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Hindustan Times
09-05-2025
- Politics
- Hindustan Times
Bengaluru civic body to hold 'Tiranga Yatre' in support of Operation Sindoor: Report
In a show of solidarity with the Indian Armed Forces' retaliatory action, Operation Sindoor, following the Pahalgam terror attack, Bengaluru will witness a grand 'Tiranga Yatre' (flag march) this Friday, organized by the Bruhat Bengaluru Mahanagara Palike (BBMP), Deccan Herald reported. According to the report, the march, set to begin at KR Circle, will make its way towards the Chinnaswamy cricket stadium. Key political figures, including Chief Minister Siddaramaiah and Deputy Chief Minister DK Shivakumar, are expected to join the procession, adding their support to the national cause. According to an official circular from the BBMP, as reported by DH, all staff and officers have been directed to assemble at KR Circle by 9 am for the event. The circular also outlines the roles of various officials to ensure the smooth conduct of the march. The East Zone's zonal commissioner has been assigned the responsibility of coordinating with the Police Department to manage traffic, while joint commissioners will oversee staff attendance. To maintain order and safety during the event, the Bengaluru Solid Waste Management Limited (BSWML) will deploy marshals for crowd control, and the BBMP health wing has been instructed to be on standby with ambulances and medical support. The flag march comes as a significant demonstration of public support for the Armed Forces' swift and measured response to the terror attack, symbolizing the city's unity and commitment to national security. Also Read: 'Exemplary Leadership': HD Deve Gowda praises PM Modi after Operation Sindoor) Former Prime Minister and Janata Dal (Secular) founder, HD Deve Gowda, has sent a letter to Prime Minister Narendra Modi, commending his leadership and the government's actions amid escalating tensions between India and Pakistan. As both nations engage in continuous retaliatory actions, Gowda praised India's military response to the deadly Pahalgam terrorist attack, describing it as "mature." In the letter, Gowda expressed his admiration for India's restrained military response to the May 7, 2025, Pahalgam attack, stating, "I write to you with a deep sense of appreciation, following India's mature and restrained military response to the Pahalgam terrorist attack. I know it is lonely at the top there, and I also know that without a spiritual sense, deep reflection, and continuous prayer, it is not easy to find balance and equanimity of judgment. You have demonstrated that you have it all in good measure in the last few days." (Also Read: Indo-Pak tension: Karnataka government has taken precautionary measures, says CM)
Time of India
08-05-2025
- Politics
- Time of India
Operation Sindoor: HD Deve Gowda lauds Modi's military response to Pakistan
In a personal letter to Prime Minister Narendra Modi, former PM and Janata Dal (Secular) president HD Deve Gowda on Thursday expressed his admiration for the PM's leadership in the aftermath of the April 22 Pahalgam terror attack and India's subsequent military response under Operation Sindoor . #Operation Sindoor Live Updates| From Sindoor to showdown? Track Indo-Pak conflict as it unfolds India hits Lahore's Air Defence Radars in proportionate response Pakistan tried to hit military targets in these 15 Indian cities, New Delhi thwarts strikes Referring to India's targeted strikes on terror infrastructure in Pakistan and Pakistan-occupied Kashmir, Gowda described the government's approach as 'mature and restrained,' while noting that Modi's prompt return from Saudi Arabia and his decision to cancel his planned visit to Europe reflected both responsibility and sensitivity to the crisis at hand. 'I have been watching the determined steps that you have taken from day one,' the former PM wrote. 'Your leadership has been exemplary, and history will undoubtedly record it in glowing terms.' 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Allein unterwegs? Mit diesem Alarm fühlst du dich sicherer Schützen Sie sich! Undo Gowda acknowledged the immense stress and demands of decision-making in times of national crisis. He remarked that the Prime Minister's spiritual grounding and calm judgement were evident in how the situation was handled, stating, 'I know it is lonely at the top… You have demonstrated that you have it all in good measure.' As India continues to face threats from across the border, the 93-year-old statesman invoked the values of dharma, praying that divine strength guide the Prime Minister and the country. 'We suffer together but we also rise together as one nation and one people,' he affirmed. Live Events The letter comes after the Centre held an all-party meeting to brief political leaders about the success of Operation Sindoor. Political unity has since been a central theme, with opposition parties also extending full support to the armed forces and the government.
Indian Express
24-04-2025
- Politics
- Indian Express
Former PM Deve Gowda urges Siddaramaiah to halt Bidadi Township land acquisition
Former Prime Minister and Rajya Sabha MP H D Deve Gowda has urged Karnataka Chief Minister Siddaramaiah to halt the land acquisition process for the ambitious Bidadi Integrated Township Project, spearheaded by the Greater Bengaluru Development Authority (GBDA). In a letter addressed to the Chief Minister Wednesday, Gowda highlighted the potential environmental damage and severe impact on the livelihoods of thousands of small and marginal farmers in Ramanagara district, where the project is set to acquire over 7,000 acres of agricultural land. In his letter, the JD(S) supremo stated, 'As you are aware, Ramanagara district, located near Bangalore, has already seen significant land acquisition for industrial development, with industrial zones established in Ramanagara and Kanakapura taluks. Additionally, private industries have proliferated in the region. The remaining agricultural land supports farmers who rely on dairying, sericulture, horticulture, and agriculture for their livelihoods.' 'Most of these farmers are small or marginal landholders from economically disadvantaged backgrounds. Their fields are also home to millions of trees, vital for environmental sustainability. Acquiring this land for a township project would severely harm the environment and jeopardise the livelihoods of thousands of families, potentially leaving many young people from farming communities unemployed.' He added, 'Furthermore, the Karnataka Housing Board and other government bodies have already developed multiple housing projects in the Bidadi area by acquiring farmers' land. In light of this, I urge the state government to reconsider and withdraw the current land acquisition process for the township project to protect the interests of these vulnerable farmers.' The Bidadi Township Project, also known as the Greater Bengaluru Integrated Township (GBIT), is a flagship initiative under the Bengaluru Metropolitan Region Development Authority (BMRDA). According to a preliminary notification issued on March 12, the GBDA plans to acquire 7,293.44 acres across nine villages in Ramanagara and Harohalli taluks of Ramanagara district, with an estimated project cost of Rs 13,000 crore. The township aims to create a modern 'work-live-play' ecosystem, featuring residential zones, industrial parks, commercial hubs, green spaces, and even an international cricket stadium. The project spans 8,935 acres, including 2,742 acres of economic corridors and buffer zones, totalling approximately 12,844 acres. The GBDA, formerly the Bidadi Smart City Planning Authority, has secured a Rs 21,000-crore loan offer from HUDCO to fund the project, with funds to be drawn as needed. The authority has proposed a compensation model offering a 60:40 ratio of cash and developed land, with a one-year deadline for monetary compensation and three years for providing developed land. The project is expected to involve minimal rehabilitation, as most of the 27 habitations in the area will remain unaffected, though some residents have requested relocation to areas with better infrastructure. The Karnataka government has also expanded the GBDA's jurisdiction by 92 square kilometres, incorporating 22 additional villages to regulate growth around the proposed township, just outside Bengaluru. Ramanagara, the home district of Deputy Chief Minister and Bengaluru Development Minister D K Shivakumar, is a focal point for this development and is also being considered for Bengaluru's second airport. The affected areas in question include villages under Byramangala and Kanchugaranahalli Gram Panchayats in Bidadi Hobli. They are home to small and marginal farmers from economically disadvantaged backgrounds. These farmers have cultivated millions of trees around their fields, contributing to environmental sustainability. The farmers fear that acquiring this land could devastate their local ecosystem and render thousands of farming families jobless, particularly impacting the youth. Farmers in Bidadi Hobli and nearby villages have also formed a protest committee to oppose the project, citing the loss of fertile agricultural land and the threat to their way of life. Previous land acquisitions in Ramanagara and Kanakapura taluks for industrial zones, as well as housing projects by the Karnataka Housing Board, have already reduced the available farmland in the district, which is adjacent to Bengaluru and hosts numerous private industries. The Karnataka government views the Bidadi Township as a crucial step in decongesting Bengaluru and promoting planned urban development. Approved by the state cabinet on January 30 this year, the project aims to transform Bidadi into a satellite township with robust infrastructure. The government has also declared 1,490.65 acres in Bidadi as a Special Investment Region ahead of the Global Investors Meet in February 2025, signalling its intent to attract industrial and economic growth.
Indian Express
23-04-2025
- Politics
- Indian Express
UPSC Key: Pahalgam Terror Attack, Trademark and World Economic Outlook
Syllabus: Preliminary Examination: Current events of national and international importance. Main Examination: General Studies III: Security challenges and their management in border areas – linkages of organized crime with terrorism What's the ongoing story: In the deadliest terror attack on civilians in the country since the Mumbai 26/11 attacks, at least 25 tourists and a Valley resident were shot dead Tuesday at a meadow near Pahalgam in Jammu and Kashmir. Key Points to Ponder: • Map Work —Pahalgam • What can be the long term implications of the 2025 Pahalgam terror attack on internal security and counter-terrorism strategies? • Who are called militants? • What is terrorism in Indian law? • Militant and Terrorist-What are the differences? • What are the types of terrorism? • What are the reason for terrorism especially in the Jammu and Kashmir? • What are the components of terrorism? • Current events shaping India-Pakistan Relations-What are they? • India-Pakistan Relations-Know the Historical Background • What is the role of Indian Army in Jammu and Kashmir? • Major 'changes' in Indian diplomacy in the last eight years of New Delhi 's towards Pakistan-What is that 'Change'? • How diplomacy worked under former prime minister of India's like PV Narasimha Rao, H D Deve Gowda, I K Gujral, Atal Bihari Vajpayee, and Manmohan Singh 's in the context of Pakistan? Key Takeaways: • Prime Minister Narendra Modi, who had reached Jeddah earlier in the day on a two-day visit to Saudi Arabia, cut short his trip and decided to return home. He is expected back early Wednesday. • As world leaders joined India in condemning the attack, US President Donald Trump dialled Modi and, according to the Ministry of External Affairs, 'expressed full support to India to bring to justice the perpetrators of this heinous attack. India and the United States stand together in the fight against terror'. • The attack took place in the afternoon at Baisaran valley – it's an off-road meadow a little over 6 km from Pahalgam – which was packed with tourists. Terrorists showed up and fired indiscriminately at the tourists. • A local trade leader, who did not wish to be named, said shopkeepers in Baisaran told him that three-four gunmen fired on the tourists. • Chief Minister Omar Abdullah said the attack was 'much larger than anything we have seen directed at civilians in recent years.' • The Resistance Front (TRF), a shadow group of the banned Pakistan-based Lashkar-e-Taiba (LeT) terror outfit, was said to have claimed responsibility for the attack. • The Resistance Front (TRF) has claimed responsibility for the Pahalgam attack that killed 26 tourists, sources in central agencies said. The Resistance Front (TRF) is an offshoot of the Pakistan-based terror group Lashkar-e-Taiba (LeT). • The Ministry of Home Affairs (MHA) declared the TRF a 'terrorist organisation' under the Unlawful Activities (Prevention) Act in January 2023. The government said it was engaged in propaganda on terror activities, recruitment of terrorists, infiltration of terrorists and smuggling of weapons and narcotics from Pakistan into Jammu and Kashmir. • But the TRF first started making headlines in 2020. In May of that year, five Army commandos were killed in a gunbattle in Keran, in which five TRF militants were also killed. Similar clashes occurred around that time in Handwara and Sopore, killing security personnel. • The first was the revocation of the special status of Jammu and Kashmir under Article 370 in August 2019. The second was the decapitation of the LeT in Kashmir in 2018. • The Lashkar-e-Taiba was founded around 1985, and one of its main goals was merging the whole of Kashmir with Pakistan. However, by the end of 2018, it had suffered significant reverses at the hands of Indian security forces. Previous year UPSC Prelims Question Covering similar theme: 1. Hand-in-Hand 2007' a joint anti-terrorism military training was held by the officers of the Indian Army and officers of Army of which one of the following countries? (2008) (a) China (b) Japan (c) Russia (d) USA Previous year UPSC Mains Question Covering similar theme: 📍The scourge of terrorism is a grave challenge to national security. What solutions do you suggest to curb this growing menace? What are the major sources of terrorist funding? (2017) Syllabus: Preliminary Examination: Current events of national and international importance. Mains Examination: General Studies III: Issues relating to intellectual property rights. What's the ongoing story: THE DELHI High Court Tuesday directed Baba Ramdev's Patanjali to immediately pull down all its advertisements allegedly referring to Hamdard's popular drink Rooh Afza as 'Sharbat Jihad,' saying they 'shocked the conscience of the court'. 'I couldn't believe my eyes and ears,' Justice Amit Bansal, who was hearing the case, said about Patanjali's videos. • Hamdard National Foundation India v. Patanjali Foods Limited & Anr—What you know about the same? • What do you understand by the term 'trademark'? • What is the infringement of trademark? • What is included in a Trademark? • What is 'Copyright' and 'Patent'? • Know the difference between 'Trademark', 'Copyright' and 'Patent'? • What do you understand by 'Intellectual Property Rights'? • Intellectual property Rights, Paris Convention for the Protection of Industrial Property (1883) and the Berne Convention for the Protection of Literary and Artistic Works (1886)-How they are interconnected? • Know about World Intellectual Property Organization (WIPO) in Detail. • What is 'Global Innovation Index'? Which organization Publishes Global Innovation Index? • What is the need of Intellectual property Rights (IPR)? • India and Intellectual property Rights (IPR)-Know in Detail • The National Intellectual Property Rights (IPR) Policy 2016-Know the Key Highlights Key Takeaways: • Senior advocate Rajiv Nayar, appearing for Patanjali, told the court that the videos will be pulled down. • When the case first came up in the court Tuesday morning, Justice Bansal observed: 'This is shocking. Shocking. It shocks the conscience of the court. Please take instructions immediately. This is indefensible according to me. Take instructions, otherwise there will be a strong order.' • Hamdard, in its suit, is also seeking a permanent injunction restraining Patanjali from infringing and disparaging its trademark, damages upto Rs 2 crores, as well as seeking an apology and retraction. It is also seeking the court's direction to the Ministry of Electronics and Information Technology and the Department of Telecommunications (DoT) to take down the links of the objectionable material. • Appearing for Hamdard, senior advocate Mukul Rohatgi Tuesday read out tweets and the content of the video, where Ramdev allegedly makes a reference to Rooh Afza. Do You Know: • According to the World Intellectual Property Organization (WIPO) website, Intellectual property (IP) refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. IP is protected in law by, for example, patents, copyright and trademarks, which enable people to earn recognition or financial benefit from what they invent or create. By striking the right balance between the interests of innovators and the wider public interest, the IP system aims to foster an environment in which creativity and innovation can flourish. • Hamdard, through its charity wing Hamdard National Foundation India, has moved a suit claiming trademark infringement and disparagement, as well as defamation against Patanjali Foods Limited and Baba Ramdev, citing a video that showed Ramdev claiming that his competitor's profits were used 'for building masjids and madrasas.' Profits from Patanjali's 'rose sharbat', he said, go towards building 'gurukuls, acharyakulams and Patanjali University'. 'Jaise love jihad, vote jihad chal raha hai naa, waise sharbat jihad bhi chal raha hai (Like there is love jihad and vote jihad, there is sharbat jihad),' Ramdev added. • Hamdard, in its suit, is also seeking a permanent injunction restraining Patanjali from infringing and disparaging its trademark, damages upto Rs 2 crores, as well as seeking an apology and retraction. It is also seeking the court's direction to the Ministry of Electronics and Information Technology and the Department of Telecommunications (DoT) to take down the links of the objectionable material. Previous year UPSC Prelims Question Covering similar theme: 2. In order to comply with TRIPS Agreement, India enacted the Geographical Indications of Goods (Registration and Protection) Act, 1999. The difference/differences between a 'Trade Mark' and a Geographical Indications is/are (2010) 1. A Trade Mark is an individual or company's right whereas a Geographical Indication is a community's right. 2. A Trade Mark can be licensed whereas a Geographical Indication cannot be licensed. 3. A Trade Mark is assigned to the manufactured goods whereas the Geographical Indication is assigned to the agricultural goods/products and handicrafts only. Which of the statements given above is/are correct? (a) 1 only (b) 1 and 2 only (c) 2 and 3 only (d) 1, 2 and 3 A global trade reset Syllabus: Preliminary Examination: Current events of national and international importance. Main Examination: General Studies II: Effect of policies and politics of developed and developing countries on India's interests. What's the ongoing story: Jahangir Aziz Writes: We will have to consider things that are almost unthinkable in India. For example, raising consumption necessarily means lowering savings. Key Points to Ponder: • The U.S. tariff policies on the global trade system—What is the present situation? • What is the spaghetti bowl phenomenon? • What can be the potential impact of increased U.S. tariffs on emerging economies? • Know the role of WTO, in addressing the challenges posed by unilateral tariff implementations by major economies. • What you know about the concept of 'economic decoupling' in the context of the U.S.-China trade tensions? Key Takeaways: Jahangir Aziz Writes: • Given the turmoil over US trade policy over the last two months, let me start by taking stock of the state of affairs. By my account, the US currently has a 10 per cent universal (and allegedly minimum) tariff; 25 per cent on steel, aluminium, and autos with exemptions for those that are USMCA compliant; and 20 per cent tariff on smartphones and other selected electronics covering about $ 95 billion and 145 per cent on the remaining $350 bn imports from China. • This leaves the US average effective tariff at over 25 per cent with that on China at 110 per cent. Take a moment to let that sink in. Just four months ago, the average tariff was 3.5 per cent with 10.5 per cent on China! That's not all. • It is likely that the US will impose global tariffs on semiconductors and other electronics, pharmaceuticals, copper, etc, in the coming weeks. • It is, therefore, unsurprising that we at J P Morgan see a 60 per cent chance of a global recession, with the US in recession and a sharp slowdown in China in the second half of the year. • There are many who believe that the tariff blitz is an opening gambit and that the US and its trading partners will eventually compromise to a lower tariff regime. Relatedly, many are engrossed in intricate discussions on what the US 'truly' wants, how best to negotiate, and which countries and sectors can emerge as winners or end as losers. Do You Know: • According to WTO, the spaghetti bowl effect is the multiplication of free trade agreements (FTAs), supplanting multilateral World Trade Organization negotiations as an alternative path toward globalization. The term was first used by Jagdish Bhagwati in 1995 in the paper: 'US Trade policy: The infatuation with free trade agreements', where he openly criticized FTAs as being paradoxically counter-productive in promoting freer and more opened global trades. • According to Investopedia, the landscape of global tariffs shifted dramatically following the U.S. administration's April 2025 tariff rollout. Those tariffs include a baseline 10% on virtually all imports, with additional tariffs (the Trump administration labels them 'reciprocal') depending on the country. Syllabus: Preliminary Examination: General issues on Environmental ecology, Bio-diversity and Climate Change – that do not require subject specialization. Main Examination: General Studies III: Conservation, environmental pollution and degradation, environmental impact assessment. What's the ongoing story: Rao Inderjit Singh Writes: Let this day be more than a date on the calendar. Let it be a turning point — for policy, people, and the planet Key Points to Ponder: • Why Earth Day is celebrated? • Discuss the significance of the statement 'There is no Planet B' in the context of global environmental conservation efforts. • What is the role of Earth Day as a catalyst for environmental policy changes and public awareness? • Know India's contributions to global climate change mitigation and sustainable development initiatives. • How Earth Day impacts public awareness especially on individual and collective environmental actions? Key Takeaways: Rao Inderjit Singh Writes: • As a reminder of humanity's responsibility to preserve Earth's resources for future generations, we celebrate April 22 as Earth Day. It is a day to reflect on the planet's health, educate communities about pressing environmental issues, and advocate for sustainable practices. • It is a day to reflect on the planet's health, educate communities about pressing environmental issues, and advocate for sustainable practices. • Since its inception in 1970, Earth Day has influenced global environmental frameworks, fostered international cooperation and inspired landmark agreements. However, it often gets reduced to symbolic gestures — a social-media post, a tree-planting event, a school skit. While awareness matters, this day is not just about optics. It is a powerful reminder to introspect, act, and shift from exploitation to stewardship. • India, one of the fastest-growing economies in the world, is making a crucial pivot toward sustainability. At the 2021 COP26 Summit in Glasgow, Prime Minister Narendra Modi announced the Panchamrit — a five-point agenda that includes achieving net-zero emissions by 2070, meeting 50 per cent of energy requirements from renewable sources by 2030, and reducing the carbon intensity of the economy by 45 per cent. These are bold goals and signal a clear shift from rhetoric to responsibility. Do You Know: • April 22, countries all over the world come together to commemorate World Earth Day, which will be celebrated for the 55th year running in 2025. This year's theme is 'Our Power, Our Planet', to achieve the 'triple clean electricity' target by 2030 through the usage of renewable energy. Earth Day was founded in 1970 by Senator Gaylord Nelson of the United States of America and has been observed every year on April 22 since then. • Earth Day is more than just a celebration; it is an important day for raising awareness, advocating, and engaging people in activities aimed at addressing the global climate catastrophe and supporting environmental lifestyle changes. • According to Earth Day aims to 'build the world's largest environmental movement to drive transformative change for people and the planet.' The movement's mission is 'to diversify, educate and activate the environmental movement worldwide.' • Earth Day is celebrated to remind each of us that the Earth and its ecosystems provide us with life and sustenance. This day also recognises a collective responsibility, as called for in the 1992 Rio Declaration, to promote harmony with nature and the Earth to achieve a just balance among the economic, social and environmental needs of present and future generations of humanity. Previous year UPSC Prelims Question Covering similar theme: 3. Consider the following statements regarding 'Earth Hour': (2014) 1. It is an initiative of UNEP and UNESCO. 2. It is a movement in which the participants switch off the lights for one hour on a certain day every year. 3. It is a movement to raise the awareness about the climate change and the need to save the planet. Which of the statements given above is/are correct? (a) 1 and 3 only (b) 2 only (c) 2 and 3 only (d) 1, 2 and 3 Syllabus: Preliminary Examination: Current events of national and international importance. Main Examination: General Studies I: Important International institutions, agencies and fora- their structure, mandate What's the ongoing story: The International Monetary Fund (IMF) in its latest economic outlook has slashed growth projections for most countries, including India, in the backdrop of trade tensions fuelled by US-imposed tariffs and global uncertainty. Key Points to Ponder: • What is the IMF world economic outlook? • What are the Key Highlights of the latest world economic outlook report? • What is the International Monetary Fund? • Why IMF world economic outlook has slashed growth projections for most countries, including India? • How escalating global trade tensions impacting on India's economic growth prospects? • Know the role of rural private consumption in sustaining India's economic growth amid global uncertainties. Key Takeaways: • India's growth forecast has been cut by 0.3 percentage points to 6.2 per cent from 6.5 per cent for the financial year 2025-26 and by 0.2 percentage points to 6.3 per cent from 6.1 per cent for the next financial year 2026-27. • 'For India, the growth outlook is relatively more stable at 6.2 percent in 2025, supported by private consumption, particularly in rural areas, but this rate is 0.3 percentage point lower than that in the January 2025 WEO Update on account of higher levels of trade tensions and global uncertainty,' the report stated. • The real GDP growth for India for 2025-26, as per the Reserve Bank of India, is projected at 6.5 per cent lower than earlier projection of 6.7 per cent, with Q1 growth seen at 6.5 per cent; Q2 at 6.7 per cent; Q3 at 6.6 per cent; and Q4 at 6.3 per cent. • The IMF has also cut its forecast for global growth by 0.5 percentage point to 2.8 per cent for 2025 and by 0.3 percentage point to 3 per cent for 2026 from its January forecast. 'The swift escalation of trade tensions and extremely high levels of policy uncertainty are expected to have a significant impact on global economic activity,' the report said. The forecast for growth in global trade was also slashed by 1.5 percentage point to 1.7 per cent. • Growth in the United States is expected to slow to 1.8 percent, a pace that is 0.9 percentage point lower than the January projection, on account of greater policy uncertainty, trade tensions, and softer demand momentum, whereas growth in the euro area at 0.8 per cent is expected to slow by 0.2 percentage point. Do You Know: • The World Economic Outlook (WEO) is a survey of prospects and policies by the IMF staff, usually published twice a year, with updates in between. It presents analyses and projections of the world economy in the near and medium term, which are integral elements of the IMF's surveillance of economic developments and policies in its member countries and of the global economic system. They consider issues affecting advanced, emerging and developing economies, and address topics of pressing current interest. Other Important Articles Covering the same topic: Previous year UPSC Prelims Question Covering similar theme: 4. 'Global Financial Stability Report' is prepared by the (2016) (a) European Central Bank (b) International Monetary Fund (c) International Bank for Reconstruction and Development (d) Organization for Economic Cooperation and Development Gold glitters above `1 lakh: Why yellow metal prices are surging? Syllabus: Preliminary Examination: Current events of national and international importance. Main Examination: General Studies III: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. What's the ongoing story: Gold prices are glittering above the Rs 1 lakh-level per 10 gm for the first time as the international prices surged after US President Donald Trump unveiled plans to overhaul the Federal Reserve. Gold consolidated its position as the best safe haven asset in the volatile global financial markets. Key Points to Ponder: • Why gold prices crossed Rs 1 lakh-mark? • What are the reasons which has significantly contributed to the recent surge in gold prices in India? • How does a weakening US dollar typically affect gold prices? • What is the impact of lower interest rates on gold investment? • What role does the festive season in India play in gold demand? • What is Gold Exchange-Traded Funds (ETFs)? • What is the effect of import duty reduction on gold prices in India? • What do you understand by the term 'safe-haven asset' in the context of gold? Key Takeaways: • The price of 24-karat gold (999 fineness) was quoted at Rs 101,350 per 10 gm in the Mumbai bullion market on Tuesday. The price of 22 karat gold was quoted at Rs 92,900 per 10 gm on Tuesday as global markets continued to remain jittery over Trump's tariff plans and his threat to revamp the US Fed that could lead to a spike in inflation and interest rates. • Gold prices in India generally follow international prices. Global gold prices continued to surge with rates crossing $3,400 an ounce even as the US dollar tumbled. Gold has gained nearly 59 per cent since March 2024. A weaker dollar boosts demand for gold, since it makes the metal more affordable to investors holding foreign currencies. • Gold price today in New York is around $3,486.85 per troy ounce. The gold price rally is largely driven by renewed uncertainty surrounding US monetary policy, after Trump unveiled plans to overhaul the Federal Reserve. The US President intensified his attack on Federal Reserve chief Jerome Powell for not cutting interest rates even as the US dollar sinks in the currency market. • The surge in gold prices is also driven by escalating geopolitical risks, strong central bank demand, and persistent inflation concerns. There are heightened tensions on the Russia-Ukraine front too. This new layer of uncertainty is complicating the path ahead for the US Fed decision on the interest rates. Do You Know: • India is the second largest gold market in the world after China. Gold demand in the country in 2024 stood at 802.8 tonnes, as against 761 tonnes in 2023. China's demand was 985 tonnes. The total gold demand value in India went up by 31 per cent at Rs 5.15 lakh crore in 2024, compared to Rs 3.92 lakh crore in 2023, according to a World Gold Council (WGC) report, • Gold holds a significant place in Indian culture, often being accumulated over generations. During times of financial need such as hospital expenses and college fees, individuals are more willing to pledge their gold holdings like jewellery to secure loans. Previous year UPSC Prelims Question Covering similar theme: 5. What is/are the purpose/purposes of Government's 'Sovereign Gold Bond Scheme' and 'Gold Monetization Scheme'? (2016) 1. To bring the idle gold lying with Indian households into the economy. 2. To promote FDI in the gold and jewellery sector. 3. To reduce India's dependence on gold imports. Select the correct answer using the code given below: (a) 1 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3 Syllabus: Preliminary Examination: Current events of national and international importance. Main Examination: General Studies II: Bilateral, regional and global groupings and agreements involving India and/or affecting India's interests. What's the ongoing story: On Thursday (April 17), Saudi Arabia's Defence Minister, Prince Khalid bin Salman, met Iran's Prime Minister, its Chief of Armed Forces, and delivered a letter to Supreme Leader Ali Khamenei from King Salman. The last time a Saudi Defence Minister visited Tehran was 26 years ago, in 1999. Key Points to Ponder: • Iran-Saudi Arab bilateral ties—What you know about the same? • What is the conflict between Iran and Saudi Arabia? • Map Work-Saudi Arabia and Iran • Why relation between these two countries were severed? • India has so far avoided commenting on the Iran-Saudi détente-Examine India's role • What has changed for Iran? • What will be the implications of the recent Iran-Saudi rapprochement on the geopolitical dynamics of the Middle East? • Know the role of external powers, such as China and the United States, in influencing Iran-Saudi relations. Key Takeaways: • Prince Khalid's visit occurred while American and Iranian delegations prepared to continue negotiations towards a nuclear deal (in Rome) – an endeavour that the Saudi Foreign Ministry has welcomed 'as a way to end regional and international disputes'. 12 years ago, when Washington and Tehran were exploring a similar deal, the then Saudi Foreign Minister had asserted that Riyadh was 'seeking neither conciliation nor a settlement between Iran and any entity that wants to negotiate with it'. • Iran still seeks a regional order that is shaped without the United States. Tehran's 'Axis of Resistance' has usually been a modular instrument that has turned towards US forces in the region, to inflict (usually limited) damage. This allows Tehran a strong bargaining chip to impose human and material costs on the US military, spread across bases in Arab states (with the largest in Qatar). • Saudi Arabia, on the other hand, has historically relied on the United States' security presence in the Middle East, with the US Air Force using the Prince Sultan Air Base as a hub for regional operations. In his meeting with Prince Khalid, Khamenei emphasised that 'it is far better for brothers in the region to cooperate with and assist each other than to depend on others' – a nod to Iran's continued preference for reduced Saudi dependence on the United States. • While Iran maintains that it is opposed to nuclear weaponization, its uranium enrichment has proceeded at a faster pace in the period between 2023 (when Riyadh and Tehran normalised ties) and 2025, compared to 2013 and 2015 (when the Obama-era nuclear deal was negotiated and signed). • For instance, when Saudi Arabia was increasingly expressing its distrust of Iran in 2013, Iran's stockpile of 60% enriched uranium was at 128.3 kgs according to IAEA estimates. By February 2025, two months after MBS expressed support for expanded ties with Iran and the protection of Iranian sovereignty, this estimate was 274.8 kgs. Do You Know: • The rivalry between Saudi Arabia and Iran is rooted in Islamic sectarianism. While Iran is the foremost Shia state in the world, Saudi Arabia is considered to be the religious home of Sunni Islam. In modern times, this sectarian rivalry has translated into a tussle for regional hegemony. This has played a role in both sides being involved in multiple proxy conflicts against each other in Iraq, Lebanon, Syria and most devastatingly, Yemen. • According to The New York Times, in Yemen, Saudi bombs aimed at reversing gains by Iranian-backed rebels have killed large numbers of civilians. Those rebels have responded by firing increasingly sophisticated missiles and armed drones at Saudi cities and oil facilities. All sides in the conflict have repeatedly violated human rights and international humanitarian law, a Council on Foreign Relations report said. A December 2020 UN report said that since 2015 the 'war caused an estimated 233,000 deaths, including 131,000 from indirect causes such as lack of food, health services and infrastructure'.
