higher taxes in the future.

▪️Further, the consumer will be concerned about future generations because they are the children and grandchildren of the present generation and the family which is the relevant decision making unit, continues living. They would increase savings now, which will fully offset the increased government dissaving so that national savings do not change.

▪️This view is called Ricardian equivalence after one of the greatest nineteenth-century economists, David Ricardo, who first argued that in the face of high deficits, people save more.

▪️It is called ‘equivalence’ because it argues that taxation and borrowing are equivalent means of financing expenditure. When the government increases spending by borrowing today, which will be repaid by taxes in the future, it will have the same impact on the economy as an increase in government expenditure that is financed by a tax increase today.

More learnings:
Goodhart’s Law – It was the idea by Goodhart which suggests that attempts by a central bank (RBI in case of India) to regulate the level of lending by banks imposing certain controls can be circumvented by the banks searching the alternatives out of regulatory preview.

Okun's Law is based on the empirical research of Arthur Okun. It describes the relationship between unemployment and growth rate in an economy. The law is still used by policymakers as a rule of thumb to estimate the relationship between growth rate and job creation.

A grandfather clause is an exemption that allows persons or entities to continue with activities or operations that were approved before the implementation of new rules, regulations, or laws. Such allowances can be permanent, temporary, or instituted with limits.

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https://samajho.com/upsc/the-need-for-sector-specific-safeguards-in-techade-the-digital-personal-data-protection-dpdp-bill-2022-29th-march-2023-upsc-daily-editorial-analysis/

The need for sector-specific safeguards in ‘techade’ - The Digital Personal Data Protection (DPDP) Bill 2022 | 29th March 2023 | UPSC Daily Editorial Analysis

Q. Consider the following statements regarding Pre-paid Payment Instruments (PPIs) in India:

1. These are payment instruments that facilitate the purchase of goods and services.
2. No PPI type allows for cash redemption or withdrawal.

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Pre-paid Payment Instruments (PPIs):

▪️Pre-paid Payment Instruments (PPIs) are defined in the RBI Guidelines issued under the Payment and Settlements Systems Act, 2005 as payment instruments that facilitate the purchase of goods and services, including funds transfer, against the value stored on such instruments.

▪️The value stored on such instruments represents the value paid for by the holders by cash, by debit to a bank account, or by credit card.

▪️The pre-paid instruments can be issued as smart cards, magnetic stripe cards, internet accounts, internet wallets, mobile accounts, mobile wallets, paper vouchers and any such instrument which can be used to access the pre-paid amount.

▪️The Payment and Settlement Systems Act, 2007 provides for the regulation and supervision of PPIs in India. Reserve Bank of India (RBI) is the regulatory authority for this purpose.

▪️RBI has broadly classified the PPIs into three categories:
1. Closed System Payment Instruments:
- These are issued by an entity for facilitating the purchase of goods and services from it.
- They do not permit cash withdrawal or redemption.
- They are not classified as payment systems. Hence, RBI approval is not required for issuing them.
- E.g. online shopping vouchers by Flipkart, Amazon etc

2. Semi-Closed System Payment Instruments:
- Besides the purchase of goods and services, they can be used for financial services at a group of clearly identified merchant locations/ establishments which have a specific contract with the issuer to accept the payment instruments.
- They do not permit cash withdrawal or redemption by the holder.
- Instruments of up to Rs.1,00,000/- can be created by with full Know Your Client norms (KYC) and can be reloaded.

3. Open System Payment Instruments:
- Besides, purchase of goods and services, financial services like funds transfer at any card accepting merchant locations they also permit cash withdrawal at ATMs / Banking Correspondents (BCs).
- However, cash withdrawal at POS is permitted only up to a certain limit set by RBI

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