AMIGOS IAS Daily Current Affairs (29^th August 2024)

The Impact of PMJDY on India’s financial and banking Sector

GS 2: Polity and Governance: PMJDY Scheme

Why is it in the news?

• As the Pradhan Mantri Jan Dhan Yojana (PMJDY) marked its 10th anniversary on August 28, 2024, PM Narendra Modi celebrated the scheme’s significant impact on financial inclusion, particularly benefiting women, youth, and marginalized communities.
• Launched on August 28, 2014, as a national mission to boost financial inclusion, PMJDY has seen the opening of 53.13 crore Jan Dhan accounts.
• Notably, 29.56 crore of these accounts belong to women, which surpasses the population of the European Union and is nearly equivalent to the population of the United States.

More about the news

• Announced during Modi’s first Independence Day address, PMJDY aimed to provide Basic Savings Bank Accounts without minimum balance requirements and included features such as RuPay debit cards with insurance covers and overdraft facilities.
• The scheme marked a significant push for financial inclusion, with banks opening around 1.8 crore accounts in just one week—a record achievement recognized by Guinness World Records.
• By August 14, 2024, PMJDY had 53.13 crore accounts, including 35.37 crore in rural areas and 17.76 crore in urban areas, with total deposits of Rs 2,31,235.97 crore. Women hold over half of these accounts.
• Public sector banks have the largest share of PMJDY accounts, followed by Regional Rural Banks, private sector banks, and Rural Co-operative Banks. Uttar Pradesh has the highest number of accounts, while Lakshadweep has the fewest.
• The PMJDY has had a transformative impact on India’s financial and banking sectors. The vast number of new bank accounts has increased demand for banking services, prompting commercial banks to expand their infrastructure.
• The number of bank branches grew by 46% to 1,54,983 in 2023 from 1,05,992 in 2013, with 35% located in rural areas. ATMs increased by 30% from 1,66,894 to 2,16,914, and Points of Sale (POS) grew from 10.88 lakh to 89.67 lakh over the past decade.
• The introduction of payment solutions such as the Unified Payments Interface (UPI) two years after PMJDY has further streamlined and increased banking transactions.
• According to the Reserve Bank of India’s Report on Currency and Finance, India’s financial inclusion initiatives, spurred by PMJDY, have evolved bank accounts into versatile payment intermediaries. The World Bank’s Findex database reported that 78% of Indian adults had a bank account in 2021, up from 53% in 2014.
• Furthermore, PMJDY accounts have become crucial to the government’s DBT architecture, ensuring quicker benefit distribution to the poor and improving efficiency by eliminating ineligible or fraudulent beneficiaries.
• Hence, the combined impact of DBT and governance reforms has led to a savings of Rs 3.48 lakh crore in government scheme implementations, including MG-NREGS and PM-Kisan, as reported by the RBI’s Report on Currency and Finance.

ISRO’s humanoid skull for the Gaganyaan Mission

GS 3: Science and Technology: Vyomitra

Why is it in the news?

• The Indian Space Research Organisation (ISRO) is preparing to launch the uncrewed Gaganyaan mission in 2025, which will feature Vyomitra, a female half-humanoid designed to assist in space operations.

More about the news

• Recently, ISRO’s Inertial Systems Unit at the Vikram Sarabhai Space Centre in Thiruvananthapuram, Kerala, finalized the design for Vyomitra’s skull.
• Vyomitra, meaning “space friend,” will be equipped with movable arms, a torso, a face, and a neck to function autonomously in space.
• Humanoids, like Vyomitra, are robotic systems that mimic human appearance and perform tasks in space. They assist astronauts by carrying out repetitive or hazardous tasks such as cleaning solar panels or repairing equipment outside the spacecraft. This capability helps protect astronauts and allows them to focus on their scientific missions.
• The primary goal of sending Vyomitra into space next year is to demonstrate its technological capabilities. During the mission, Vyomitra will use its robotic arms to operate crew consoles, monitor various systems within the crew module, and communicate with mission control on Earth.
• This will help ISRO assess the robot’s performance and the potential effects of space travel on humans, in preparation for India’s first crewed mission planned for later in 2025.
• ISRO designed Vyomitra’s skull using an aluminium alloy called AlSi10Mg, known for its high flexibility, lightweight, heat resistance, and mechanical properties. This alloy, commonly used in automotive and aerospace industries, was chosen for its ability to withstand extreme vibrations experienced during rocket launches.
• The skull, which measures 200mm x 200mm and weighs 800 grams, benefits from the alloy’s yield strength of over 220 MegaPascals, ensuring durability under stress.
• The humanoid skull was produced using Additive Manufacturing (AM), a process akin to 3D printing. AM allows for the creation of lattice structures within the skull, reducing its overall weight while maintaining strength.
• This lightweight design is crucial for space missions, as heavier payloads require more fuel and larger rockets to reach space.

Canada’s new policy to reduce low-wage temporary workers

GS 2: International Relations: Policy affecting India’s interests

Why is it in the news?

• Canadian Prime Minister Justin Trudeau announced a new policy to reduce the number of low-wage, temporary foreign workers in Canada. The aim is to decrease their proportion from 6.2% to 5% of the population over the next three years.

Temporary workers in Canada

They include:

• Those on Temporary Work Visas: They work in low-wage jobs for fixed periods, often earning CAD 13-19 per hour.
• International Students: They may stay on work visas after their studies and work under certain restrictions during their time in Canada.
• Spouses of International Students: They work in low-wage jobs under Spouse Open Work Permits (SOWPs).
• Workers with LMIA Contracts: Employers use Labour Market Impact Assessment (LMIA) to hire foreign workers when Canadians are unavailable.
• Humanitarian and Reciprocal Program Participants: This includes those arriving under special programs or as asylum-seekers.

Impact on Indians

• This policy is likely to significantly affect Indians, who make up about 40% of Canada’s international student population. Many are from Punjab, and new restrictions could limit their job opportunities and future prospects.
• Previously, there were no caps on international students or Spouse Open Work Permits (SOWPs), but Trudeau’s announcement suggests a tighter approach, which could impact Indians considering Canada for migration.
• The Canada’s Immigration Minister has acknowledged the rise in temporary residents in critical sectors and emphasized the need for better pathways to Permanent Residency (PR).
• Experts suggest that the policy could either further restrict temporary worker entry or create more pathways to PR.

Understanding PMLA’s bail concession for women

GS 2: Polity and Governance: PMLA bail provisions

Why is it in the news?

• The Supreme Court has granted bail to Bharat Rashtra Samithi (BRS) leader K. Kavitha, who faced graft and money laundering charges related to the alleged Delhi excise policy scam.
• The Court criticized the Delhi High Court’s earlier decision to deny Kavitha’s bail plea, which had rejected the application of a rare concession under the Prevention of Money Laundering Act, 2002 (PMLA) for women.
• The High Court had deemed Kavitha’s status as “well-educated” and “well-placed in society” as reasons she did not qualify as a “vulnerable” woman under the PMLA’s exception.

More about the news

• Section 45 of the PMLA imposes strict conditions for bail: the accused must prove prima facie innocence and show they are not likely to commit further offenses. This makes obtaining bail challenging until the trial’s conclusion.
• However, a crucial exception in the proviso to clause (1) of Section 45 allows courts to exempt individuals under 16, women, the sick, or the infirm from these conditions. This is similar to exemptions provided under other criminal laws like Section 437 of the Code of Criminal Procedure, 1973 (CrPC).
• The Supreme Court clarified that the PMLA’s concession for women is based on Article 15(3) of the Constitution, which mandates special provisions for women and children. The Delhi High Court had previously argued that K. Kavitha, being a “well-educated and accomplished woman,” did not fit the PMLA exception.
• The Court, however, found that the High Court had misapplied the Supreme Court’s judgment in Saumya Chaurasia v. Directorate of Enforcement (2023).
• Further, Justice B.R. Gavai highlighted that the judgment urged sensitivity and discretion in applying the bail exception and clarified that high education or political status does not automatically disqualify a woman from receiving the PMLA’s bail benefit.
• In June last year, the Delhi High Court granted bail to Preeti Chandra, wife of Unitech promoter Sanjay Chandra, despite the ED’s argument that her business involvement excluded her from the PMLA concession.
• Justice Jasmeet Singh ruled that neither the PMLA nor the Constitution classifies women based on education or social standing, emphasizing a liberal interpretation of the bail provisions.
• The Supreme Court affirmed this decision in August last year, noting that bail eligibility requires the accused not to be a flight risk or capable of tampering with evidence.

Guru Padmasambhava

GS 1: Culture and History: Buddhism

Why is it in the news?

• The International Buddhist Confederation, in collaboration with Nava Nalanda Mahavihara is organizing a two-day International Conference on the Life and Living Legacy of Guru Padmasambhava in Nalanda, Bihar.

More about the news

About the Conference

• The conference will focus on various themes related to Guru Padmasambhava, including his biographical insights and mythology, teachings of Vajrayana Buddha Dhamma and Tantra, his cultural and artistic contributions, his travels and regional impact, and his contemporary relevance.
• The objectives are to celebrate Guru Padmasambhava’s diverse Dhamma legacy through manuscripts, relics, paintings, and monuments, to understand his methods of integrating local customs and rituals into Buddha’s teachings, and to explore how he adapted Buddha Dhamma to local cultures, making it more accessible.

About Guru Padmasambhava

• Guru Padmasambhava, often revered as the “Second Buddha,” played a crucial role in spreading Buddhism throughout Tibet and the Himalayan regions.
• His name, meaning “Lotus-Born,” refers to his miraculous birth from a lotus flower in a lake, which is said to be located in the Swat Valley of present-day Pakistan or a mythical region in northwestern India.
• Padmasambhava introduced Vajrayana Buddhism, which emphasizes esoteric practices like mantras, mudras, and visualizations as pathways to enlightenment.
• He is credited with teaching various forms of meditation and passing down secret tantric teachings that are foundational to Tibetan Buddhism, especially within the Nyingma school, which considers him its founding master.
• Padmasambhava is known for hiding spiritual treasures, or termas, across Tibet and surrounding areas for future generations to discover. His life and achievements are celebrated in numerous texts, and he is frequently depicted in thangka paintings, sculptures, and religious artwork throughout the Himalayan region.
• Guru Rinpoche’s Day, observed on the 10th day of the lunar month, honours his lasting influence through prayers, meditation, and rituals performed by devotees across the Himalayan region.

India’s position to broker a ceasefire between Russia and Ukraine

GS 2: International Relations: India-Russia-Ukraine

Why is it in the news?

• Following Prime Minister Narendra Modi’s recent visit to Kyiv, there has been speculation that India might play a role in brokering peace between Russia and Ukraine.
• Modi’s upcoming engagements, including his travel to the United Nation (UN) in September to meet with U.S. and European leaders and potentially Ukrainian President Volodymyr Zelenskyy, as well as his planned visit to Russia for the BRICS summit in October, have fuelled these hopes.
• However, a closer examination of India’s position and the current dynamics of the conflict suggests that India may not be well-placed to mediate effectively.

An Analysis

• Since Russia’s invasion of Ukraine in 2022, India has maintained a neutral stance, distancing itself from direct involvement in what External Affairs Minister S. Jaishankar referred to as “Europe’s war.”
• India has opted not to participate in peace initiatives, such as the Swiss peace summit, and has consistently emphasized its neutrality, asserting that it is “on the side of peace.”
• Despite this, India’s historical ties with Russia and its dependence on Russian military and energy resources have led to perceptions of partiality towards Moscow. To effectively mediate, India would need to project a more neutral image.
• The ongoing conflict, marked by recent escalations such as Russia’s attacks on Ukraine before Modi’s Moscow visit and Ukraine’s operations in Russia’s Kursk Oblast before Modi’s Kyiv visit, highlights the deep-seated tensions and strategic posturing of both sides.
• This indicates that both Russia and Ukraine are still pursuing military objectives despite international diplomatic efforts.
• For India to contribute meaningfully to conflict resolution, it must proceed cautiously and develop a clear strategy.
• Past successful mediation efforts, such as the Black Sea Grain Initiative, the IAEA’s work on nuclear safety at the Zaporizhzhia power plant, and recent prisoner exchanges between Russia and Ukraine, demonstrate that focused agendas are crucial for effective mediation.
• India should also articulate its own principles for a ceasefire and a sustainable peace agreement. Historical context may offer insights; in the 1950s, Prime Minister Jawaharlal Nehru mediated with Soviet leader Nikita Khrushchev for the withdrawal of troops from Austria in exchange for Austrian neutrality.
• Moreover, an Indian peace initiative would face additional complexities given the positions of Ukraine and Russia.
• Ukraine demands a complete Russian military withdrawal, while Russia calls for Ukrainian withdrawal from occupied territories and for Kyiv to abandon its NATO aspirations. These divergent demands underscore the challenging nature of any potential mediation effort.

India and Russia sign a working plan to handle emergencies

GS 2: International Relations: India-Russia

About the news

• India and Russia have signed a working plan for the Joint Russian-Indian Commission on Cooperation in Emergency Management for the period 2025-26. This plan outlines continued collaboration in disaster management, focusing on sharing best practices and lessons learned.
• The signing of this plan builds on previous agreements, such as the Inter-Governmental Agreement (IGA) for emergency management cooperation signed in December 2010 and the establishment of the Indo-Russian Joint Commission in 2013. The commission first convened in New Delhi in 2016.
• During the meeting, three key areas were discussed: the use of space monitoring technologies for risk forecasting and emergency response, the exchange of experiences in handling large-scale disasters, and cooperation in training fire and rescue specialists.
• The next meeting of the commission is scheduled to take place in India in 2026. The new working plan is expected to enhance bilateral efforts, promote mutual assistance, and advance capacity building for both nations.

Chandipura virus

GS 2: Miscellaneous

About the news

• The World Health Organization (WHO) has identified the current outbreak of Chandipura virus (CHPV) in India as the largest in the past two decades.
• Despite ongoing efforts to control the virus, the WHO has warned that further transmission remains possible in the coming weeks due to the favourable conditions for vector populations during the monsoon season in the affected areas.
• While the WHO has not recommended any general travel or trade restrictions, it has emphasized the need for enhanced surveillance in high-risk areas, particularly targeting individuals at risk, such as children under 15 with acute fever and central nervous system symptoms.
• From early June to August 15, India’s Health Ministry reported 245 cases of acute encephalitis syndrome (AES), with 82 deaths, resulting in a case fatality rate of 33%. Among these, 64 cases have been confirmed as Chandipura virus infection. The majority of confirmed cases, 61, are from Gujarat, with the remaining three from Rajasthan.
• CHPV is transmitted by vectors such as sandflies, mosquitoes, and ticks. According to the WHO, early access to care and intensive supportive treatment can improve survival rates for affected individuals.