Thangam Thennarasu thanks Centre for instructing RBI to reconsider gold loan guidelines
Tamil Nadu Finance Minister Thangam Thennarasu on Friday (May 30, 2025) thanked the Union Finance Ministry for instructing the Reserve Bank of India (RBI) to ensure its draft regulations on gold loans do not adversely impact small borrowers.
In a post on X, Mr. Thennarasu said the draft gold loan guidelines were anti-poor, hurting small borrowers. Referring to Tamil Nadu Chief Minister M.K. Stalin's letter to Union Finance Minister Nirmala Sitharaman, urging her intervention to advise the RBI to reconsider the proposed restriction in the Reserve Bank of India (Lending Against Gold Collateral) Directions, 2025, Mr. Thennarasu said it is a major victory for people, as a result of the relentless efforts of Mr. Stalin.
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Mint
26 minutes ago
- Mint
Gold price outlook: Will yellow metal rise amid dollar-driven volatility? Experts weigh in
Gold price outlook: Gold Futures on India's Multi Commodity Exchange (MCX) closed 0.59 per cent or ₹ 568 lower on Friday, 30 May 2025, amid tepid demand for safe-haven assets and a rising US dollar backed by US economic data. MCX Gold's June contract closed 0.59 per cent lower at ₹ 95,891 per 10 grams after Friday's market session, compared to ₹ 96,459 per 10 grams in the previous commodity market close. Experts anticipate that gold prices in India will trade in a range-bound movement amid ongoing tariff uncertainty and rising dollar-driven volatility. Global gold investors will be looking out for key data like the U.S. labour data, global PMIs, and central bank decisions, including those of the European Central Bank (ECB) and the Reserve Bank of India (RBI). Bloomberg US Dollar Spot Index was up 0.05 per cent at 99.329 as of 12:00 a.m. (EDT) on Friday, 30 May 2025. The demand for safe-haven assets like gold ranges along with geopolitical tensions, as investors tend to withdraw their money from gold and switch to high-risk assets after a positive economic development. Jigar Trivedi, Senior Research Analyst at Reliance Securities, said that the precious yellow metal lost some ground after the strong US economic data release dampened demand for safe-haven gold and stabilised the US dollar last week. The US greenback steadied at 99.4 levels on Friday, 30 May 2025, after its fifth consecutive decline, amid aggressive trade policies that could undermine the dollar's appeal. The commodity market expert estimated that Comex gold will find support at ₹ 3,260 per ounce and resistance near the $3,400 level per ounce. Trivedi recommended that investors maintain a cautious sentiment with their focus on U.S. labour data, global PMIs, and other key economic data. 'Gold may see limited downside as the dollar attempts a rebound, but ongoing geopolitical risks and a packed economic calendar could support bullion in the near term. Comex Gold finds support at $3,260/oz, with resistance near $3,400/oz. Market sentiment remains cautious, with attention turning to U.S. labour data, global PMIs, and central bank decisions from the ECB and RBI in the coming week,' said Jigar Trivedi. Jateen Trivedi, VP Research Analyst of Commodity and Currency at LKP Securities, said that gold prices in India in the short term are expected to witness support at near ₹ 94,000, and resistance around the ₹ 97,000 level due to the tariff uncertainty and dollar-driven volatility. 'In the short term, gold remains caught between tariff-related uncertainty and dollar-driven volatility. Traders should expect continued range-bound movement with support near ₹ 94,000 and resistance around ₹ 97,000 in the domestic market,' said Jateen Trivedi. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
India Gazette
2 hours ago
- India Gazette
Indian bond market showing strength with easing inflation and expansionary policy by RBI: Jefferies
New Delhi [India], May 31 (ANI): The Indian bond market is showing signs of strength, driven by easing inflation and expectations of more interest rate cuts from the Reserve Bank of India (RBI), says a report by Jefferies. The report highlighted that this environment is creating an attractive setup for domestic bonds, particularly for long-term investors in a shifting global landscape. Consumer price inflation in India has been declining steadily. Over the last fiscal year, it averaged 4.6 per cent, and in April 2025, it fell to just 3.2 per cent, the lowest level since July 2019. This drop in inflation is giving the RBI more room to lower interest, since then, the RBI has already cut policy rates by 50 basis points. Jefferies expects an additional 75 basis points of cuts by the end of 2025. This rate-cutting cycle is enhancing the appeal of Indian government bonds, especially when compared to developed markets like the US. In fact, India's 10-year rupee-denominated government bond has outperformed the US 10-year Treasury bond by 51 per cent in US dollar terms since April 2020. Jefferies said 'While the India 10-year rupee government bond has outperformed the US 10-year Treasury bond by 51 per cent since April 2020 in US dollar terms. Indeed, it is no longer unthinkable that the ten-year Indian government bond yield will trade below the ten-year Treasury bond yield' Moreover, the strength of the Indian rupee and the performance of local-currency emerging market bonds globally are reinforcing the positive sentiment. A key global sovereign bond portfolio tracked by Jefferies has India's 15-year bond carrying a yield of 6.38 per cent, forming the largest single-country allocation at 25 per cent of the portfolio. This reflects continued confidence in the Indian bond market amid structural shifts away from G7 debt instruments. Jefferies said 'these bonds continue to outperform G7 government bonds, which is another sign of regime change from the Bretton Woods era, as is the growing evidence of supply concerns moving the long end of the US Treasury bond market'. Overall, with disinflationary pressures growing and real rates remaining attractive, India's bond market is well positioned to benefit from both domestic rate easing and international investor interest in emerging market debt. As global investors look for alternatives to volatile G7 bonds, India remains a standout destination offering relatively high yields, a stable macroeconomic outlook, and the potential for currency appreciation. (ANI)
Indian Express
3 hours ago
- Indian Express
UPSC Key: NDA's first woman cadet graduate, Shipbuilding, and Enshitification
Important topics and their relevance in UPSC CSE exam for May 31, 2025. If you missed the May 30, 2025, UPSC CSE exam key from the Indian Express, read it here. Syllabus: Preliminary Examination: Current events of national and international importance Mains Examination: General Studies-II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation. What's the ongoing story: More women in rural areas are able to conduct online banking transactions, with a new survey by the statistics ministry showing that the proportion of females that could perform them surged to 30.0 per cent in the first quarter of 2025, sharply higher than 17.1 per cent in 2022-23. Key Points to Ponder: — Why is the increase in the engagement of rural women in online banking a good sign? — What are the efforts taken by the government in this regard? — What is the role of the internet in strengthening grassroots democracy? — What is financial inclusion? — What is the significance of financial inclusion? — What is the Pradhan Mantri Jan Dhan Yojana (PMJDY)? — Understand the mechanism of UPI Key Takeaways: — According to the results of the Ministry of Statistics and Programme Implementation's Comprehensive Modular Survey: Telecom, 2025, released Friday, there has been a marked increase in the number of Indians in rural areas who have been engaging in online banking, with the rise being particularly noteworthy among young women. — As per the survey's results, 51.4 per cent of females in rural areas in the 15-24 years age bracket reported the ability to perform online banking transactions, more than double the 19.6 per cent in 2022-23 as per the ministry's Comprehensive Annual Modular Survey for 2022-23 (July-June), released in October 2024. — To be sure, a higher proportion of rural men, too, said they could do online banking, with the figure for those in the 15-24 years age bracket rising to 73.3 per cent from 40.2 per cent in 2022-23. — The increased adoption of online banking, especially in rural areas, will be a boost to the government and the Reserve Bank of India (RBI), with the authorities having pushed heavily on financial inclusion over the last couple of decades. — Unified Payments Interface (UPI) was the clear leader when it came to the channel through which Indians are conducting online banking, with 86.7 per cent of those in rural areas and 74.4 per cent in urban using only UPI for the same. — As would be expected from the wider adoption of online banking and purchases, the use of internet has also increased in the last couple of years, especially in rural areas. Do You Know: — The Financial Inclusion Index (FI-Index) of the RBI is published annually in July every year. — The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. — The FI-Index comprises of three broad parameters Access (having a weight of 35 per cent in the index), Usage ( weight 45 per cent), and Quality ( weight 20 per cent) with each of these consisting of various dimensions, which are computed based on a number of indicators. The Index is responsive to ease of access, availability and usage of services, and quality of services, comprising in all 97 indicators. — The PMJDY was launched on August 28, 2014, as a national mission for financial inclusion. Over the last decade, 53.13 crore Jan Dhan accounts have been opened, with 29.56 crore women beneficiaries, more than the population of the European Union, and almost the same as the population of the United States respectively — The launch of PMJDY provided an unprecedented boost to the government's campaign for financial inclusion, at a scale never seen before. Other Important Articles Covering the same topic: 📍Financial Inclusion-Index rises to 64.2 in March 2024 📍10 years of Jan Dhan: How the scheme has had a transformative impact on financial, banking sector Previous year UPSC Prelims Question Covering similar theme: (1) 'Pradhan Mantri Jan-Dhan Yojana' has been launched for (UPSC CSE 2015) (a) providing housing loan to poor people at cheaper interest rates (b) promoting women's Self-Help Groups in backward areas (c) promoting financial inclusion in the country (d) providing financial help to the marginalised communities Syllabus: Preliminary Examination: Current events of national and international importance Mains Examination: General Studies-II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation What's the ongoing story: WITH THE background score of the emotional and nostalgic Scottish tune of Auld Lang Syne and the majestic backdrop of the Sahyadri hills, the cadets from the landmark 148th course of the NDA, including first batch of 17 female cadets, marched past Quarterdeck flag mast on the Khetrapal Ground, marking the end the of their three-year challenging training. Key Points to Ponder: — What is the status of women in the Armed Forces? — What was the Supreme Court's interim order regarding the admission of women in the NDA? — Gender equality of women in the armed forces is a step towards fulfilling constitutional aspirations. Substantiate with the constitutional provisions. — What are the challenges for women in the armed forces? Key Takeaways: — A total of 336 cadets including 17 female cadets passed out of the academy, according to the NDA. Gen Vijay Kumar Singh (retd), Governor of Mizoram and former Chief of Army Staff was the Reviewing Officer for the Passing Out Parade (POP). Gen Singh addressed the cadets and ceremonially pinned medals on those who earned top honors of the course. — The President's Gold Medal was awarded to Battalion Cadet Adjutant Prince Raj of Charlie Squadron. The President's Silver Medal was awarded to Academy Cadet Captain Udayveer Singh Negi of Golf Squadron. — The President's Bronze Medal went to Battalion Cadet Captain Tejas Bhat of November Squadron. The Chiefs of Staff Banner for the Champion Squadron was awarded to the Golf Squadron. — Gen Singh visited the Hut of Remembrance (HOR) and paid homage to the bravehearts. The Hut of Remembrance is the sanctum sanctorum of the NDA and was built by the voluntary efforts of cadets of the 10th to 17th courses, to commemorate the supreme sacrifice of Indian soldiers during the World War II and post–independence operations in J&K. Do You Know: — Each year, India's premier triservices academy witnesses the graduation and passing out of two batches of cadets. Situated amidst the scenic foothills of the Western Ghats in Maharashtra, the NDA is often hailed as the cradle of military leadership. — Upon completing their three year training at the NDA, the cadets proceed to their respective armed forces' academies for an additional year of pre-commissioning training. — This includes the Indian Naval Academy in Ezhimala, Kerala; the Indian Military Academy in Dehradun for the Army; and the Air Force Academy at Dundigal. — An interim order was passed by the Supreme Court in August 2021 while hearing a plea seeking directions to allow eligible women entrance of the NDA and Naval Academy examinations conducted by the Union Public Service Commission (UPSC). — The apex court asked UPSC to issue a corrigendum in keeping with its interim direction. The court however, said that admission of women candidates will be subject to the final ruling on the petition. Other Important Articles Covering the same topic: 📍These women army officers are breaking stereotypes every day 📍Women get command roles in the Indian Army: why this is a remarkable achievement Prelims Question Covering similar theme: (2) Consider the following: Which of the following pairs are correct? (a) 1 and 2 (b) 2 and 3 (c) 3 only (d) 1, 2 and 3 UPSC Mains Question Covering similar theme: What are the continued challenges for Women in India against time and space? (UPSC CSE 2019) Syllabus: Preliminary Examination: Current events of national and international importance Mains Examination: General Studies-III: Infrastructure: Energy, Ports, Roads, Airports, Railways etc. What's the ongoing story: India is making bold moves in shipbuilding. The 2025 Union budget laid the foundation for a maritime resurgence, with mega clusters, a Rs 25,000-crore Maritime Development Fund, customs duty exemptions, and infrastructure status for large vessels. Key Points to Ponder: — What is the Maritime Development Fund? — What is the scope for India to become a shipbuilding nation? — What is tribology? — How does the lack of access to modern marine engine designs pose a challenge for India? — What measures have been taken by India to boost the growth of the shipbuilding sector? — What are the challenges faced by India in the shipbuilding sector? — Any disruption in diplomatic or trade relations, export control regime, or intellectual property licensing can effectively immobilise India's shipbuilding programme. Analyse. Key Takeaways: — To truly lead, India must build what powers the ship. A hull without an engine is just a shell, strategically dependent on foreign suppliers. Marine engines typically account for 15–20 per cent of a ship's cost and are central to its performance, emissions, and life cycle. — Presently, over 90 per cent of engines rated above 6 MW installed on Indian commercial and naval vessels are sourced from a concentrated group of five global manufacturers. — India has already begun taking steps in this direction. In April, the Indian Navy signed a Rs 270-crore sanction order with Kirloskar Oil Engines Limited to design and develop a 6 MW medium-speed marine diesel engine. However, the real game is for 30MW. — There are several challenges. First, we lack access to modern marine engine designs. India currently lacks indigenous design capabilities. This leads to dependence on foreign OEMs. — Second, India's most significant hurdle in building large marine engines is metallurgical, a foundational challenge that cuts across materials science, manufacturing precision, and component durability. — Third, 'tribology', the science of wear, lubrication, and friction, is another critical bottleneck. High-efficiency marine engines demand components with tailored surface properties to reduce wear and frictional losses over thousands of operating hours. — Fourth, it's impossible to build next-gen marine engines when our top institutes still train students on outdated models. These belong in museums, not classrooms. — To address these gaps, India must shift its strategy from relying solely on large public- and private-sector firms, which have struggled to deliver full-stack indigenous marine engines, and instead invest in a new generation of tech start-ups. — Just as the Tejas fighter still flies on imported engines, our ships risk sailing under the shadow of foreign dependency. A vessel may be built in India, flagged in India, and crewed by Indians, but unless we build the engine, we will never truly steer our own course. Do You Know: — In the Union Budget 2025, a Rs 25,000-crore fund has been set up under Maritime Development Fund to provide long-term, low-cost financing for shipbuilding, repair, and maritime infrastructure projects. The government will contribute 49 per cent of the fund, with the remainder to be mobilised from ports and the private sector. — This initiative is expected to generate investments of up to Rs 1.5 lakh crore by 2030. With an outlay of Rs 18,090 crore, Shipbuilding Financial Assistance Policy (SBFAP) 2.0 offers direct financial subsidies to Indian shipyards to enhance their competitiveness in the global market. — India is already a leading global player in ship recycling. In 2024, India was the second-largest global ship recycling nation by tonnage. India's share in the global ship recycling industry was around 33 per cent in 2023, accounting for one third of the total global tonnage dismantled. The Alang Ship Breaking Yard in Gujarat is a major hub for ship recycling in India, responsible for dismantling a significant portion of retired ships. Other Important Articles Covering the same topic: 📍Govt to boost production of Made-in-India merchant vessels, cut reliance on foreign ships 📍With INS Beas, Navy begins converting steam-powered warships to diesel Previous year UPSC Prelims Question Covering similar theme: (3) Southeast Asia has captivated the attention of the global community over space and time as a geostrategically significant region. Which among the following is the most convincing explanation for this global perspective? (UPSC CSE 2011) (a) It was the hot theatre during the Second World War (b) Its location between the Asian powers of China and India (c) It was the arena of superpower confrontation during the Cold War period (d) Its location between the Pacific and Indian oceans and its preeminent maritime character Syllabus: Preliminary Examination: Current events of national and international importance Mains Examination: General Studies-II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation What's the ongoing story: Mrinalini Naik writes: The rapid growth of India's digital ecosystem over the last two decades has transformed how millions of people communicate, shop, learn, and entertain themselves. As India continues its digital surge, a growing number of users are facing a strange irony: The more dominant a platform becomes, the worse the experience gets. Key Points to Ponder: — What do you understand by Enshitification? — What are the challenges of e-commerce? — What are the dark patterns used by e-commerce? — What are the steps taken by the government to protect the customers from these dark patterns? — Which authority is responsible for this? — What are the challenges of the non-binding nature of Annexure-I Consumer Protection Act, 2019? — How Digital Competition Bill aim to address the challenges posed by the e-commerce industry? — Know about: Consumer Protection Act, 2019, Information Technology Rules, 2021, E-Commerce Rules, 2020, Digital Personal Data Protection Act, 2023, and Competition Act, 2002 Key Takeaways: — E-platforms once promised access, speed, convenience, control, a diverse selection and affordability. For a while, they delivered. But somewhere along the way, the user became less of a priority and more of a target. — What we're witnessing now is the decay of digital platforms, a process that has earned a fitting name: 'Enshitification'. Coined by Canadian-British journalist Cory Doctorow, the term refers to how online platforms degrade over time: First serving users, then business clients, and eventually just themselves. — For instance, recently, Amazon Prime notified its members that starting June 17, 2025, Prime Video will include advertisements, and if the members want to have an 'ad-free experience' on the OTT platform, they'll have to pay an additional fee on top of the standard Prime membership charges. — These are not isolated incidents but part of a deliberate business model shift. As user growth plateaus, platforms turn inward, optimising for revenue per user, not user experience. Loyalty is no longer rewarded, it's priced. — However, 'enshitification' is not just limited to fees or the push for paid subscriptions; it's about all the systemic processes that degrade user experience. One such process is device-based price discrimination done by platforms. — Another issue is that platforms are increasingly relying on dark patterns, that is, manipulative UI/UX to trick users into unwanted choices. — To address this issue in 2023, the Central Consumer Protection Authority (CCPA) issued guidelines under the Consumer Protection Act, 2019, identifying a range of such manipulative practices (dark patterns) for prevention and regulation of those. — Currently, India's legal framework for digital platforms addresses several important areas through the Consumer Protection Act, 2019 and E-Commerce Rules, 2020. — What India needs right now is a forward-looking, ex-ante regulatory approach, inspired by global standards for governing user experience on digital platforms. — Much like the EU's Digital Markets Act, the proposed Digital Competition Bill in India, if passed, will be an ex-ante regulation addressing some issues like self-preferencing of products by platforms, restricting users from using third-party applications on their core digital services or tying-bundling of non-essential services to those demanded by users. Do You Know: — Dark patterns, also known as deceptive patterns, is the term used to describe the ways in which websites or apps make their users do things that the users do not intend to do or would not otherwise do, as well as to discourage user behaviour that is not beneficial for the companies. — The term dark patterns was coined by Harry Brignull, a London-based user experience (UX) designer, in 2010. The Internet is replete with examples of dark patterns. On December 1, 2023, the CCPA issued guidelines for the 'prevention and regulation' of dark patterns. It has specified 13 dark patterns. — According to the study published by ASCI and UI/UX in August 2024, over 79 per cent of Indian apps trick users into giving away their personal data. It identified dark patterns in more than 50 Indian apps across sectors such as e-commerce, health, and fintech as well as cab-booking services and delivery platforms, with a total of 21 billion downloads — Central Consumer Protection Authority (CCPA) is being constituted under Section 10(1) of The Consumer Protection Act, 2019. The Act replaced the Consumer Protection Act, 1986, and seeks to widen its scope in addressing consumer concerns. It has come into force w.e.f 24th July 2020. It aims to protect the rights of the consumer by cracking down on unfair trade practices, and false and misleading advertisements that are detrimental to the interests of the public and consumers. Other Important Articles Covering the same topic: 📍Knowledge Nugget : What are 'dark patterns' in e-commerce? A must-know for your UPSC prep 📍E-commerce platforms must audit, eliminate 'dark patterns', says Minister Previous year UPSC Prelims Question Covering similar theme: (4) Consider the following statements: 1. Dark pattern is a deceptive attempt made by e-commerce platforms to make users do things that they otherwise wouldn't. 2. 'SaaS billing' is identified as a dark pattern by the Central Consumer Protection Authority (CCPA). 3. In the 'Bait and Switch' dark pattern, elements of prices are not revealed upfront or are revealed post-confirmation of purchase. How many of the above statements are correct? (a) Only one (b) Only two (c) All three (d) None Syllabus: Preliminary Examination: Current events of national and international importance Mains Examination: General Studies-II: Important International institutions, agencies and fora- their structure, mandate. General Studies-III: Indian Economy and issues relating to planning, mobilisation, of resources, growth, development and employment What's the ongoing story: The government of Pakistan, under pressure from the International Monetary Fund (IMF), has not declared a minimum support price (MSP) for the 2024-25 wheat crop. Key Points to Ponder: — What is MSP? — What is the purpose of MSP? — What is the Extended Fund Facility of the IMF? — What is the role and function of the IMF? — What is India's Essential Commodities Act? — What is a Standby Arrangement loan? — What are special drawing rights? — Has India been under any IMF-guided programme? Key Takeaways: — The Pakistan government did not declare any MSP for the 2024-25 wheat crop, sown in November-December and being marketed from April. Nor has Pakistan Agricultural Storage & Services Corporation Ltd – PASSCO, the country's equivalent of FCI – procured a single tonne this time. — Pakistan's decision to dispense with MSP and government procurement of wheat has been externally forced, part of conditionality linked to an Extended Fund Facility loan of $7,113-million from the IMF, to be disbursed from the 2024-25 to 2027-28 fiscal years (FY: July-June). — The so-called memorandum of economic and financial policies, submitted by the Pakistan government to the IMF for availing the loan, has clearly stated that in the case of wheat 'we have abstained from announcing support prices and undertaking provincial procurement operations during the 2025 Rabi season and are committed to continue this approach going forward'. — The memorandum given to the IMF has promised to review all relevant legislation underpinning government interventions in commodity markets 'by end-December 2025'. These include the Price Control and Prevention of Profiteering and Hoarding Act, 1977 (similar to India's Essential Commodities Act of 1955) and provincial laws such as the Punjab Foodstuffs (Control) Act, 1958 and the Sindh Essential Commodities Price Control and Prevention of Profiteering and Hoarding Act, 2005. — India hasn't been under any IMF-guided programme since June 1993, when it borrowed the last tranche of a Standby Arrangement loan of 2,207.925 million SDR (special drawing rights), equivalent to $2,394 million. — With no IMF conditionality linked to financial assistance, there's no question of any reforms in India being imposed from outside, leave alone at gunpoint. — Apart from MSP procurement and stocking of grain by FCI, India provides subsidies on fertilisers, electricity for irrigation and canal water, crop credit, insurance premium and other farm inputs. Income from agriculture attracts no tax either. — Agriculture reforms in India – especially those dealing with distorted cropping patterns (more rice, wheat and sugarcane being grown at the expense of pulses, oilseeds, maize, cotton and millets) and promoting inefficient/excessive use of nitrogen and water – are less likely under any BOP crisis-induced, IMF-dictated external pressure of the sort seen in 1991. — Wheat is Pakistan's staple food, with its per capita consumption of around 124 kg per year being 'one of the highest in the world', according to USDA. Do You Know: — Set up in 1945 , the International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 191 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being. — In a general sense, a bailout means extending support to an entity facing a threat of bankruptcy. Countries seek IMF bailouts when they are facing macroeconomic risks, currency crises and need assistance to meet external debt obligations, to buy essential imports and push the exchange value of their currencies. — The IMF lends money to the economies in peril in the form of Special Drawing Rights (SDRs), which is a basket of five currencies — US dollar, Euro, Chinese Yuan, Japanese Yen and British Pound. It can be executed in the form of loans, cash, bonds, or stock purchases. — The lending is done through programs designed according to purpose. According to the IMF, these include standby arrangement, standby credit facility, extended fund facility, extended credit facility, rapid financing instrument, rapid credit facility, flexible credit line, short term liquidity line, precaution and liquidity line, resilience and sustainability facility, staff monitored program, policy support instrument and policy coordination instrument. Other Important Articles Covering the same topic: 📍Knowledge Nugget: Why IMF, its Bailouts, and Extended Fund Facility (EFF) should be in focus for your UPSC Exam UPSC Prelims Question Covering similar theme: (5) Which one of the following groups of items is included in India's foreign-exchange reserves? (UPSC CSE 2013) (a) Foreign-currency assets, Special Drawing Rights (SDRs) and loans from foreign countries (b) Foreign-currency assets, gold holdings of the RBI and SDRs (c) Foreign-currency assets, loans from the World Bank and SDRs (d) Foreign-currency assets, gold holdings of the RBI and loans from the World Bank Syllabus: Preliminary Examination: General issues on Environmental Ecology, Biodiversity and Climate Change – that do not require subject specialisation Mains Examination: General Studies-III: Conservation, environmental pollution and degradation, environmental impact assessment What's the ongoing story: The ability of PM2.5 air pollutants to cause damage to cells increases sharply after concentration levels cross a certain threshold value, new research has found. Key Points to Ponder: — What is the Air Quality Index? — There are six AQI categories-What are those? — What are the sources of air pollution? — What do you understand by toxicity in AQI? — What is the impact of air pollution on human health? — What are Reactive Oxygen Species (ROS)? — How oxidative stress impact human body? — What happens to the human body when pollutants are inhaled? Key Takeaways: — For Kolkata, where the study was carried out, this threshold value is about 70 micrograms per cubic metre (µg/m³), the study found. Once the PM2.5 concentration crosses this level, its toxicity — or the potential to cause damage to the human body — increases sharply, and continues to rise until the concentration reaches about 130 µg/m³. — The study, by Abhijit Chatterjee of the Bose Institute, Kolkata, and two of his former PhD students, Abhinandan Ghosh and Monami Dutta, is the first attempt at investigating how toxicity of air pollution changes with concentration levels in Indian cities. — This is not to suggest that at concentrations below 70 µg/m³ in Kolkata, air pollution is benign and does not pose any threat to human health. Pollution is damaging at lower concentrations as well, but it becomes much more toxic after crossing the threshold value. — At lower concentrations, the body copes better with the adverse impacts of inhaling pollutants. After the threshold level, however, the body's defence mechanisms are overwhelmed, and the pollutants are able to cause greater damage to cells, particularly the respiratory systems which are affected first. — When pollutants are inhaled, the body's immune system tends to fight back through the release of Reactive Oxygen Species (ROS), which are chemicals used by immune cells to neutralise foreign substances. When larger concentrations of pollutants are inhaled, greater amounts of ROS are released. — The problem is ROS is damaging for the body's cells as well. Therefore, as a natural counter-defence mechanism, the body produces another set of chemicals, called antioxidants, that protect the cells against ROS. — However, antioxidants are present in small quantities, and take time to build up. So, while they are able to effectively deal with smaller amounts of ROS, they are helpless when ROS is produced in large amounts. — This leads to an imbalance in the body, a situation called oxidative stress, which leaves the internal cells prone to damage from excess ROS. — Air quality standards are framed in terms of their concentration, not toxicity. In India, for example, a PM2.5 concentration level of 40 µg/m³, averaged over a year, is considered safe. On a daily basis, a concentration of 60 µg/m³ is considered safe. — However, the harmful impacts of air pollution on human health depend not just on concentration, but also on toxicity, which takes into account factors like chemical composition of pollutants. Do You Know: — The Air Quality Index (AQI) in India is a standardized system that measures and reports air quality based on the concentration of major air pollutants, including PM10, PM2.5, nitrogen dioxide (NO₂), sulfur dioxide (SO₂), ozone (O₃), carbon monoxide (CO), and ammonia (NH₃). — The AQI is categorized into six levels: Good, Satisfactory, Moderately Polluted, Poor, Very Poor, and Severe, with associated health advisories. This system helps inform the public about local air quality and its potential health effects. — Among the more harmful pollutants are those of a smaller size, such as particulate matter (PM) 2.5, which is an atmospheric particulate matter of a diameter smaller than 2.5 micrometres (or around 3 per cent of the diameter of a human hair). — It causes respiratory problems and reduces visibility. The particles can only be detected with the help of an electron microscope because they are so small. — Due to their size, the PM 2.5 particles can easily bypass the nose and throat and can easily enter the circulatory system. The particles can also lead to chronic diseases such as asthma, heart attack, bronchitis and other respiratory problems. Other Important Articles Covering the same topic: 📍UPSC Issue at a Glance | Air Pollution: 4 Key Questions You Must Know for Prelims and Mains Previous year UPSC Prelims Question Covering similar theme: (6) In the cities of our country, which among the following atmospheric gases are normally considered in calculating the value of Air Quality Index? (UPSC CSE 2016) 1. Carbon dioxide 2. Carbon monoxide 3. Nitrogen dioxide 4. Sulfur dioxide 5. Methane Select the correct answer using the code given below: (a) 1, 2 and 3 only (b) 2, 3 and 4 only (c) 1, 4 and 5 only (d) 1, 2, 3, 4 and 5 Previous year UPSC Mains Question Covering similar theme: Describe the key points of the revised Global Air Quality Guidelines (AQGs) recently released by the World Health Organisation (WHO). How are these different from its last update in 2005? What changes in India's National Clean Air Programme are required to achieve revised standards? (UPSC CSE 2021) Syllabus: Preliminary Examination: Economic and Social Development – Sustainable Development, Poverty, Inclusion, Demographics, Social Sector Initiatives, etc Mains Examination: General Studies-III: Indian Economy and issues relating to planning, mobilisation, of resources, growth, development and employment What's the ongoing story: The Ministry of Statistics and Programme Implementation (MoSPI) on Friday released two interrelated data sets on India's national income and the size of its economy. The first provides an estimate of India's economic growth in the fourth quarter (Q4, January to March) of the last financial year (2024-25 or FY25). The second provides provisional estimates of economic growth for FY25. Key Points to Ponder: — What are GDP and GVA? — What is the relationship between GDP and GVA? — What are the tools used by the Indian government to measure the economy? — What is nominal GDP? — What do you understand by the Compounded Annual Growth Rate (CAGR)? — How is inflation adjusted in the GDP? — What is the difference between nominal GDP and real GDP? — What is the significance of the manufacturing sector for the growth of an economy? — Manufacturing GVA has registered a slower growth rate than even agriculture and allied activities. Analyse. Key Takeaways: — Economic growth is measured using two metrics. Gross Domestic Product (GDP) is calculated by adding up all the expenditures made in the economy, including expenditures by Indians in their individual capacity, expenditures by governments, expenditures by private businesses, etc. This provides a picture of the demand side of the economy. — Gross Value Added (GVA) looks at the supply side. It effectively measures the contribution of each sector of the economy by calculating and summing the value added (or income) at each stage of production. — Both GDP and GVA are linked: they measure the same economic performance but through different routes. Their relationship can be spelled out using the following equation: GDP = (GVA) + (taxes earned by government) — (subsidies provided by government) — What makes the estimates released on Friday 'provisional' is that they will be revised over the next few years. For any financial year, GDP estimates go through several revisions — While the size of the economy uses nominal GDP data, international comparisons of growth rate are done based on the growth rate of real GDP. This is because inflation differs from country to country, and only real GDP provides a genuine understanding about how many actual new goods and services were produced in a particular year. — Manufacturing GVA has registered a slower growth rate (CAGR of 4.04%) than even agriculture and allied activities (4.72%). This explains, to some extent, the high urban — in particular, youth — unemployment in India. It also provides an understanding of why labour has been moving back to Indian villages, and joining agriculture and allied activities. Do You Know: — GDP is the sum of the market value of all the final goods and services produced within the geographical boundaries of a country each year. The value of GDP measured in current prices is called Nominal GDP but it might not be a good measure of production because the increase in value may result from an increase in prices and not output. Nominal GDP, adjusted for price changes, is called Real GDP. Nominal GDP per capita = Nominal GDP/total population Real GDP per capita = Real GDP/total population — India's GDP is estimated by the Central Statistical Office (CSO) using two methods. One is based on economic activity (at factor cost, this does not include taxes), and the second is on expenditure (at market prices, this includes taxes). — Economic activity-based method (at factor cost): This measures GDP based on the cost of production, excluding taxes but including subsidies. — Expenditure-based method (at market prices): This calculates GDP based on total spending in the economy, including taxes but excluding subsidies. — There are two main measures of GDP: Nominal GDP and Real GDP. Nominal GDP: It refers to the value of goods and services evaluated at current market prices without factoring in inflation or deflation. Real GDP: An inflation-adjusted measure that reflects both the value and quantity of goods and services produced by an economy in a given year. Other Important Articles Covering the same topic: 📍Three approaches to measuring GDP and why they matter 📍UPSC Issue at a Glance | From largest economies to understanding GDP: 4 Key Questions You Must Know for Prelims and Mains Previous year UPSC Prelims Question Covering similar theme: (7) Increase in absolute and per capita real GNP do not connote a higher level of economic development, if (UPSC CSE 2018) (a) industrial output fails to keep pace with agricultural output. (b) agricultural output fails to keep pace with industrial output. (c) poverty and unemployment increase. (d) imports grow faster than exports. Previous year UPSC Mains Question Covering similar theme: 'Industrial growth rate has lagged behind in the overall growth of Gross-Domestic-Product(GDP) in the post-reform period' Give reasons. How far the recent changes in Industrial Policy capable of increasing the industrial growth rate? (UPSC CSE 2017) Subscribe to our UPSC newsletter. 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