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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.

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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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Q. Which of the following architectural marvels is/are contributions of Rashtrakutas?

1. Kailasa temple at Ellora
2. Cave shrine at Elephanta
3. Kandariya Mahadev temple at Khajuraho

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◾️The third one belongs to the Chandella kings.
◾️The Chandelles, who ruled from 950 to 1100 A.D. constructed towering temples in central India, like the Kandariya Mahadev temple at Khajuraho. These were sculpted with human representations of endless variety. The sculptor here preferred the slender taller figures with a considerable accentuation of linear details.
◾️A charming specimen of the Chandella art of the 11th century is this figure of a woman writing a love letter. Behind her right shoulder are the fingernails marks inflicted by her lover, while embracing her. Recalling the pleasures which she had experienced in union with her lover and longing for another meeting with him she is prompted to write a love letter. On either side of her stands an attendant.

◾️The first Two belong to Rashtrakutas.
◾️In the middle of the 8th century, the Rashtrakutas wrested power from the Chalukyas. They created the greatest wonder of medieval Indian art in their Kailasa temple at Ellora. Quarried out of a hill and solid rocks, it is sculptured on a grand scale. The bold and magnificent carving in this temple shows the Rashtrakuta style of tall and powerfully built figures, reflecting spiritual and physical poise.
◾️The cave shrine at Elephanta is another great monument of the Rashtrakutas, which contains the famous Mahishamurti. The three heads emanating from one and the same body represent three different aspects of Lord Shiva.

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Q. Consider the following statements:

1. The earliest book on mathematics was Sulvasutra, written by Aryabhatta.
2. Apastamba introduced the concepts of practical geometry.

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▪️The earliest book on mathematics was Sulvasutra written by Baudhayana in the 6th century BC.
- There is a mention of 'Pi' and even some concepts very similar to Pythagoras' theorem in the Sulvasutra.
- Pi is presently used to calculate the area and circumference of the circle.

▪️Apastamba, in the second century BC, introduced the concepts of practical geometry involving acute angles, obtuse angles and right angles.
- This knowledge of angles helped in the construction of fire altars in those times.

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https://samajho.com/upsc/human-life-above-all-opposition-of-doctors-to-the-right-to-health-30th-march-2023-upsc-daily-editorial-analysis/

Human life, above all - Opposition of doctors to the right to health | 30th March 2023 | UPSC Daily Editorial Analysis

Q. Consider the following difference regarding the Nirguna and Saguna School:

1. Nirguna School are more focused on acquiring knowledge.
2. Saguna School worshipped idols and images.
3. Nirguna School thought of God as having positive and superficial attributes unlike Saguna School.