Current Affairs Compilations for UPSC IAS Prelims 2022

Mains Oriented Articles

GS Paper 2

• This is an ‘address’ of great constitutional importance
• Election Commission’s initiative to enfranchise migrant voters is a step in the right direction
• Because Both Rich And Poor Countries Deserve Good Health …
• Why retaining talent in India will require more than foreign campuses
• Balance of powers The constitutional bedrock should stay untouched

GS Paper 3

• Why is Kerala opposing the new Electricity Rules?
• Five priorities for India Inc could help us reach ahead of the curve
• Social equaliser – While promoting digital payments, care is needed to guard against cyber threats

Prelims Oriented Articles (Factly)

• MoP for the appointment of judges: Law Minister’s suggestion to CJI on appointment of judges: The context and background, explained
• Cancer in India: A status report
• First evidence of solitary waves near Mars may decode the mystery behind ion loss in the planet
• ISRO likely to push Venus mission ‘Shukrayaan I’ to 2031
• NFRA to introduce Annual Transparency Report by the Audit Firms
• Wealth Report 2023 Attitude Survey: India Findings: Wealth of 9 in every 10 ultra-rich Indians rose in ’22: Knight Frank report
• Reconstructing past deep-water circulations of Indian Ocean
• As talks with Tamils drag on , Ranil pledges full implementation of 13th Amendment

Mains Oriented Articles

GS Paper 2

This is an ‘address’ of great constitutional importance

News– The article explains the issues related to the Governor of Tamil Nadu in skipping an important and politically significant paragraph in a customary Governor’s address to Members of Assembly. It also explains the different viewpoints about the position of Governor.

The skipped paragraph referred to the Dravidian model of governance which has great political and cultural significance especially in Tamil Nadu.

What is the importance of address by the Governor under Article 176 of the constitution?

Article 176 of the Constitution requires the Governor to mandatorily address the Members of legislature at the commencement of the first session of each year and to inform them of the causes of its summons.

It says that the legislature will discuss the matters referred to in such an address. The “address” here means the complete address and not a truncated version.

Here, the Constitution gives a specific direction to the House to find time to discuss the contents of the Governor’s address. This underscores the importance the Constitution attaches to such an address by the Governor.

It will become more clear when we consider Article 175. It says that the Governor may address the legislature, but the Governor’s address under Article 175 is not a mandatory address unlike under Article 176. Article 175 does not speak about any discussion of the content of such an address.

The reason behind the Constitution making such a distinction in two addresses by Governor is that the address under Article 176 contains the policies and programmes of the elected government of the State. Executive accountability to the elected representatives of the people is the essence of parliamentary democracy.

Can the Governorskip certain paragraphs of the address?

Skipping paragraphs of the address would simply mean that the Governor does not approve or agree with those ideas. The address by the Governor under Article 176 is the address prepared by the government. It does not contain any of the personal views of the Governor.

The Governor cannot change a word on his own. So, by wilfully not reading certain portions of the address the Governor has gone against the mandate of Article 176.

What are the other issues related to the office of Governor in current times?

The actions by Governors in some of the Opposition-ruled States have often come under critical scrutiny. They are sitting on the Bill passed by the Assembly without exercising any of the options given by the Constitution. It is clearly against the mandate of the Constitution.

Article 200 requires the Governor to either give assent or withhold assent or send the Bill back to the Assembly for reconsideration. In case, if the Assembly passes it again in the same form without any change the Governor has to give assent to it. He can also send the Bill for the consideration of the President in some rare cases.

Governors have suddenly become proactive. They have begun to openly challenge and criticise Chief Ministers and State governments. Some Governors are even holding press conferences to attack Chief Ministers.

What are different viewpoints about the position of Governor?

From Shamsher Singh (1974) to Nabam Rebia (2016), the Supreme Court has consistently held that Governors can act only on the aid and advice of the Council of Ministers. He cannot exercise any executive powers independently ignoring the elected government.

The Supreme Court had in Shamsher Singh said, “The Constitution does not aim at providing a parallel administration within the State by allowing the Governor to go against the advice of the Council of Ministers.

B.R. Ambedkar said in the Constituent Assembly: “If the Constitution remains in principle the same, then the Governor should be a purely constitutional Governor. It should not have power of interference in the administration of the province.”

Election Commission’s initiative to enfranchise migrant voters is a step in the right direction

News– The article explains the issue of remote voting for the migrant population of the country.

What are the issues faced by migrants in enjoying their right to vote?

Migrant workers, especially circular or short-term migrants are some of the least represented groups in the voting process.

There is no deliberate denial of the right to vote for them. But, they lack access to vote. The Supreme Court, in a series of cases, has interpreted the freedom to access the vote as within the ambit of Article 19(1)(a).

One survey shows that only 48% voted in the 2009 Lok Sabha elections when the national average was 59.7 per cent.

In the 2019 Lok Sabha polls, major sender states such as Bihar and UP had among the lowest voter turnout rates at 57.33 per cent and 59.21 per cent respectively. The national average was 67.4%.

What is the status of migrants in India?

According to the 2011 Census, the number of internal migrants stands at 450 million. 26% of the migration occurs inter-district within the same state, while 12% of the migration occurs inter-state.

Both official and independent experts admit that this number is underestimated. Short-term and circular migration could be 60-65 million migrants.

What are the reasons behind the lack of political representation for migrants?

The root cause of the migrant voters issue is that the individual’s right to vote is conditioned by a rather strict residency qualification.

In the survey report, it was found that “close to 60% of respondents had missed voting in elections at least once because they were away from home seeking livelihood options”.

According to a 2012 study, 78% of migrant voters have voter cards for their home constituency. Most cannot commute to their home states on polling day.

Many migrant voters may not be as intensively involved in the political affairs and interests in their host locations as they are in their home locations.

What is the way forward?

Section 60(c) of the RPA, 1951 empowers the Election Commission to notify classes of voters who are unable to vote in person at their constituencies because of physical or social circumstances. It should be in consultation with the government. Once notified, the voters are eligible for the Electronically Transmitted Postal Ballot System.

EC should find a technological solution which is credible, accessible and acceptable to all stakeholders

What are the steps taken by ECI to ensure voting rights for migrants?

The Election Commission had earlier formed a “Committee of Officers on Domestic Migrants” to address this issue. The Committee’s report submitted in 2016 suggested a solution in the form of “remote voting”.

The Election Commission has now proposed the use of remote voting for migrant workers. A modified version of the existing model of M3 EVMs will be placed at remote polling stations.

The Electronic Corporation of India Ltd. has already developed a prototype of a Multi-constituency Remote EVM.

Because Both Rich And Poor Countries Deserve Good Health …

News– The article explains the Indian priorities for global health architecture at G20.

India’s vision of a healthier globe emanates from the philosophy of Vasudhaiva Kutumbakam that translates into One Earth, One Family, One Future.

What are the priorities of India for Global Health Architecture at G20?

1. Strengthen national capacities:

The first is strengthening national capacities to prevent, prepare for and respond to major outbreaks.

The agenda will include a One Health approach to antimicrobial resistance.

It advocates for partnering with multiple organisations like WHO, World Bank, G7, Access to Covid-19 Tools Accelerator. This effort will attempt to synergise existing strengths and identify bottlenecks in the system.

It calls for pandemic countermeasures that are affordable, equitable and universal in access.

G20 India Health Track aims to facilitate seamless integration towards a global health emergency architecture.

2. Strengthen pharma cooperation:

Indian generics are valued across the world. In FY 2022, pharma products worth $24. 47 billion were supplied to 200 countries.

India continues to provide affordable HIV drugs and anti-TB generics to several LMICs. India’s role in addressing life-saving vaccine inequity has been appreciated worldwide.

It provided critical doses to more than 100 countries during the most difficult phase of Covid through the ‘Vaccine Maitri’ initiative.

The government has introduced production-linked incentive schemes for strengthening the pharma sector. It has planned Bulk Drug Parks and Medical Device Parks.

India’s G20 presidency proposes to address the gaps in the availability, accessibility and affordability of medical countermeasures.

It shall continue to prioritise global networks for R&D and manufacturing for medical countermeasures.

3. Digital solutions

The global Covid experience has amply demonstrated how digital technologies can help in remote data capture, medical diagnosis and virtual care.

Millions of citizens used the CoWin app to access vaccines. Tele-consultation proved to be life-saving during the pandemic.

GoI’s free telemedicine service, eSanjeevani, has recently crossed a remarkable milestone of 90 million tele-consultations.

India is marching towards universal health coverage through initiatives such as Ayushman Bharat-PMJAY backed by technology to make it portable, scalable and paperless across states.

CoWin has been shared with several countries as a digital public health good.

The collective efforts of G20 members will help create an ecosystem that provides open access to several LMICs for more equitable healthcare.

India plans to draw a framework for the Global Initiative on Digital Health and harness the potential of artificial intelligence in building more resilient infrastructure.

Why retaining talent in India will require more than foreign campuses

News: Government is planning to open doors for campuses of foreign universities in India. However, highlights of the different reports show that simply allowing foreign campuses in India would not be enough to retain Indian talent.

What are highlights of different reports?

US State Department: According to the data compiled by the US State Department, an increasing number of Indian students studying in the US are staying back after their degree to join that country’s workforce.

In 2021-22, nearly 35 per cent of the 1.99 lakh Indian students in American universities enrolled in the Optional Training Programmes that allow foreign students with F-1 visas to join paid or voluntary work for up to three years in the US.

OECD report: According to an OECD report on international migration patterns, Indians studying in economically developed countries are the most likely among all foreign students to join the local workforce.

The transition rates from study permits to work permits were far higher in Indians compared to the Chinese.

The report for 2021-22 showed that 38 per cent of Indian students in American campuses study mathematics and computer sciences due to the increase in demand globally for skills related to digital technology, data analysis and cyber security.

What can be the way ahead?

Bringing foreign campuses of prestigious foreign universities may not be enough to retain talent in the country.  Government and industry bodies also need to come with reforms in education along with the job market.

Balance of powers The constitutional bedrock should stay untouched

News: The Vice President of India in 83rd All-India Presiding Officer’s conference criticised the doctrine of the basic structure for undermining parliamentary sovereignty.

Prior to his comments, Lok Sabha Speaker used the same conference to say that the judiciary should “confine [itself] to its limits prescribed in the Constitution.”

What are the major highlights of the Vice President’s address?

What is the basic structure doctrine, and how was the doctrine developed?

What is the status of the Basic structure Doctrine now?

-Neither the Kesavananda Bharati judgement nor those that have come after have provided a consistent view on what features this basic structure might have.

-Many subsequent judgements have relied heavily on this doctrine and it is now part of settled law.

What should be done?

Supreme Court and some of the high courts had in the past roamed into the realm of issues that might more properly be decided by the legislature or the executive. But that has to be corrected on a case-by-case basis. Hence, Judicial overreach cannot be the reason to reverse the Basic structure doctrine.

The collegium system has problems of opacity and lack of accountability. It should be addressed but not by allowing the executive to be part of the system. A just and sustainable solution is the need of the hour.

GS Paper 3

Why is Kerala opposing the new Electricity Rules?

News– The article explains the recently released gazette notification on the Electricity (Amendment) Rules, 2022.

Kerala had fiercely objected to Rule 14.

What are the new rules?

The Centre introduced the Electricity (Amendment) Rules, 2022, to amend the Electricity Rules, 2005.

Rule 14 of the Rules requires the State electricity regulatory commission to specify a price adjustment formula. It will automatically pass on the costs through the consumer tariff on a monthly basis. It will be done without going through the regulatory approval process.

What has been Kerala’s stand?

It has argued that giving Discoms the freedom to automatically pass on the costs through the electricity bill endangers consumer interests.

The amendment will lead to an unstable pricing situation in the power sector, akin to that of petrol and diesel prices. Consumers would be subjected to frequent price fluctuations.

The crucial role played by the State Electricity Commission in fixing the surcharge would get diluted.

What is the role of the regulator?

Until now, KSEB filed a petition for collecting the thermal fuel surcharge from the Kerala State Electricity Regulatory Commission on a quarterly basis.

Kerala produces only 30% of its electricity demand within its borders. The power purchase expenditure, especially during the summer months is quite substantial because of increasing demand.

In the normal course of things, the Commission finalises a decision on the KSEB plea after holding a public hearing. According to the State government, doing away with this prudence check would impact the general public.

Five priorities for India Inc could help us reach ahead of the curve

News: The article discusses the priorities which Indian private sector should have in order to make India the leader in the global economy.

What are the priorities which Indian private companies should focus on?

Take sustainability seriously: According to a McKinsey report, effective decarbonization would require India to spend $7.2 trillion on green initiatives.

This is a big amount but it would also offer an opportunity to build sustainably from the start as around 75% of the industrial capacity that will exist in India in 2050 is not yet built.

Moreover, businesses have the opportunity to become global leaders in areas such as green steel, hydrogen, carbon capture and clean tech because these all are at a nascent stage.

Further, India is a major exporter of two- and three-wheeled vehicles. So, it could also use this position to lead the change to electric vehicles (EVs).

Effective capital spending strategies: In recent years, most capital expenditure (capex) in India has been driven by government spending and by public-sector companies.

However, there has been low growth in net fixed assets along with little growth in the productive base of many large companies.

Therefore, companies that have proper spending plans can execute capex projects faster and more cost-effectively, positioning themselves for sustained growth.

Increase in innovation: India has improved its ranking from 81st in the 2015 Global Innovation Index to 40th in 2022.  However, there is room for even more improvement.

Indian companies account for less than 40% of total research and development (R&D) spending compared to more than 65% of large economies.

Therefore, Indian companies can examine themselves and learn their ‘innovation quotient’ (IQ), which evaluates their readiness, strengths and execution capabilities.

Further, large manufacturers could incentivize innovation among their suppliers by offering grants for breakthrough innovations.

Companies could also work together to create innovation clusters or economic hubs where capital, expertise and talent collaborate on nascent technologies.

Build digital technology capabilities: The global tech services market is expected to grow about 5% annually in the coming years. India’s digital consumer sector is also growing fast and India’s consumer digital economy could be a $1 trillion market in just a few years.

One of the efforts taken by the government is by bringing Open Network for Digital Commerce. It may help by cutting costs and enhancing interoperability. However, it will be upon businesses to make e-commerce and digitization a reality for most Indians.

Further, there is a need to re-skill workers in traditional tech services and take advantage of new opportunities. Creating industry-wide skills and certification would be of help.

Recognize that resilience and growth go together: Indian companies can strengthen their resilience by building stronger relationships with suppliers and localizing operations along with focusing on growth.

There is a need to build partnerships that prepare comapnies to address disruptions, such as energy security, cyber shocks and weather events.

Further, business leaders can build positions that would enable them to take advantage of new and emerging opportunities.

India could also use its low labour costs and manufacturing expertise to capture up to $1.2 trillion in global trade flows by 2030.

Social equaliser – While promoting digital payments, care is needed to guard against cyber threats

News: The Union Cabinet has recently earmarked ₹2,600 crores for providing banks with an incentive to promote digital payments. This has focused attention to broaden and deepen alternatives to the most widely accepted method of payment worldwide, cash.

About the recent push to promote digital payments

What are the other measures that promote digital payments?

National Payments Corporation of India and its Unified Payments Interface (UPI): It functions as a lynchpin transaction enabler. The December 2022 transaction was a 71% jump in volume and a 55% increase in value from a year earlier, the UPI volume last month was close to 54 times the transactions in December 2017, and a staggering 98.6-fold of the value seen five years earlier.

Indigenous RuPay credit and debit cards: These indigenous initiatives does not require Merchant Discount Rate (MDR), thus benefiting Indian banks.

Role of private financial technology or fintech firms: They offer tailor-made digital applications. Big technology and social media companies have also added digital payments to enhance their core offerings.

What is the need to promote digital payments?

-The Reserve Bank of India’s ‘Payments Vision 2025’ document observes that ‘payment systems foster economic development and financial stability’ while supporting financial inclusion.

-The rapid and widespread adoption of digital payment methods, coupled with steps to bring more people into the banking system’s fold, has significantly helped cut the reliance on cash for low-value transactions, especially in metros and cities.

What should be done to further promote digital payments?

Policymakers need to urgently ring-fence the wealth of individual spending data being generated and constantly enhance security to safeguard the payments system from cyberthreats.

Prelims Oriented Articles (Factly)

MoP for the appointment of judges: Law Minister’s suggestion to CJI on appointment of judges: The context and background, explained

Source: The post is based on the articles

“Law Minister Kiren Rijiju’s suggestion to CJI DY Chandrachud on appointment of judges: The context and background, explained” published in the Indian Express on 17th January 2023

“Be Wise, Centre & SC – Better than court’s stand & GoI’s proposal is revising the collegium’s memorandum of procedure” published in The Times of India on 17th January 2023

What is the News?

Union Minister for Law and Justice has written to the Chief Justice of India (CJI) “suggesting” that a nominee of the government should be included in the collegium that makes recommendations for the appointment of judges.

The letter offered the suggestion since the Memorandum of Procedure (MoP) is “pending finalisation”.

What is the Memorandum of Procedure (MoP) for the appointment of judges?

The MoP is the official playbook agreed upon by the government and the judiciary on the appointment of judges. It is a crucial document that governs the collegium system of appointing judges.

The collegium system evolved through a series of rulings by the Supreme Court and is not based on legislation. Hence, the MoP is the bedrock of the process of appointments.

What is the collegium?

What are the three Judge’s Cases?

About the role of MoP after NJAC

The MoP was sought to be re-negotiated after the SC struck down the constitutional amendment that had brought in the National Judicial Appointments Commission (NJAC).

However, before the document could be finalised, the Supreme Court in a judgment observed that “there is a need to revisit the process of selection and appointment of Judges to the Constitutional Courts.”

About the court’s observation on the appointment of Judges

In a suo motu contempt case, in 2017, the SC highlights two things, a) The need to revisit the process of selection and appointment of judges to the constitutional courts, for that matter any member of the judiciary at all levels; and b) The need to set up an appropriate legal regime to deal with situations where the conduct of a Judge of a constitutional court requires corrective measures — other than impeachment — to be taken.

What was the government’s view on MoP?

In its 123rd Action Taken Report presented to Rajya Sabha in 2022, the Standing Committee said that it was surprised to note that the SC and the Government have failed to reach a consensus on the revision of the MoP, though the same is under consideration for about seven years now.

The Committee said that it “expects the Government and the Judiciary to finalize the revised MoP, which is more efficient and transparent, in terms of the Supreme Court’s observation.” Officially, the government’s stand is that the MoP is “pending finalisation”.

What needs to be done?

Centre’s primary concern about the present collegium system appears to be the lack of transparency, hence the MoP revision should be revived.

The GoI can make another attempt to re-enact NJAC. This time with proper discussions with SC to address the legal challenges.

Cancer in India: A status report

Source: The post is based on the article “Cancer in India: A status report” published in Indian Express on 16th January 2023.

What is the News?

According to a report by the American Cancer Society, deaths due to cancer have declined by 33% in the United States since 1991. This has translated into 3.8 million fewer deaths. This success has been attributed to early detection, lower rates of smoking and improvements in cancer treatment.

This trend is yet to be reflected in India. Even with improvements in treatment, both the incidence of cancer and mortality continue to rise in the country.

What is the incidence of cancer and mortality in India currently?

As per data from the National Cancer Registry of the Indian Council of Medical Research (ICMR), an estimated 14.6 lakh new cancer cases were detected in 2022, up from 14.2 lakh in 2021 and 13.9 lakh in 2020.

Deaths due to cancer increased to an estimated 8.08 lakh in 2022 from 7.9 lakh in 2021 and 7.7 lakh in 2020. 

According to an ICMR study using data from population-based cancer registries, ​​one in nine Indians will develop cancer during their lifetime.

The incidence of cancer is higher among women — 103.6 per 100,000 in 2020 compared to 94.1 among men. 

Among men, the most common cancers were of the lung, mouth, prostate, tongue and stomach. For women, they were the breast, cervix, ovary, uterus and lung.

Why are some cancers on the decline and others continuing to rise?

The incidence of cervical cancer has dropped in India over the last 50 years from 45 to 10 per 100,000 population. At the same time, there is an increase in rates of breast cancer, especially in urban centres. 

Rates of cervical cancer have declined because of later marriages, fewer children, better hygiene, and vaccination. The incidence of breast cancer has gone up because of the same reasons — later age of marriage, having the first child at a later age, not breastfeeding and a high protein diet.

Have there been improvements in cancer treatments?

Yes, the cure rate for various cancers is rising. For instance, a) the cure rate for pancreatic cancer has doubled from 3% to 6%, b) Prostate cancer cure has gone up from 60% to 100%, c) For breast cancer it has improved from 50% to 90% with newer treatments.

But in order to reduce mortality, India has to ensure people get diagnosed early on and receive timely treatment.

What must be done to bring down overall mortality like in the US?

First, the intervention has to be screening: Screening for the three most common types of cancer — breast, cervical, and oral — has already started through the government’s upgraded health and wellness centres.

Secondly, screening should lead to treatment: The treatment has to be accessible and affordable. There are several programmes of the government that are working independently and in silos. They need to be coordinated so that once a person is screened, they do reach a hospital. 

Thirdly, there must be many more cancer care facilities: For instance, WHO says there should be 1 radiotherapy machine per million population in developing countries, so for India’s 1.4 billion people India need 1,400 machines. But India has only 700.

First evidence of solitary waves near Mars may decode the mystery behind ion loss in the planet

Source: The post is based on the article “First evidence of solitary waves near Mars may decode the mystery behind ion loss in the planet” published in PIB on 16th January 2023.

What is the News?

Scientists have reported the first evidence of the presence of solitary waves or distinct electric field fluctuations in the Martian magnetosphere. 

About the discovery of Solitary waves on Mars

Our Earth is a giant magnet and its magnetic field protects us from high-speed charged particles that are continuously emitted from the Sun in the form of solar wind. 

Unlike Earth, the planet Mars does not have any intrinsic magnetic field. This allows the high-speed solar wind to interact directly with the Mars atmosphere, like an obstacle in flow. 

It has been suggested that even in a weak and thin magnetosphere like that of Mars, one can observe frequent occurrences of solitary waves. 

However, despite several missions to Mars, the presence of solitary waves in the Martian magnetosphere has never been reported earlier.

For the first time, a research team from the Indian Institute of Geomagnetism (IIG) has identified and reported the solitary waves on Mars.

What are Solitary waves?

Solitary waves are distinct electric field fluctuations (bipolar or monopolar) that follow constant amplitude-phase relations. Their shape and size are less affected during their propagation. 

The magnitude and duration of these pulses are found to be 1-25 millivolt/meter and 0.2–1.7 milliseconds, respectively. 

These pulses are dominantly seen in the dawn and afternoon dusk sectors at an altitude of 1000–3500 km around Mars. 

What is the significance of the discovery of solitary waves on Mars?

As solitary waves are known to be responsible for the plasma energization and its transport in Earth’s magnetosphere, the researchers are further exploring their role in the particle dynamics in the Martian magnetosphere and whether such waves play any role in the loss of atmospheric ions on Mars.               

ISRO likely to push Venus mission ‘Shukrayaan I’ to 2031

Source: The post is based on the article “ISRO likely to push Venus mission ‘Shukrayaan I’ to 2031” published in The Hindu on 16th January 2023.

What is the News?

Indian Space Research Organisation(ISRO) was yet to receive approval from the Union government for the Shukrayaan-1 mission and that the mission could as a result be postponed to 2031.

What is Shukrayaan-1?

Shukrayaan-1 is a proposed mission of the Indian Space Research Organisation (ISRO) to Venus.

Aim: To study Venus’s geological and volcanic activity, emissions on the ground, wind speed, cloud cover, and other planetary characteristics from an elliptical orbit.

Payloads: Shukrayaan I will be an orbiter mission. Its scientific payloads currently include a high-resolution synthetic aperture radar and a ground-penetrating radar. 

When is Shukrayaan-1 going to be launched?

Shukrayaan I was expected to be launched in December 2024. But it has now been postponed.

Optimal launch windows from earth to Venus occur once around every 19 months. This is why ISRO has “back-up” launch dates in 2026 and 2028, should it miss the 2024 opportunity. 

But even more optimal windows, which further reduce the amount of fuel required at lift-off, come around every eight years. Hence, the mission is now expected to be launched in 2031.

NFRA to introduce Annual Transparency Report by the Audit Firms

Source: The post is based on the article “NFRA to introduce Annual Transparency Report by the Audit Firms” published in PIB on 15th January 2023.

What is the News?

The National Financial Reporting Authority(NFRA) has proposed introducing Annual Transparency Reports(ATR) requirements for audit firms.

What is the National Financial Reporting Authority(NFRA)?

Click Here to read

Why has NFRA proposed ATR requirements for audit firms?

The effort is aimed at enhancing the transparency about management and governance of audit firms and their internal policy framework to ensure high-quality audits and prevent conflict of interest by maintaining independence.

How will the ATR requirements for Audit firms be implemented?

The ATR requirements are proposed to be implemented in a gradual manner for PIEs (Public Interest Entities) starting with statutory auditors of top 1,000 listed companies (by market capitalization) with effect from the financial year ending on 31 March 2023.

An audit firm will have to publish the ATR within three months from the end of each financial year.

The ATR report will provide certain critical information about the auditor’s operational activities, management, governance and ownership structures, and policies and procedures necessary to deliver high-quality audits etc. 

The information contained in the ATR will be useful to the investors, audit committees, independent directors and the public at large.

Wealth Report 2023 Attitude Survey: India Findings: Wealth of 9 in every 10 ultra-rich Indians rose in ’22: Knight Frank report

Source: The post is based on the article “Wealth of 9 in every 10 ultra-rich Indians rose in ’22: Knight Frank report” published in Business Standard on 16th January 2023.

What is the News?

Real estate company Knight Frank has released a report titled “Wealth Report 2023 Attitude Survey: India Findings”.

What are the key findings of the report?

Wealth of Ultra-high-net-worth Individuals(UHNWIs) in India: The wealth of nine out of every 10 UHNWIs in India increased in 2022. This is more than double the global average where four in every 10 enjoyed wealth growth.

UHNWIs in India own 5.1 homes which are higher than the global average of 4.1.

19% self-made Indian UHNWIs below the age of 40. The global average is 23%.

About 84% of the investable wealth of Indian UHNWIs is allocated between equities, real estate and bonds. 

In 2023, 100% of the UHNWIs in India and 69% globally expect their wealth to grow.

What UHNWIs want: Art remains the first choice as the “investment of passion” in India followed by watches and luxury handbags.

– The UK is the most favoured country for home investment; UAE and USA follow.

– 18% of Indian UHNWIs want to apply for new citizenship in 2023.

Reconstructing past deep-water circulations of Indian Ocean

Source: The post is based on the article “Reconstructing past deep-water circulations of Indian Ocean” published in The Hindu on 15th January 2023.

What is the News?

Studies have indicated that tectonically driven changes in the ocean gateways had a dramatic impact on the Global Overturning Circulation(GOC).

What is Global Overturning Circulation(GOC)?

It is the equatorward transport of cold, deep waters and the poleward transport of warm, near-surface waters.

It controls ocean heat distribution and atmospheric carbon dioxide levels, thus playing a critical role in global climate.

What was the impact of tectonic changes in ocean gateways on ocean circulation?

Studies have indicated that tectonically driven changes in the ocean gateways such as the closure of the Central American Seaway, a body of water that once separated North America from South America, since the late Miocene period, had a dramatic impact on ocean circulation.

These changes may have led to the creation of two distinct water bodies: 1) Northern component water in the North Atlantic Ocean and 2) Antarctic Bottom Water (AABW) in the Southern Ocean.

Consequently, it is also hypothesized that there would have been large-scale changes in the Deep-Water Circulation (DWC) in the oceans across the world, impacting global climate and heat exchanges. But these formulations have remained untested due to a lack of adequate data.

What about deep water circulations of the Indian Ocean?

The Indian Ocean does not produce its own deep water, it only receives it from other sources such as the North Atlantic and Antarctic.

The northern part of the Indian Ocean is located far away from the areas where deep water is formed and ocean routes, making it a good place to study the impact of ocean circulation changes.

Studies have been done in the Indian Ocean to understand past deepwater circulation using records from iron-manganese crusts and the authigenic neodymium isotope composition of sediment cores.

But these records have certain limitations such as data being available only for the Bay of Bengal region and Himalayan rivers bringing a substantial amount of neodymium particulates.

How did the new study overcome these limitations?

A new study by a team of researchers has generated an authigenic neodymium isotope record from the Arabian Sea and reconstructed the DWC record of the Indian Ocean for the period from 11.3 million years ago (Miocene era) to 1.98 million years ago (Pleistocene era).

The record shows a clear shift from the Pacific water-dominated deep circulation system about nine million years ago, to the onset of a modern-like deep water circulation system in the Indian Ocean comprising of Antarctic bottom water and northern component water during the Miocene-Pliocene transition (about six million years ago).

The finding suggests a widespread impact of the late Miocene Central American Seaway closure on the evolution of ocean deep water circulation and validates the so-called Panama Closure Hypothesis.

What is Panama Closure Hypothesis?

The “Panama Hypothesis” states that the gradual closure of the Panama Seaway, between 13 million years ago (13 Ma) and 2.6 Ma has led to decreased mixing of Atlantic and Pacific water Masses.

This led to the formation of North Atlantic Deep water and strengthening of the Atlantic thermohaline circulation, increased temperatures and evaporation in the North Atlantic and increased precipitation in Northern Hemisphere (NH) high latitudes.

As talks with Tamils drag on , Ranil pledges full implementation of 13th Amendment

Source: The post is based on the article “As talks with Tamils drag on , Ranil pledges full implementation of 13th Amendment” published in The Hindu on 16th January 2023.

What is the News?

The Sri Lankan President has promised to fully implement the 13th amendment of the Constitution.

What is the 13th amendment to the Sri Lankan Constitution?

It is an outcome of the Indo-Lanka Accord of July 1987 signed by then Prime Minister Rajiv Gandhi and President J.R. Jayawardene in an attempt to resolve Sri Lanka’s ethnic conflict.

The amendment led to the creation of Provincial Councils and assured a power-sharing arrangement to enable all nine provinces in the country, including Sinhala majority areas to self-govern. 

Subjects such as education, health, agriculture, housing, land and police are devolved to the provincial administrations but because of restrictions on financial powers and overriding powers given to the President, the provincial administrations have not made much headway.

In particular, the provisions relating to police and land have never been implemented.

What was the Sri Lankan Tamil’s response to the President’s statement?

Tamil National Alliance(TNA), the main grouping representing Tamils in the north and east in Parliament has presented a document of specific actions that can be taken immediately in this regard such as 1) setting up a national land commission and provincial police forces, 2) amending or reversing certain acts to restore power to the provincial councils and 3) giving provincial councils the necessary administrative powers to run schools and hospitals.