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Auctionware Art

Tags: GS1, Art and Culture

In News

  • After receiving the Padma Shri Award from President Droupadi Murmu, Bidri craftsman Shah Rasheed Ahmed Quadri thanked Prime Minister Narendra Modi.


  • Bidriware is a metal craft from the Karnataka city of Bidar. This artistic expression has a Geographical Indications (GI) Tag.


  • Bidriware techniques are influenced by Persian art.
  • Flowers, leaves, and geometric patterns are frequently used.
  • The metal used is white brass that has been blackened and inlaid with silver.
  • Bidri artisans blacken their wares using soil from a 15th-century fort in Bidar that is rich in potassium nitrate.

Bahmani Sultanate

  • The Bahamani sultans who ruled Bidar in the 14th and 15th centuries developed this craft.
  • The Bahmani Sultanate was the first independent Muslim kingdom in the Deccan. It was founded by Ala-ud-Din Bahman Shah in 1347. Later, it disintegrated into five successor states known collectively as the Deccan sultanates.

Source: ET


Recommendations of the Kirit Parikh panel on Gas Pricing

Tags: GS 2 Government Policies & Interventions GS 3 Indian Economy & Related Issues

In Context

  • A government-appointed panel led by Kirit Parikh to examine petrol prices has recently submitted its report.

More about the Committee

  • Composition : 
  •  The committee is led by energy expert Kirit Parikh and consists of members from the fertiliser ministry, gas producers, and gas buyers.
  • Committee Mandate:
  • The committee was tasked with recommending a “fair price to the end-consumer” while ensuring a “market-oriented, transparent, and reliable pricing regime for India’s long-term vision of establishing a gas-based economy.”
  • The mandate was to propose a regime that would increase domestic production in order to meet the goal of 15 percent of energy coming from natural gas by 2030.
  • Furthermore, offer reasonable prices to consumers.

Committee recommendations 

  • Fixed band of pricing:
  • A fixed pricing band for gas from legacy fields, which account for two-thirds of the nation’s natural gas production. This would ensure
  • A stable pricing structure for manufacturers
  • At the same time, moderate CNG and piped cooking gas prices, which have increased by 70 percent since last year due to a surge in input costs.
  • Linking gas price:
  • The panel proposes linking the price of petrol produced by state-owned firms from fields given to them on a nomination basis to the price of imported crude oil rather than using international petrol prices as a benchmark.
  • State producers Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be paid a price linked to imported oil, with a floor price of $4 per million British thermal units and a ceiling price of $6.5 per million British thermal units.
  • This compares to the current rate of $8.57, which is derived from a formula based on the price in gas-surplus countries.
  • The ceiling rate:
  •  The annual ceiling price for this gas from legacy or old fields, known as APM gas, will increase by $0.5 per mmBtu.
  • Pricing formulae:
  • The panel recommended against modifying the existing pricing formula for fields with complex geology, such as KG-D6 of Reliance Industries and bp plc. Currently, fields in deep-sea or high-temperature, high-pressure zones are governed by a different formula that includes a portion of the cost of imported LNG, subject to a cap. Currently, the ceiling for these fields is $12.46.
  • Natural gas in the one-nation-one-tax regime:
  • The panel also suggested including natural gas in the one-nation-one-tax regime of the Goods and Services Tax (GST) by subsuming the central government’s excise duty and the varying rates of VAT levied by the states.
  • Concern of loss of revenue:
  •  To address state concerns about revenue loss, the panel supported establishing a mechanism similar to the compensation cess regime that compensated states for any revenue loss they incurred as a result of giving up their right to levy VAT and other taxes on goods and services for the first five years of the GST regime’s implementation beginning on July 1, 2017. Also, the panel supported a reduction in excise duty rates.
  • The city gas:
  • City gas will continue to be allocated APM gas with the highest priority. The sector will be in the ‘no-cut’ category, meaning supplies to other consumers will be reduced first in the event of a production decline.
  • Gas from legacy fields is sold to city gas distributors, who had to raise rates of CNG and piped cooking gas by over 70 percent after prices rose from $2.90 per million British thermal unit in March to $6.10 in April and $8.80 last month. This increase in prices, which reduced the distinction between CNG and polluting diesel, prompted the review.

Way ahead

  • Ideally, pricing should be determined by the market. However, if a country wishes to promote socially desirable consumption then it may introduce some constraints.
  • So, this policy is designed to make sure that people have easier access to gas.
What is Indian Basket (IB)?

• It is also known as the Indian Crude Basket.

• It is the weighted average of the crude oil prices for Dubai and Oman (sour) and Brent Crude (sweet).

  • It serves as an indicator of the price of crude imports in India, and the Indian government monitors it when analysing domestic price issues.

Source: TH


National Curriculum Framework for School Education’s preliminary version

Tags: GS 2 Education

In News

  • The Ministry of Education released the National Curriculum Framework for School Education in its pre-draft form.

About Framework 

  • The National Curriculum Framework for School Education (NCF) is designed in accordance with the 2020 vision of the National Education Policy (NEP) and to facilitate its implementation.
  • It addresses education for children aged 3 to 18 across India’s entire spectrum of diverse institutions.
  • This applies to all four stages of the 5+3+3+4 curricular and pedagogical reorganisation of school education envisioned by NEP 2020.
  • The Ministry established the National Steering Committee under the leadership of K. Kasturirangan to undertake and develop NCFs.

Key Highlights

  • It emphasises familiarising students with authentic sources of knowledge, which were an ancient Indian philosophical preoccupation.

These sources are concerned with six pramanas:

  • Pratyaksa, which is interpreted as perception through the five senses;
  • Anumana, which employs inferences to reach novel conclusions.
  • Upamana, which is knowing through analogy and comparison;
  • Arthapatti, which is knowing through circumstantial implication;
  • Anupalabdhi, which is the perception of non-existence; and
  • Sabda, which the document defines as “something an individual can only directly know a fraction of all reality through direct experience and inference but must rely on other experts”
  • It recommends a balanced diet, traditional games, yoga asanas, as well as a variety of stories, songs, lullabies, poems, and prayers to foster an appreciation for cultural context in children.
  • It emphasises the significance of questioning by providing examples from the Upanishads, including the Katha Upanishad.

o It describes Adisankara and Mandana Misra’s debates as legendary.

  • It recommends teaching concepts of Buddhism, Jainism, Vedic, and Confucian philosophies. • It emphasises identifying and explaining significant phases of the Indian national movement against British rule, with a focus on Gandhian and other subaltern movements.

Objectives of this NCF

  • It aims to contribute to the positive transformation of India’s school education system, as envisioned in NEP 2020, through curriculum and pedagogical reforms.
  • It aims to change educational practises, not just ideas
  • This comprehensive curriculum transformation will allow us to positively transform the overall learning experiences of students.

Current Status 

  • This is a pre-draft of the NCF-SE which still requires several rounds of discussion within the National Steering Committee (NSC).
  • Feedback from diverse stakeholders will further help NSC to look critically into different modalities and approaches that this framework is proposing,


2021 updates to the information technology regulations

Tags: GS 2 Government Policies & Interventions Issues Arising out of their Design & Implementation GS 3

In News

  • The Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, have been amended by the Ministry of Electronics and IT.

Aim & Objective

  • Enforce greater vigilance on the part of online gaming and social media intermediaries in regards to online games and false or deceptive information pertaining to government business.

What are the Amended Rules?

  • Verification of Online Games: The intermediaries are prohibited from hosting, publishing, or distributing any online game that is harmful to users and has not been verified by a government-designated self-regulatory body. The advertising and promotion of these games has also been prohibited.
  • Safeguards ensured by the Self-regulatory body: It will have the authority to investigate and satisfy itself that the online game does not involve any risky outcomes and complies with the rules and framework pertaining to user protection.
  • Games involving real money: Display of verification mark by the self-regulatory body on such games; informing their users of the policy for withdrawal or refund of deposit, manner of determining and distributing winnings, fees and other charges payable; obtaining the KYC details of the users; and not extending credit to or facilitating financing by third parties.
  • Structure of regulating authority: The government may designate multiple self-regulatory bodies, which shall be representative of the online gaming industry but operate independently of their members, and a Board consisting of Directors who are conflict-free and who represent all relevant stakeholders and experts.
  • Fake Information: The intermediaries are prohibited from publishing, sharing, or hosting any fake, false, or misleading information identified by the notified Fact Check Unit of the Central Government in relation to any Central Government business.
  • Application of Rules: The rules stipulate that the obligations will become applicable once a sufficient number of self-regulatory bodies have been designated, giving the online gaming industry sufficient time to comply.
  • PIB

Monetary Policy Announcement of RBI

Tags: GS 3 Indian Economy & Related Issues

In News

  • The Reserve Bank of India held its first semi-monthly monetary policy meeting of the fiscal year 2023-24.

What is the Monetary Policy Committee?

  • About: 
  • The Monetary Policy Committee (MPC) is a committee of the Central Bank of India (Reserve Bank of India) tasked with setting the benchmark policy interest rate (repo rate) to contain inflation within the specified target level.
  • Section 45ZB of the RBI Act, 1934, as amended, authorises the Union government to appoint a six-member Monetary Policy Committee (MPC) to determine the policy interest rate necessary to achieve the inflation target.
  • Background:
  • The MPC was established as a result of the agreement between the government and the RBI to assign RBI responsibility for price stability and inflation targeting.
  • On 20 February 2015, the Reserve Bank of India and the Government of India signed the Monetary Policy Framework Agreement.
  • Subsequently, when presenting the Union Budget for 2016-17 to Parliament, the government proposed amending the Reserve Bank of India (RBI) Act, 1934, in order to provide statutory backing for the aforementioned Monetary Policy Framework Agreement and to establish a Monetary Policy Committee (MPC).
  • In 2002, the Y. V. Reddy Committee recommended the establishment of an MPC to determine policy actions, so the idea of establishing an MPC is not new. Subsequently, in 2006, the Tarapore Committee, in 2007, the Percy Mistry Committee, in 2009, the Raghuram Rajan Committee, and in 2013, both the Financial Sector Legislative Reforms Commission (FSLRC) and the Dr. Urjit R. Patel (URP) Committee proposed the establishment of an MPC.
  • Composition of MPC:
  • The committee has a total of six members, three of whom are appointed by the Government of India and three of whom are appointed by the Reserve Bank of India.
  • The MPC is composed of six individuals:
  • RBI Governor (Chairman)
  • RBI Deputy Governor in charge of monetary policy
  • An RBI Board-nominated official
  • The Indian government will nominate three members for the committee chaired by the Cabinet Secretary.
  • Members of the MPC will serve for four years and cannot be reappointed.
  • Members of the Monetary Policy Committee serve a four-year term.
  • Functions of the MPCL
  • To target inflation, i.e., to keep inflation at a specific level (4% +/- 2%). The Reserve Bank of India (RBI) is in charge of achieving inflation targets of 4% (with a 2% deviation).
  • Price stability is a prerequisite for sustainable economic growth.
  • To meet the challenges of an ever-complexifying economy.

Key Highlights of the MPC

  • MPC Decision on Interest Rates:
  •  The MPC determined to maintain the policy repo rate under the liquidity adjustment facility (LAF) at 6.50 percent. The rate for the standing deposit facility (SDF) remains at 6.25 percent, while the rates for the marginal standing facility (MSF) and the Bank Rate remain at 6.75 percent.
  • The objective of these decisions is to align inflation with the medium-term target for consumer price index (CPI) inflation of 4% within a range of +/- 2%, while supporting economic growth.
  • Repo rate is the rate at which the Reserve Bank of India lends money to commercial banks.
  • Global and Domestic Economic Assessments:
  •  Global Economy: Despite high inflation levels, banking system turmoil in some advanced economies, tight financial conditions, and ongoing geopolitical conflicts, global economic activity has been resilient. Concerns about financial stability have prompted risk aversion, a flight to safety, and an increase in financial market volatility.
  •  Domestic Economy: The RBI’s MPC revised the GDP growth forecast for the current fiscal year, FY 2023-24, up to 6.50 percent from its previous estimate of 6.40 percent.
  • Inflation:
  • Headline inflation is moderating, but remains well above the targets of the RBI. These developments have led to heightened volatility in the global financial market. The central bank has projected inflation to marginally decline to 5.2 per cent in FY24.
  • Liquidity and rupee: 
  • India’s current account deficit will remain moderate in Q4 FY23 and will be eminently manageable going forward.
  • The RBI will maintain a flexible approach to liquidity management in order to manage the government’s borrowing programme without interruption.


  • In conclusion, the RBI’s Monetary Policy Statement for 2023-24 maintains a cautious stance, focusing on balancing inflation targets with supporting economic growth. The MPC will continue monitoring the evolving inflation and growth outlook, adjusting policy as needed in future meetings.

Monetary Policy

·Monetary policy is adopted by a country to control either the interest rate for short-term borrowing, such as borrowing by banks from each other to meet their short-term requirements, or the money supply, attempting to decrease inflation or the interest rate, ensuring price stability and general trust in the value and stability of the country’s currency.

·The RBI implements monetary policy through open market operations, reserve system, credit control policy, and bank reserve requirements. By utilising any of these instruments, the economy’s interest rate and money supply can be altered.

·Types of Monetary Policy 

·Monetary policies are either expansionary or contractionary in nature.

·For instance, when money supply increases and interest rates decrease during a slowdown or recession, this indicates an expansionary policy.

  • On the other hand, contractionary monetary policy is the reverse of expansionary policy.


Instruments of Monetary Policy

  • Repo rate (Repurchasing option rate): The Reserve Bank of India (RBI) provides commercial banks with loans in exchange for securities. The RBI then imposes a certain interest rate on the bank, which is commonly known as the Repo rate. This is identical to how a bank charges interest rates on loans to customers and holds collateral as security.
  • Reverse Repo Rate: The difference between the repo rate and reverse repo rate is that here the RBI borrows money from the commercial banks and the bank charges a rate to RBI. If a bank has extra money, it can store it with the RBI for a short period of time.
  • Standing Deposit Facility (SDF) Rate: The SDF rate is the interest rate that banks can charge RBI when they deposit funds with RBI. In this case, however, the RBI does not issue any collateral, making it easier for commercial banks that have excess securities and do not wish to be overburdened. The SDF rate exceeds the Reverse Repo rate.
  • Marginal Standing Facility (MSF) Rate: MSF rate is the interest rate at which the commercial banks can borrow money from the RBI overnight. The loans taken are for emergency circumstances only and saves the bank from volatile situations. MSF rate is always higher than the repo rate.
  • Liquidity Adjustment Facility (LAF): LAF is the facility which allows the commercial banks to borrow from the RBI or vice versa on a certain repo or reverse repo rate. It is the facility which helps them to manage liquidity.
  • LAF Corridor: The LAF corridor distinguishes between Repo rate and Reverse Repo rate. It is identical to the LAF mentioned previously. The bank conducts auctions to inject or withdraw liquidity from financial institutions.
  • Fine-tuning operations: refer to the process of making small adjustments to a system or process to optimize its performance or achieve a specific goal. This can involve adjusting parameters, testing different configurations, and continuously monitoring and refining the system.
  • Statutory Liquidity Ratio (SLR): It is the amount of funds that banks are required to maintain in the form of liquid assets such as cash, gold, or government securities, as a percentage of their net demand and time liabilities (NDTL). It is a tool used by central banks to regulate the economy by controlling the credit flow in the system.
  • Cash Reserve Ratio (CRR): The Cash Reserve Ratio is the minimum amount of liquid assets a bank must maintain. The amount of cash that financial institutions possess is their liquidity. The RBI regulates and enforces the CRR.
  • Open Market Operations (OMO): Open Market Operations is how the RBI balances the security and liquidity of banks. If there is excess liquidity, RBI will suck liquidity and release securities, whereas if securities are too high, it will take securities and inject liquidity.

Source: IE

2023 Indian Space Strategy

Tags: GS 3 Space

In News

  • The Indian Space Policy 2023 was approved by the federal government.

About Policy 

  • The policy establishes the roles and responsibilities of organisations including the Indian Space Research Organisation (ISRO), NewSpace India Limited, and private sector entities.
  • The government had previously opened the space sector to the private sector in an effort to boost the segment’s development. o It is expected to provide a framework for the country’s space sector over the next decade.

Objectives and Need 

  •  It aims to strengthen the role of the nation’s space agency and expand the participation of research, academia, startups, and industry.
The Indian Space Programme 

• It is characterised by a vision to use space technology for national development.

• It aims to establish operational space services in a self-reliant manner in the thrust areas of satellite communication, satellite-based resource survey/management, satellite navigation, satellite meteorological applications, and other emerging areas and to conduct sustained research and development in these areas. Indian Space Research Organisation (ISRO) is the Department of Space’s premier research and development organisation.

·         Budgetary Allocations  and FDI 

• The Department of Space expenditures have been reduced by 8% in the Union Budget for 2023-24, from?13,700 crores in the previous estimate to?12,543.91 crores. This is 19% greater than the revised estimate from the previous fiscal year.

• Foreign direct investment in the space sector is permitted up to 100 percent in the area of Satellites-Establishment and Operations via government route only.