UPSC Key- May 18, 2023: Know about Snow leopard project, 1.5 degrees, QUAD, DNA Vaccines, L-G and aldermen

L-G can destabilise elected MCD with power to nominate

Preliminary Examination: Indian Polity and Governance-Constitution, Political System, Panchayati Raj, Public Policy, Rights Issues, etc.

Main Examination: General Studies II: Functions and responsibilities of the Union and the States, issues and challenges pertaining to the federal structure, devolution of powers and finances up to local levels and challenges therein

Key Points to Ponder:

• What’s the ongoing story- THE SUPREME Court observed on Wednesday that giving the Lieutenant-Governor (L-G) the power to nominate aldermen to the Municipal Corporation of Delhi (MCD) will mean that he can “effectively destabilise the democratically elected” civic body.
The bench, led by Chief Justice of India D Y Chandrachud, was hearing a plea filed by the Delhi government, challenging the nomination of 10 aldermen by the L-G. The bench, also comprising Justices P S Narasimha and J B Pardiwala, reserved its order.

• Who are known as aldermen?

• What is the role of aldermen in Municipal Corporation of Delhi (MCD)?

• What exactly Supreme Court of India said in this matter?

• “Is the nomination of people who have specialised knowledge in a local body such great concern to the Union of India that the Union of India’s representative should choose… By giving this power to the L-G, he can effectively destabilise the democratically elected municipal corporation, because these people will sit in the standing committees, ward committees,”-Discuss

• Analyse the role of the L-G under Article 239AA

• Do you agree that the Lt. Governor of Delhi has more power? Attest your opinion with some recent incidence.

• What is the 69th Constitutional Amendment Act of 1991?

• The Chief Minister of Delhi is appointed by the Lieutenant Governor (LG)-True or False?

• In Delhi, In the case of difference of opinion between the Lieutenant Governor (L-G) and his ministers, the Lieutenant governor’s (L-G) decision is taken into the consideration-True or False?

• Government of National Capital Territory of Delhi Act, 1991-Know the Key Provisions

• The Government of National Capital Territory of Delhi (Amendment) Act, 2021 and Government of National Capital Territory of Delhi Act, 1991-Compare and Contrast

• Know the Key Provisions of the Government of National Capital Territory of Delhi (Amendment) Act, 2021

• Articles 239AA and 239AB of the Constitution-Know in Detail

• There was Conflict between the Chief Minister of Delhi and the Lieutenant Governor (L-G)-What were the point of conflicts between the two?

• Supreme Court of India’s Verdict in Government of NCT of Delhi vs Union of India and Another in 2018 case-Know in Detail

• National Capital Territory of Delhi (NCTD) and Other Union territories-Compare and Contrast

• “NCTD, having a sui generis federal model, must be allowed to function in the domain charted for it by the Constitution”-What do you understand by this statement?

• “The Union and NCTD share a unique federal relationship. It does not mean that NCTD is subsumed in the unit of the Union merely because it is not a ‘State’,”-Comment

• The Legislative Assembly of NCTD has competence over entries in List II (state list) and List III (concurrent list) except for the expressly excluded entries of List II. The excluded entries are related to what?

• The Supreme Court also made it clear that “NCTD has legislative and executive power over services, that is, Entry 41 of List II of the Seventh Schedule.” Why did the Supreme Court have to come out with this directive?

• What Centre had contended with Entry 41 of List II of the Seventh Schedule?

• For Your Information-While the Supreme Court said that the legislative and executive power of NCTD over Entry 41 shall not extend to services related to public order, police, and land, these powers would remain with NCTD over “services such as Indian Administrative Services, or joint cadre services, which are relevant for the implementation of policies and vision of NCTD in terms of day-to-day administration of the region shall lie with NCTD”.

• “If a democratically elected government is not provided with the power to control the officers posted within its domain, then the principle underlying the triple-chain of collective responsibility would become redundant”-Elaborate further

• What is the extent of Delhi’s powers now?

• Extent of Delhi’s powers now- Article 239AA specifically excludes land, police and public order from the purview of the legislative powers of the Delhi government. The court acknowledged that these three issues can also have some overlap with “services” “The legislative and executive power of Delhi over Entry 41 (services) shall not extend over to services related to public order, police and land. However, legislative and executive power over such services such as Indian administrative services, or joint card of services, which are relevant for the implementation of policies and vision of NCT of Delhi in terms of day to day administration of the region, shall live with Delhi,” the court said.

Other Important Articles Covering the same topic:

📍What tilted scales in Delhi govt’s favour

📍What is source of L-G’s power to nominate MCD aldermen?: Supreme Court

Previous Year Mains Questions Covering the same theme:

📍Whether the Supreme Court Judgement can settle the political tussle between the Lt. Governor and elected government of Delhi? Examine. (UPSC Mains GS2, 2018)
📍The concept of cooperative federalism has been increasingly emphasized in recent years. Highlight the drawbacks in the existing structure and the extent to which cooperative federalism would answer the shortcomings. (UPSC Mains GS2, 2015)

Credit card spend in forex to come under LRS, and taxed 20%aldermen, says SC

Syllabus:

Preliminary Examination: Current events of national and international importance.

Main Examination: General Studies II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

Key Points to Ponder:

• What’s the ongoing story-THE CENTRAL Government, in consultation with the Reserve Bank of India, in a late night notification Tuesday amended rules under the Foreign Exchange Management Act, bringing in international credit card spends outside India under the Liberalised Remittance Scheme (LRS). As a consequence, the spending by international credit cards will also attract a higher rate of Tax Collected at Source (TCS) at 20 per cent effective July 1.

• What is Foreign Exchange Management Act?

• What is the Liberalised Remittance Scheme (LRS)?

• What do you understand by ‘Tax Collected at Source’?

• For Your Information-Prior to this, the usage of an international credit card to make payments towards meeting expenses during a trip abroad was not covered under the LRS. The spendings through international credit cards were excluded from LRS by way of Rule 7 of the Foreign Exchange Management (Current Account Transaction) Rules, 2000. With the latest notification, Rule 7 has now been omitted, paving way for the inclusion of such spendings under LRS.

• Do You Know- Tax Collected at Source (TCS) is a direct tax levy, which is collected by the seller of specified goods from the buyer and deposited to the government. Taxpayers can then claim refunds on the TCS levy at the time of filing tax returns, which some experts pointed out could result in funds of individuals getting locked till the time actual refunds get initiated by the tax department.

Other Important Articles Covering the same topic:

📍Confident that growth will be close to 6.5 per cent in FY24: RBI Governor

Quad meet cancelled, PM to go ahead with Australia visit

Syllabus:

Preliminary Examination: Current events of national and international importance.

Mains Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India’s interests.

Key Points to Ponder:

• What’s the ongoing story– WITH US President Joe Biden cancelling his trip to Australia due to the crucial debt-ceiling talks in Washington, Australian Prime Minister Anthony Albanese announced that the Quad leaders’ summit would not take place in Sydney. However, there is a possibility of the Quad leaders meeting in Hiroshima, on the margins of the G7 summit. But Prime Minister Narendra Modi, who has lined up bilateral engagements including a meeting with Albanese, top business CEOs and the Indian diaspora in Sydney, will continue with his scheduled trip to Australia, sources said in New Delhi.

• Why QUAD got cancelled?

• What is Quadrilateral Security Dialogue (QUAD)?

• Formation of Quadrilateral Security Dialogue (QUAD) and 2004 tsunami relief operations-Connect the Dots

• Know the Principles and the motive behind the Quadrilateral Security Dialogue (QUAD)

• Who are member nations in Quadrilateral Security Dialogue (QUAD)?

• Who are observer nations in Quadrilateral Security Dialogue (QUAD)?

• Know the difference between observer and member countries

• What are U.S. interests in the Quad?

• What is Japan’s aims for the Quad?

• How is China’s relations with each of the Quad members?

• The QUAD in the Indo-Pacific region and its geopolitical implication-Know in detail

• How QUAD is Significant for India?

• India’s Role in Quadrilateral Security Dialogue (QUAD)?

• What are the challenges and opportunities for QUAD in Current Scenario?

• The Term ‘Indo-Pacific’-What does it mean? Define this term in Geopolitical and in geographical context.

• Know the importance of Indo-Pacific region for India

• India’s Indo-Pacific Strategy-Know in Detail

Other Important Articles Covering the same topic:

📍Quad: opportunities, challenges

📍Explained: What is the Indo-Pacific Economic Framework?

📍India & Quad’s technopolitik

GOVT & POLITICS

Nutrient Based Subsidy for kharif ’23 gets Cabinet nod

Syllabus:

Preliminary Examination: Current events of national and international importance.

Main Examination: General Studies II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

Key Points to Ponder:

• What’s the ongoing story- The Centre on Wednesday approved Nutrient Based Subsidy (NBS) rates for Nitrogen (N), Phosphorous (P), Potash (K) and Sulphur (S) for the 2023 kharif season. The Union Cabinet, which met under the chairmanship of Prime Minister Narendra Modi, approved a proposal of the Department of Fertilisers for revision of the NBS rates for Kharif Season (April-September) 2023. The Cabinet also approved revision of the NBS rates for Rabi Season 2022-23 (January-March, 2023).

• What data and Statistics says about India’s Urea consumption?

• What is Nutrient Based Subsidy (NBS) rates?

• For Your Information-Briefing on Cabinet decisions, Fertilisers Minister Mansukh Mandaviya said, “The Cabinet has taken an important decision regarding fertiliser subsidy”. During kharif season 2023, Rs 70,000 crore will be spent for urea subsidy and Rs 38,000 crore for DAP subsidy, taking the total fertiliser subsidy to Rs 1.08 lakh crore during the kharif season, Mandaviya said. Mandaviya informed that the rate of subsidy has been fixed at Rs 76 per kg for N, Rs 41 per kg for P, Rs 15 per kg for K, and Rs 2.8 per kg for Sulphur for the 2023 kharif season. The NBS rates for kharif 2022 stood at Rs 91.96 per kg for N, Rs 72.74 per kg for P, Rs 25.31 per kg for K, and Rs 6.94 per kg for Sulphur. For Rabi season 2022-23, the NBS rates stood at Rs 98 per kg for N, Rs 66.93 per kg for P, Rs 23.65 per kg for K, and Rs 6.12 per kg for Sulphur. In the last three months, the prices of NPK have come down marginally and taking them into account, the NBS rates have been fixed, Mandaviya said. Mandaviya further said that the annual consumption of urea in the country is about 325-350 lakh metric tonnes, while the consumption of DAP (Diammonium phosphate) is about 100-125 lakh metric tonnes, NPK 100-125 LMT and MOP (Muriate of potash) 50-60 LMT. For kharif 2023, India has a stock of 150 LMT, which includes 75 LMT urea, 36 LMT DAP, 45 LMT NPK, he said.

• Fertilizer Consumption in India-Know in detail

• What is Fertilizer?

• What is Urea?

• Why excessive use of urea and now di-ammonium phosphate or DAP?

• What harm can excessive use of urea and now di-ammonium phosphate, or DAP, do to a farmer?

• Do You Know-The ideal NPK use ratio for the country is 4:2:1, whereas it was 6.5:2.8:1 in 2020-21 and 7.7:3.1:1 in 2021-22. In the recent 2022 kharif season, the ratio got further distorted to 12.8:5.1:1.

• Primary (Macro) Nutrients and Secondary (Micro) Nutrients in Fertiliser-Know the difference

• Know more about Fertiliser Sector in India and Related Policies

• Fertilizer comes under Union List, State List or Concurrent List?

• know the basics of Fertiliser Subsidy

• Subsidy Mechanism in the form of Direct Benefit Transfer (DBT)-know more in detail

• What is the fertiliser requirement of a typical farmer?

• How much subsidy does a farmer really get per acre?

• What is Di-ammonium phosphate (DAP)?

• NPK in Fertilisers-Have you heard of ‘NPK’? What is NPK and Its Ideal Ratio in Fertilizers?

• What is Nutrient Based Subsidy (NBS) in fertilizer?

• Does urea comes under Nutrient Based Subsidy (NBS)?

• For Your Information- Under NBS, the government fixed a per-kg subsidy for each fertiliser nutrient: Nitrogen (N), phosphorus (P), potash (K) and sulphur (S). This was as against the earlier product-specific subsidy regime. Linking subsidy to nutrient content was intended to promote balanced fertilisation by discouraging farmers from applying too much urea, di-ammonium phosphate (DAP) and muriate of potash (MOP). These are fertilisers with high content of a single nutrient: Urea (46% N), DAP (46% P plus 18% N) and MOP (60% K). NBS was expected to induce product innovation, besides more use of complex fertilisers (having lower concentrations of N, P, K and S in different proportions) and SSP (containing only 16% P but also 11% S). However, the data reveals worsening of nutrient imbalance, with urea consumption rising by over a third since 2009-10. This has been largely courtesy of its maximum retail price (MRP) going up by a mere 16.5% – from Rs 4,830 to Rs 5,628 per tonne – post the introduction of NBS. The Narendra Modi government has, in the last one year, also brought back price controls on DAP, with companies not allowed to charge more than Rs 27,000 per tonne. It has led to the sales of both fertilisers soaring in 2022-23, at the expense of NPKS complexes and SSP.

• What is the way ahead?

• What is Nano Urea?

Other Important Articles Covering the same topic:

📍UREA FIXATION

Previous year UPSC Prelims question covering same theme:

📍Why does the Government of India promote the use of ‘Neem-coated Urea’ in agriculture? (GS1, 2016)
A. Release of Neem oil in the soil increases nitrogen fixation by the soil microorganisms.
B. Neem coating slows down the rate of distribution of urea in the soil
C. Nitrous oxide, which is a greenhouse gas, is not at all released into the atmosphere by crop fields.
D. It is a combination of a weedicide and a fertilizer for particular crops.

THE IDEAS PAGE

The best medicine

Syllabus:

Preliminary Examination: Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.

Main Examination: General Studies II: Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources.

Key Points to Ponder:

• What’s the ongoing story– Feroze Varun Gandhi Writes: In January 2020, 12 children in Jammu died after consuming contaminated medicine manufactured by Digital Vision, a firm in Himachal Pradesh. The medicine was found to contain diethylene glycol, which led to kidney poisoning. Digital Vision’s products had been red-flagged on 19 occasions by various state and central drug laboratories. After the incident, Himachal’s state regulator found quality control failures in its site inspection of the manufacturer’s facilities. Yet, six months later, a two-year-old from Himachal Pradesh died after consuming Cofset cough syrup, another product manufactured by Digital Vision.

• ‘India is proud of its pharmaceuticals industry’-Analyse India’s pharmaceuticals industry

• “India is the largest manufacturer of generic medicines globally and its exports impact the lives of the global poor daily”-What is generic medicines?

• “It is heartening that the Centre is taking steps to improve drug quality, with the cancellation of manufacturing licenses of 18 pharma companies after inspections across 20 states by the Drugs Controller General of India (DGCI). However, much more needs to be done”-Discuss

• What is the role of Central Drugs Standard Control Organization CDSCO?

• What and who is Drugs Controller General of India?

• Central Drugs Standard Control Organization CDSCO and Drugs Controller General of India-Connect the dots

• Do You Know-Under the Drugs and Cosmetics Act, CDSCO is responsible for approval of Drugs, Conduct of Clinical Trials, laying down the standards for Drugs, control over the quality of imported Drugs in the country and coordination of the activities of State Drug Control Organizations by providing expert advice with a view of bring about the uniformity in the enforcement of the Drugs and Cosmetics Act.

• “The Ministry of Health should consider amending the Drugs and Cosmetics Act (1940) and instituting a centralised drugs database to enable effective surveillance across all pharmaceutical manufacturers”-Discuss

Other Important Articles Covering the same topic:

📍India’s drug problem: Why WHO’s alert over Indian medicines in Gambia should not be ignored

EXPRESSNETWORK

Dengue on steady rise, ICMR set to conduct vaccine trial

Syllabus:

Preliminary Examination: Economic and Social Development-Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc.

Main Examination: General Studies II: Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources.

Key Points to Ponder:

• What’s the ongoing story- With a steady increase in cases of dengue across the country — from being restricted to only eight states and Union Territories in 2001 it is prevalent in all states states and UTs at present — the Indian Council of Medical Research (ICMR) has raised its efforts to develop a vaccine to fight the mosquito-borne infection. The ICMR, the country’s apex agency for formulation, coordination and promotion of biomedical research, has tied up with two biotech companies — Panacea and Serum Institute of India (SII) — to conduct phase-III trials of their dengue vaccines.

• What is Dengue?

• Which virus causes dengue?

• Indian Council of Medical Research-Know in detail

• Why it is spreading in India

• For Your Information-Dengue is expanding its footprint across the country over the last two decades due to climate change, increased urbanisation with temperature-controlled environment, and rapid urbanisation leading to shortage of utilities such as running water.

• Is there any vaccine for dengue in India?

• What is Dengvaxia?

• What do you understand by the DNA Vaccines?

Other Important Articles Covering the same topic:

📍Dengue now in all states, 2 vaccines may be in the offing

Previous year UPSC Prelims question covering same theme:

📍In the context of vaccines manufactured to prevent the COVID-19 pandemic, consider the following statements: (UPSC Prelims GS1, 2022)
1. The Serum Institute of India produced a COVID-19 vaccine named Covishield using an mRNA platform.
2. The Sputnik V vaccine is manufactured using a vector-based platform.
3. COVAXIN is an inactivated pathogen-based vaccine.
Which of the statements given above is correct?
a. 1 and 2 only
b. 2 and 3 only
c. 1 and 3 only
d. 1, 2 and 3
📍With reference to recent developments regarding ‘Recombinant vector Vaccines’, consider the following statements: (UPSC Prelims GS1, 2021)
1. Genetic engineering is applied in the development of these vaccines.
2. Bacteria and viruses are used as vectors.
Which of the statements given above is/are correct?
a. 1 only
b. 2 only
c. Both 1 and 2
d. Neither 1 nor 2

1.5°C temperature threshold may get breached in next 5 yrs

Syllabus:

Preliminary Examination: General issues on Environmental ecology, Bio-diversity and Climate Change – that do not require subject specialization.

Mains Examination: General Studies III: Conservation, environmental pollution and degradation, environmental impact assessment.

Key Points to Ponder:

• What’s the ongoing story- The 1.5 degrees Celsius temperature threshold was all set to be breached, at least temporarily, in the next five years, the World Meteorological Organisation said in a new analysis on Wednesday. It said there was a 66 per cent chance that global temperatures in at least one of the years between 2023 and 2027 would exceed the pre-industrial average by 1.5 degrees Celsius or more.

• What else the World Meteorological Organisation said in its new analysis?

• For Your Information- According to the World Meteorological Organisation, a 98 per cent probability — that one of these years would turn out to be the warmest year on record, surpassing 2016. Right now, 2016 happens to be the warmest year ever, the annual mean temperature that year being 1.28 degrees Celsius higher than the pre-industrial times (average of the 1850-1900 period). The year 2022 was 1.15 degrees Celsius warmer than pre-industrial average.

• ‘A new study released on Wednesday, said the strong spell of heat wave experienced in India, and some neighbouring countries, in April could most likely be attributed to climate change’-Discuss

• What was decided in 2015 Paris Agreement?

• What was the agreement made in Paris in 2015?

• How does the Paris Agreement address the loss and damage associated with climate change?

• Why 1.5 degrees Celsius temperature rise is considered an important threshold?

• Do You Know-The WMO assessment said that the five-year period between 2023 and 2027 was almost certain to be warmer than the previous five year period between 2018 and 2022. The developing El Nino in the equatorial Pacific Ocean is also expected to play a role in this. Usually, El Nino has the impact of increasing the global temperature in the year after it develops. That means that 2024 could receive an additional warming pressure due to El Nino.

• World Meteorological Organisation-Know in detail

Other Important Articles Covering the same topic:

📍Around 15,000 deaths caused in Europe in 2022 due to heat: What the new World Meteorological Organisation report says

In remote J&K national park, camera traps snap elusive snow leopard, read out a success story

Syllabus:

Preliminary Examination: General issues on Environmental ecology, Bio-diversity and Climate Change – that do not require subject specialization.

Mains Examination: General Studies III: Conservation, environmental pollution and degradation, environmental impact assessment.

Key Points to Ponder:

• What’s the ongoing story- The Jammu and Kashmir Wildlife Protection Department’s confirmation on the presence of at least half-a-dozen snow leopards at high-altitude Kishtwar National Park — as affirmed by recent camera trap sightings — is more than just a lucky, happy occasion. It is a tale of strategic planning over months — and its success — by the department. Cut back to August 2019, when the erstwhile state was bifurcated into two Union Territories, the Ladakh Himalayas were considered home to the elusive snow leopards, and all work on them, including research, used to be done there.

• Where are snow leopards found?

• Do You Know-Snow leopards are native to the alpine regions of Central Asia. It is because of their thick fur that they are able to survive harsh cold climates. Even so, during the winter months, they are likely to descend to lower elevations. While the feline is a carnivore, no known human casualty has been recorded till now. Snow leopards mostly prey on blue sheep and mountain ibex and their smaller prey include hares, game birds and marmots. A snow leopard can kill prey that is up to three times its own weight. In India, snow leopards mainly inhabit the higher Himalayan and trans-Himalayan landscape at an altitude between 3,000-5,400 metres. These ranges span a combined area of about 1,00,000 sq km across Jammu and Kashmir, Ladakh, Himachal Pradesh, Uttarakhand, Sikkim, and Arunachal Pradesh. This area contributes to about five per cent of the global snow leopard range.

• What is the snow leopard project in India?

• Where was the project snow leopard launched in India?

• Mark on Map-Presence Snow leopard in India (States)

• What is Global Snow Leopard & Ecosystem Protection Program?

• Is India a part of Global Snow Leopard & Ecosystem Protection Program?

• What is the IUCN status of Snow Leopard?

• For Your Information-Listed as vulnerable on the International Union for Conservation of Nature red list in view of their depleting numbers there are estimated to be fewer than 10,000 mature snow leopards across the globe these animals usually live above the tree line on alpine meadows and in rocky regions at elevations of 2,700 metres to 6,000 metres during summer. In winter, they come down to elevations around 1,200 m to 2,000 m. And this is where Kishtwar National Park — in the eponymous district abutting Zanskar area of Ladakh — at an altitude ranging between 2,300 m and 6,000 m comes in.

Other Important Articles Covering the same topic:

📍Explained: Why India and world are counting snow leopards, and how

EXPLAINED

The artificial sweetener story

Syllabus:

Preliminary Examination: Current events of national and international importance

Main Examination: General Studies II: Issues relating to development and management of Social Sector/Services relating to Health, Education, Human Resources

Key Points to Ponder:

• What’s the ongoing story-The World Health Organisation on Monday (May 15) recommended against using artificial sweeteners to achieve weight loss and prevent lifestyle diseases such as diabetes. The report emphasised that while there was a need to cut intake of sugar, it should not be replaced by artificial sweeteners. Artificial sweeteners provide the sweet taste with very little to no calories. Many diabetics use the sweeteners in their tea and coffee, but there is a growing market for packaged foods and beverages using these sweeteners to offer low-calorie options. “WHO suggests that non-sugar sweeteners (NSS) not be used as a means of achieving weight control or reducing the risk of non-communicable diseases,” was the highlight of 90-page report based on nearly 283 studies.

• What has WHO said in its recommendation on artificial sweeteners?

• Is this the first time artificial sweeteners have been linked to such adverse impacts?

• What do the doctors recommend?

• Why are diet colas damaging?

Other Important Articles Covering the same topic:

📍WHO says to stop using artificial sweeteners for weight loss, it’s linked to high risk of diabetes, heart disease

The rational economics of Robert E Lucas

Syllabus:

Preliminary Examination: Current events of national and international importance.

Main Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Key Points to Ponder:

• What’s the ongoing story-Chicago University economist and Nobel laureate Robert E Lucas, 85, died on Monday. While awarding him the Nobel prize in economics in 1995, the Royal Swedish Academy of Sciences had stated: “Robert Lucas is the economist whose work has had the greatest impact on the development of macroeconomics and macroeconometrics since 1970.” His work challenged Keynesian orthodoxy and policy solutions (such as government providing tax cuts to boost economic activity and reduce unemployment), and led to the growth of what is called the new classical economics.

• Person in News-Robert E Lucas

• What is Keynesian economics?

• Why Nobel laureate Robert E Lucas challenged Keynesian orthodoxy and policy solutions?

• ‘Lucas will be remembered for developing the “rational expectations” approach to macroeconomics’-Elaborate

• What does rational expectations mean in economics?

• What is the rational expectations theory of Robert Lucas?

• What is the real-world impact of this theory?

• The “assumption” of rational expectations has massive policy implications-How?
• Rational expectations theory of Robert Lucas and Indian Economy-Connect the dots

Other Important Articles Covering the same topic:

📍Robert E. Lucas Jr.

ECONOMY

Centre approves revised PLI scheme with`17,000 cr outlay

Syllabus:

Preliminary Examination: Current events of national and international importance.

Main Examination: 

• General Studies II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

• General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Key Points to Ponder:

• What’s the ongoing story-The Union Cabinet Wednesday cleared a revised production linked incentive (PLI) scheme for IT hardware with an outlay of Rs 17,000 crore, more than doubling the budget for the scheme that was first cleared in 2021. The scheme will be implemented from July 1, with a cap on maximum incentives available to participating companies.

• What is productivity linked incentive?

• What is there in the revised production linked incentive (PLI) scheme for IT hardware?

• “The renewed scheme could attract big global IT hardware manufacturers to shift their production base to India and give a boost to local production of laptops, servers and personal computers among others”-How?

• What is the objective of Production Linked Incentive Scheme?

• How the revised production linked incentive (PLI) scheme for IT hardware is different from the previous one?

• For Your Information-The PLI for IT hardware such as laptops, tablets, all-in-one computers, and servers was first announced in February 2021 with an initial outlay of around Rs 7,300 crore over a period of four years. Under the scheme, domestic players investing Rs 20 crore and clocking sales of Rs 50 crore in the first year, Rs 100 crore in the second, Rs 200 crore in the third, and Rs 300 crore in the final year, would pocket incentives of 1-4 per cent on incremental sales over 2019-20, the base financial year.

Other Important Articles Covering the same topic:

📍Cabinet clears Rs 17,000 cr-IT Hardware PLI Scheme 2.0

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