GS Analyst: Daily Current Affairs

The ongoing conflict between Hindenburg Research and the Adani Group has escalated with new allegations. This dispute has significant implications for market regulation and corporate governance in India.

Who is Adani and Hindenburg?

• Adani Group: Founded by Gautam Adani, who began as a commodities trader and grew to become Asia's richest person. The Adani Group has businesses in ports, power, airports, mining, and more.
• Hindenburg Research: A U.S.-based forensic financial research firm founded by Nathan Anderson in 2017. Known for investigating corporate misconduct and short-selling. One of their key practices is short selling, wherein their reports on certain companies inform their position in predicting whether the market prices of certain companies will fall.

What has happened?

• Hindenburg Report: In January 2023, Hindenburg Research accused Adani Group of using tax havens and having high debt levels. This led to a massive $150 billion drop in Adani’s stock prices.
  • SEBI is investigating the Adani Group as a result of the Hindenburg report. Hindenburg continues to push for scrutiny of both Adani and the regulators involved.
  • Notably, in January 2023 and in a review in July 2024, the Supreme Court ruled that they could not interfere in the SEBI's jurisdiction to investigate claims against Adani made in the Hindenburg report.
• Adani’s Response: Adani Group dismissed the allegations as baseless and speculative.

What are Hindenburg’s latest accusations?

• Conflict of Interest: Hindenburg has recently alleged that Madhabi Puri Buch, the chairperson of India’s market regulator SEBI, and her husband had investments in offshore funds linked to Adani Group.
• Specifics: Hindenburg claims that the Buchs invested in a Bermuda-based fund that was connected to Adani Group. They are accusing Buch of having a potential conflict of interest due to this past investment, which they argue may explain the slow regulatory response to the Adani allegations.

The allegations add pressure on SEBI and raise questions about its impartiality in regulating the Adani Group. It highlights the complex interplay between corporate accountability, market regulation, and the potential conflicts of interest that can affect oversight.

India has recently named three underwater geographical structures in the Indian Ocean. These names were proposed by India and approved by the International Hydrographic Organization (IHO) and UNESCO’s Intergovernmental Oceanographic Commission (IOC).

About the structures

• These structures are named:
  • Ashoka Seamount: This was discovered in 2012. This oval-shaped seamount spans approximately 180 sq km and was identified using the Russian vessel Akademik Nikolay Strakhov.
  • Chandragupta Ridge: This was also discovered in 2012, this elongated ridge covers 430 sq km. It may play a significant role in supporting marine biodiversity by providing essential habitat and food sources for various species.
  • Kalpataru Ridge: This was identified in 2020 by the Indian research vessel MGS Sagar. This elongated ridge spans 675 sq km.
• They were discovered by oceanographers from the National Centre for Polar and Ocean Research (NCPOR) based in Goa.
• These newly named structures are located along the Southwest Indian Ridge area of the Indian Ocean. Their discovery was part of an international survey exploration program.
• With these additions, there are now seven underwater structures in the Indian Ocean that have been named after Indian scientists or proposed by India.

• Previously Named Structures
  • Raman Ridge (1992): Discovered in 1951 by a US oil vessel, this ridge is named after physicist and Nobel Laureate Sir CV Raman.
  • Panikkar Seamount (1993): Discovered in 1992 by the Indian research vessel Sagar Kanya, this seamount is named after renowned oceanographer NK Panikkar.
  • Sagar Kanya Seamount (1991): Named after the research vessel Sagar Kanya, which discovered it during its 22nd cruise in 1986.
  • DN Wadia Guyot (1993): Discovered in 1992 by Sagar Kanya, this underwater volcanic mountain (guyot) is named after geologist DN Wadia.

The Cabinet has approved the Clean Plant Programme (CPP) with a budget of ?1,765.67 crore. This initiative is part of the Mission for Integrated Development of Horticulture (MIDH).

What is the Clean Plant Programme (CPP)

• CPP is designed to address critical issues in horticulture by providing access to high-quality, virus-free planting material.
• The programme is poised to deliver numerous benefits across various stakeholders, from farmers to consumers, and bolster India's position in the global fruit market.
• The program aims to improve the quality and production of horticultural plants through state-of-the-art facilities.
• Under the program, nine advanced Clean Plant Centers (CPCs) are to be established across India.
• Centers and Their Focus:
  • Grapes: NRC, Pune
  • Temperate Fruits (e.g., Apple, Almond, Walnuts): CITH, Srinagar & Mukteshwar
  • Citrus Fruits: CCRI, Nagpur & CIAH, Bikaner
  • Mango/Guava/Avocado: IIHR, Bengaluru
  • Mango/Guava/Litchi: CISH, Lucknow
  • Pomegranate: NRC, Sholapur
  • Tropical/Sub-Tropical Fruits in Eastern India: Location to be determined

Key Benefits of the Clean Plant Programme (CPP)

• Increased Crop Yields:By providing virus-free, superior planting material, the CPP aims to boost crop yields.
• Enhanced Income Opportunities: Higher quality produce will lead to better market prices and income for farmers.
• Propagation: Streamlined certification processes and infrastructure support will help nurseries in efficiently producing clean planting material.
• Sustainability: Improved facilities will foster growth and sustainability in the nursery sector.
• Superior Produce for consumers: The initiative ensures that consumers receive fruits that are not only virus-free but also enhanced in taste, appearance, and nutritional value.
• Global Market Strengthening: With higher-quality, disease-free fruits, India will enhance its position as a leading global exporter, thereby expanding market opportunities and increasing its share in the international fruit trade.

Researchers in the UK have suggested stricter limits on daily exposure to silica dust. Implementing these limits could prevent approximately 13,000 deaths worldwide by reducing the risk of developing silicosis.

What is Silicosis?

• Silicosis is a serious respiratory disease caused by inhaling fine silica dust. This dust comes from materials like soil, sand, concrete, granite, and artificial stone.
• When silica dust is inhaled over many years, it leads to the hardening and scarring of the lungs.
• How Does It Develop? Silicosis develops over a long period, typically requiring 10 to 20 years of exposure to silica dust in the workplace. It is most commonly seen in industries such as construction, mining, and dentistry, where workers handle silica-containing materials.

The Perseid meteor shower is a popular phenomenon where meteors fall to Earth from space during a specific season. This year's peak is expected to occur on August 11th and 13th.

About

• The Perseid meteor shower, commonly known as the Perseids, is visible annually from mid-July to late August.
• The Perseid meteor shower is caused by the comet Swift-Tuttle.
• Swift-Tuttle was discovered independently by two astronomers, Lewis Swift and Horace Tuttle, in 1862. 
  • Comet Swift-Tuttle is the largest object known to repeatedly pass by Earth; its nucleus is about 16 miles (26 kilometers) wide. 
• The shower is known for its fast and luminous movements across the night sky, with almost 100 meteors visible every hour.
• The Perseid meteor shower is not dangerous to Earth as most meteors disintegrate in the atmosphere, and some can produce minor fireballs.
• Perseids, typically fast and luminous, create a path of color and light as they move across the night sky. 

Chhattisgarh has approved the Guru Ghasidas-Tamor Pingla Tiger Reserve to combat the decline in its tiger population. Covering 2,829 sq km, this reserve merges Guru Ghasidas National Park and Tamor Pingla Wildlife Sanctuary.

About Guru Ghasidas-Tamor Pingla Tiger Reserve

• Spanning 2,829 sq km, it merges the Guru Ghasidas National Park and Tamor Pingla Wildlife Sanctuary.
• It is the third largest tiger reserve in India, located in four northern districts: Manendragarh-Chirmiri-Bharatpur, Koriya, Surajpur, and Balrampur.
• This new reserve aims to enhance tiger conservation by providing a contiguous habitat to support the survival and growth of tiger populations.
• Reason behind the move: Chhattisgarh’s tiger population fell from 46 in 2014 to 17 in 2022, prompting this initiative. Currently, Chhattisgarh has three tiger reserves —
  • Indravati in Bijapur district
  • Udanti-Sitanadi in Gariaband
  • Achanakmar in Mungeli
• Comparison:
• Largest: Nagarjunasagar Srisailam Tiger Reserve, Andhra Pradesh – 3,296.31 sq km
• Second Largest: Manas Tiger Reserve, Assam – 2,837.1 sq km

World Elephant Day is an annual international event held on August 12 to promote the conservation and protection of elephants worldwide. On August 12, 2012, Patricia Sims, a Canadian conservationist, and the Elephant Reintroduction Foundation of Thailand, created by HM Queen Sirikit, co-founded World Elephant Day.

Key-facts about Elephants

• Elephants are the largest land mammals on earth and have distinctly massive bodies, large ears, and long trunks.
• Elephants are keystone species as well as the Natural Heritage Animal of India.
• India has the largest number of wild Asian Elephants. The elephant population in the country is estimated to be over 30,000.
• Karnataka has the highest elephant populationin India.
• Conservation Status:
  • Convention of the Migratory Species (CMS):Appendix I
  • Wildlife (Protection) Act, 1972: Schedule I
  • International Union for Conservation of Nature (IUCN) Red List of threatened species:
    • Asian Elephant:Endangered
    • African Forest Elephant: Critically Endangered
    • African Savanna Elephant:Endangered

Prime Minister Narendra Modi recently released 109 new crop varieties aimed at improving agricultural productivity and resilience. These varieties are designed to be high-yielding, climate-resilient, and biofortified to enhance nutrition and adapt to varying conditions.

About the Varieties:

• These seeds were developed by the Indian Council of Agricultural Research (ICAR) and state agriculture universities.
• The released varieties encompass 61 crops of 109 varities, including 34 field crops and 27 horticultural varieties.
• Field Crops:
  • Cereals and Millets: New varieties of rice, barley, maize, sorghum, pearl millet, and finger millet.
  • Pulses: New types of chickpea, pigeon pea, lentils, and mungbean.
  • Oilseeds: Varieties include safflower, soybean, groundnut, and sesame.
  • Forage Crops: Includes forage pearl millet, berseem, oats, forage maize, and forage sorghum.
  • Sugarcane and Fibre Crops: Four sugarcane varieties and six fibre crops, including cotton and jute.
  • Potential Crops: Includes buckwheat, amaranth, winged bean, adzuki bean, pillipesara, kalingda, and perilla.
• Horticultural Crops:
  • Fruits, Vegetables, Tubers, Spices, and More: Includes 40 new varieties covering a wide range of horticultural products.
• Notable Varieties:
  • CR Dhan 416: A rice variety suitable for coastal saline areas with a yield of 48.97 q/ha and resistance to multiple diseases and pests.
  • Durum Wheat Variety: Suitable for Maharashtra, Karnataka, and Tamil Nadu, with a yield of 30.2 q/ha, tolerance to heat, and biofortified with high levels of zinc and iron.

Biotechnologists have discovered significant variations in nitrogen use efficiency (NUE) among popular rice varieties in India. This breakthrough could help develop new rice varieties that use less nitrogen, thereby reducing fertilizer costs and environmental pollution.

Key Findings:

• The study found a five-fold variation in NUE among different rice varieties, meaning some varieties are significantly better at using nitrogen efficiently.
• The findings suggest that there are many untapped varieties with potentially high NUE, which could be further explored.
  • Nitrogen Use Efficiency (NUE) measures the yield of a crop relative to the nitrogen available to it, including both natural and artificial sources.
• This research could lead to more efficient rice varieties that reduce fertilizer costs and environmental impact.
• Current Challenges: India uses a large portion of its urea on cereals, especially rice. Inefficient use of nitrogen fertilizers results in a waste of ?1 trillion annually in India and over $170 billion globally.
  • Nitrogen fertilizers contribute to nitrous oxide and ammonia pollution, affecting air quality, water sources, and climate change.
• Potential Solutions:
  • Improvements in fertilizer formulations and crop management practices can enhance NUE.
  • The study highlights the need for biotechnological advancements to develop rice varieties with higher NUE and better yields.
• Global Context: India is the second-largest source of nitrous oxide emissions, mainly due to fertilizer use, contributing significantly to global greenhouse gas levels.

India's performance at the 2024 Paris Olympics saw a decline from its previous medal tally, finishing with six medals and dropping from 48th to 70th place in the overall standings. Notably, the absence of a gold medal and the narrow misses in various events highlighted the need for a thorough review and strategic overhaul in Indian sports management and athlete preparation.

Indian Winners

• Neeraj Choprawon the Silver medal at the Paris Olympics 2024 with a remarkable javelin throw of 89.45 m. This made him the first Indian to win Gold and Silver medals at the Olympics. Arshad Nadeem of Pakistan won the gold medal with an Olympic record throw of 92.97 m. He won Pakistan’s first medal at the Olympics – of any colour, in any sport – since 1992.

• The Indian Hockey team won the Bronze medal at the Paris Olympics defeating Spain with 2-1. The victory marks India’s 13th Olympic medal in hockey, their fourth bronze and a second consecutive bronze after winning one at Tokyo 2020. It is also the first time since 1972 that the nation has won back-to-back medals in hockey.
• Aman Sehrawatwon the bronze in the men’s freestyle 57kg event at the Paris 2024 Olympics wrestling tournament. He became India’s youngest medal winner at the Summer Games. This was India’s first medal in wrestling at Paris 2024. In wrestling, this was India’s eighth medal at the Olympics.
• Manu Bhaker secured a bronze medal in the women's 10m air pistol event in the 2024 Paris Olympics.
• Shooter Swapnil Kusale became the first Indian to win the bronze medal in the men's 50m rifle three-position event.

India has faced significant setbacks in its foreign and security interests in its immediate neighbourhood over the past few years. Prime Minister Sheikh Hasina of Bangladesh was forced to resign and flee amid protests, Mohamed Muizzu's election in Maldives threatens to reduce Indian influence while enhancing China's presence, and Afghanistan's President Ashraf Ghani had to escape as the Taliban took over. These events prompt questions about the effectiveness of India's foreign policy and security structures.

Foreign Policy Setbacks

• Bangladesh Crisis: Sheikh Hasina's abrupt resignation and escape reflect a sudden and severe political instability in a key ally.
• Maldives Shift: Mohamed Muizzu’s presidency indicates a strategic pivot towards China, undermining India's regional influence.
• Afghanistan's Fall: The swift Taliban takeover caught India off-guard, despite significant diplomatic investment in the Ghani administration.

Policy-making Structures

• Role of MEA and IFS: The Ministry of External Affairs and the Indian Foreign Service are responsible for managing foreign relations and should provide competent and informed guidance.
• Intelligence and Diplomacy: The external intelligence service and diplomatic missions are expected to offer critical insights but may have failed to anticipate these rapid changes.
• Coordination Issues: Effective foreign policy requires harmonious functioning among MEA, intelligence agencies, and other relevant bodies.

Security Structures and Challenges

• NSA and NSCS Evolution: Since the creation of the National Security Advisor and National Security Council Secretariat, there has been an effort to streamline strategic and security management.
• Complex Security Dynamics: New global and regional security challenges necessitate updated and coordinated responses, which might be hindered by internal "turf" issues.
• Surprise Element: Despite robust structures, the Indian system's surprise at rapid changes in Afghanistan, Maldives, and Bangladesh raises concerns about the effectiveness of these mechanisms.

Mains Question

Q. Discuss the recent setbacks in India's foreign and security interests in its neighbouring countries. Analyze whether these issues stem from misjudgements by policymakers or structural deficiencies in India's foreign and security policy-making institutions. Evaluate the effectiveness of India's current policy-making and security structures in addressing such challenges.

Recent observations by the Supreme Court of India regarding the bail petitions of Delhi Chief Minister Arvind Kejriwal and former Deputy Chief Minister Manish Sisodia have raised critical legal questions. The Court questioned whether a political party could be implicated under the Prevention of Money Laundering Act (PMLA) and examined the boundaries between policy-making and criminality in the context of cabinet decisions.

Legal Implications for Political Parties

• PMLA and Political Parties: The Supreme Court's query on including a political party as an accused under PMLA challenges existing interpretations of the Act. Section 70 of the PMLA, which pertains to companies, may not legally extend to political parties based on its definitions and scope.
• Definitions and Jurisdiction: The distinction between political parties and other associations under legal definitions indicates that political parties may not fit within the framework intended for bodies corporate or firms under PMLA.
• Legal Precedents: There is no historical precedent for implicating a political party under PMLA, and doing so may create complex legal and procedural issues.

Policy Decisions and Criminal Liability

• Cabinet Decisions: The Supreme Court questioned the line between policy and criminality, emphasizing that cabinet decisions, as collective entities, should not render individual ministers criminally liable for policy choices.
• Constitutional Protections: The cabinet’s decisions are protected under the principle that the judiciary does not typically assess the legality or motives behind policy decisions made by the executive.
• Precedent in Governance: Historically, criminal charges against ministers for collective cabinet decisions have been considered legally unsustainable, reinforcing the separation between policy and personal criminal liability.

Need for Judicial Clarity

• Potential Impact: Expanding PMLA to include political parties could have significant consequences, potentially making political entities vulnerable to legal actions and impacting their operational integrity.
• Urgency for Clarification: The Supreme Court's clarification on these issues is crucial to prevent misuse and ensure clear legal boundaries regarding the accountability of political parties and individual ministers.
• Future Implications: Clear judicial guidelines are needed to address the interplay between criminal law and political functions, to avoid legal ambiguities and ensure fair application of justice.

Mains Question

Q. Discuss the legal implications of implicating political parties under the Prevention of Money Laundering Act (PMLA) based on recent Supreme Court observations. Analyze the distinction between individual ministerial liability and collective cabinet decisions, and explain why judicial clarification on these issues is necessary.

The Rashtriya Vigyan Puraskar (RVP) is set to replace the Shanti Swarup Bhatnagar (SSB) awards this year, marking a significant shift in India's approach to honoring scientific achievements. The RVP, which includes various categories such as the Vigyan Yuva-SSB and Vigyan Team awards, is intended to streamline and elevate the recognition of scientific contributions across diverse fields.

Changes in Award Structure

• Revamping the Awards: The RVP introduces a new award structure replacing the SSB awards, including new categories like Vigyan Yuva-SSB and Vigyan Team awards, to recognize a broader range of scientific achievements.
• Award Cap and Recipients: While the total number of awards is capped at 56, this year’s awards are below the ceiling, and the Vigyan Team award was given to the Chandrayaan-3 team, reflecting the evolving criteria and potential transitional issues.

Focus and Distribution

• Elite Institutions: The awardees predominantly come from prestigious and centrally funded institutions such as IITs, IISERs, and CSIR, highlighting a concentration on elite research entities.
• Institutional Bias: The concentration of awards within top-tier institutions may indicate a bias towards well-established research centers, potentially overlooking significant contributions from other institutions.

Broader Implications and Criticisms

• Purpose and Impact: The RVP aims to streamline awards and raise their national profile, but it does not address broader issues such as inadequate research funding and poor infrastructure faced by many scientists.
• Need for Systemic Improvements: While recognition is important, enhancing budgetary allocations and improving research conditions could provide more substantial support to scientists beyond symbolic awards.

Mains Question

Q. Discuss the implications of replacing the Shanti Swarup Bhatnagar awards with the Rashtriya Vigyan Puraskar (RVP) on the recognition of scientific achievements in India. Analyze the potential benefits and limitations of the new award structure and suggest improvements to better support scientific research in India.