1) RBI’s $10 Billion Buy-Sell Swap: Easing Liquidity and Stabilizing the Rupee

GS 3: Economy: Dollar-Rupee Swap

Why is it in the news?

• Following a $5 billion dollar-rupee swap conducted less than a month ago, the Reserve Bank of India (RBI) has announced another $10 billion dollar-rupee buy-sell swap to inject long-term rupee liquidity. This move aims to address the system’s liquidity needs, stabilize the rupee, and strengthen foreign exchange reserves.

Purpose of the Swap

• According to experts, the swap mechanism offers immediate liquidity support, reducing pressure on the rupee amid foreign fund outflows. This measure boosts market confidence by curbing exchange rate volatility.
• Additionally, it enhances the RBI’s dollar reserves, crucial during interventions to prevent rupee depreciation.

Severity of the Liquidity Crunch

• India’s banking system faced its worst liquidity crunch in over a decade in January 2025, with the liquidity deficit peaking at ₹3.15 lakh crore on January 23, the lowest level in nearly 15 years.
• Factors like tax outflows, GST payments, and RBI’s forex interventions, along with increased currency in circulation (CIC), strained cash flows. This forced banks to rely heavily on market borrowing, pushing interbank call money rates above the 6.50% policy repo rate, as per Crisil.
• RBI’s efforts to stabilize the rupee involved selling dollars, which drained rupee liquidity from the system. The central bank’s outstanding net forward dollar sales reached $67.93 billion as of December 31, 2024.
• In the spot market, the RBI sold $45 billion during the third quarter—$15.15 billion in December, $20.22 billion in November, and $9.27 billion in October.

How the Swap Works

• The dollar-rupee swap is a simple buy-sell foreign exchange transaction. In the first leg, a bank sells US dollars to the RBI at the FBIL Reference Rate of the auction date. The RBI credits the rupee equivalent to the bank’s current account, while the bank delivers the dollars to the RBI’s nostro account.
• In the reverse leg, at the end of the swap period, the bank returns the rupee funds along with the swap premium to reclaim the original dollar amount.

RBI’s Liquidity Measures

• To address liquidity stress, the RBI infused over ₹3.6 lakh crore into the banking system in the past five weeks through debt purchases, forex swaps, and longer-duration repos. In January, it conducted several variable rate repo (VRR) auctions of varying tenors, including daily VRR auctions from January 16 to January 23.
• Additional measures included a $5 billion swap on January 31, open market operations (OMO) to purchase ₹60,000 crore of government securities, and a 56-day VRR auction scheduled for February. These steps collectively aimed to ease liquidity constraints and support the banking system.

2) UGC Discontinues UGC-CARE List of Journals

GS 2: Polity and Governance: Identifying quality academic journals

Why is it in the news?

• The University Grants Commission (UGC) has decided to discontinue the UGC Consortium for Academic and Research Ethics (UGC-CARE) list, introduced in 2018 to identify quality academic journals.
• The list will now be replaced by suggestive parameters for selecting journals, based on eight specific criteria.

New Parameters for Journals

• The draft notification titled “Suggestive Parameters for Peer-Reviewed Journals” outlines 36 parameters under eight key criteria. Under the preliminary criteria, the UGC advises teachers to check the journal’s title, international standard serial number (ISSN), periodicity, continuity, and transparency of the review policy before submitting articles.
• For the editorial board, authors must ensure that details and composition of the editorial board are accessible. Other parameters include journal editorial policy, standards, visibility, and adherence to research ethics.

Reasons for Discontinuation

• The UGC-CARE list aimed to promote reputable journals for faculty selections, promotions, and research funding. However, UGC Chairman recently highlighted issues such as over-centralisation, delays in updating the list, and limited availability of journals in regional languages like Tamil.
• There were also concerns about the lack of transparency in the decision-making process, which led to the exclusion of highly respected Indian-language journals.
• The UGC believes the new approach will curb predatory journals and decentralise the selection process. Higher education institutions (HEIs) will now be responsible for evaluating journals and ensuring adherence to high academic and ethical standards.
• Institutions can develop their own mechanisms, aligning them with the UGC’s suggested parameters while considering the unique needs of different disciplines and emerging fields.

Concerns and Criticism

• The decision has drawn criticism from students and academics, who fear it could lead to a proliferation of low-quality journals. The Students’ Federation of India (SFI) condemned the move, stating that it was implemented without sufficient consultation with the academic community.
• They view it as a setback to academic integrity and quality research in India, aligning with broader deregulation trends under the National Education Policy (NEP) 2020.
• While decentralisation promotes academic freedom, the absence of central oversight could result in inconsistent and arbitrary evaluation processes across institutions, further complicating the maintenance of journal quality and research standards.

3) Chandrayaan-3 Unveils First Detailed Map of Moon’s South Pole

GS 3: Science and Technology: Analyzing Lunar Regolith

Why is it in the news?

• Astronomers are analyzing the first-ever detailed geological map of the moon’s south polar region, created using data from India’s Chandrayaan-3 mission.
• The map, developed by researchers from the Physical Research Laboratory (PRL) in Ahmedabad, Panjab University, and ISRO’s Laboratory for Electro-Optics Systems, provides new insights into the moon’s origin and evolution.
• It was generated from data collected by the Pragyan rover, deployed by Vikram, during its nine-day mission to analyze the chemical composition of the lunar regolith.

Solving the Magma Mystery

• The data from Chandrayaan-3 confirmed the existence of an underground ocean of molten rock, or primordial magma, beneath the lunar surface.
• Earlier missions, such as the US Surveyor spacecraft, Apollo moonshots, Russian Luna, and Chinese Chang’e 3 probes, had hinted at this presence. However, these missions primarily explored equatorial and mid-latitude regions, leaving the polar areas unexamined.
• Chandrayaan-3, landing 630 km from the moon’s south pole, was the first to investigate this high-latitude region. In September 2024, PRL scientists announced that the Pragyan rover’s Alpha Particle X-ray Spectrometer detected magma under the landing site, confirming the ancient lava ocean extended across the entire moon.

Mapping Vikram’s Landing Site

• The new map reveals an undulating landscape of highlands and low, flat plains around Vikram’s landing site.
• Researchers traced the alignment of secondary craters—formed when debris from an impact crater lands elsewhere—and identified the Schomberger crater as the primary source of debris covering the Chandrayaan-3 landing zone.

A Common Origin of Earth and Moon

• Using the map, scientists estimated the region’s age to be around 3.7 billion years, coinciding with the emergence of microbial life on Earth. The earth and moon share a similar evolutionary trajectory, evident in their complementary geochemistries and orbital alignments.
• Astronomers believe that around 4.5 billion years ago, a Mars-sized planetary rock collided with the young Earth. The resulting debris eventually cooled and solidified into a molten sphere, captured by Earth’s gravity to form the moon.
• The infant moon, in its early years, was heavily bombarded by asteroids, creating numerous craters, including the South Pole-Aitken Basin near Vikram’s landing site—one of the largest impact craters in the solar system.

Cratering History and Geological Insights

• The moon’s airless and arid conditions preserve craters for millennia, making them valuable for studying impact events across the solar system.
• Lunar impact basins retain records of space-rock collisions from the solar system’s formation, helping scientists calculate the age of geological features on other solid planets. The new moon map thus holds significant importance for future astrogeological studies.

Threats to the Lunar Landscape

• Despite its historical importance, the pristine lunar landscape faces threats from ongoing and future space missions. Since the Soviet Union’s Luna 2 crash-landed on the moon in 1959, numerous robotic and crewed missions from the U.S., China, India, Israel, Japan, and the European Space Agency have left behind spacecraft components and waste.
• It remains unclear how these missions have disturbed the regolith, which supports the moon’s thin exosphere formed by space-rock impacts and solar wind interaction.
• Scientists are also concerned about the contamination of lunar ice reserves due to spacecraft exhaust. When a lander touches down, the water vapor released from its engine spreads across the lunar surface and eventually freezes at the poles.
• This contamination leads to inaccurate readings for researchers studying lunar water ice distribution. As lunar exploration and resource mining expand, these concerns are expected to grow, emphasizing the need for sustainable space exploration practices.

4) Zonal Councils: Antidote to Linguistic Hostility

GS 2: Polity and Governance: Zonal Councils

Why is it in the news?

• Union Home Minister chaired the 27th meeting of the Western Zonal Council in Pune on February 22. These councils, established in the 1950s, aimed to address the linguistic hostilities and bitterness arising from state reorganization based on linguistic lines.

Idea Mooted by Jawaharlal Nehru

• The idea of Zonal Councils was proposed by Prime Minister Jawaharlal Nehru in 1956 during discussions on the States Reorganisation Commission report. Nehru suggested grouping the reorganized states into four or five zones, each with an Advisory Council to promote cooperative working among states.
• This initiative was aimed at mitigating linguistic tensions and fostering a healthy inter-state and Centre-State relationship for balanced socio-economic development.
• Accordingly, five Zonal Councils were established under the States Reorganisation Act, 1956.

Members of Zonal Councils

The five Zonal Councils are:

• Northern Zonal Council: Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab, Rajasthan, Delhi, and Chandigarh.
• Central Zonal Council: Chhattisgarh, Uttarakhand, Uttar Pradesh, and Madhya Pradesh.
• Eastern Zonal Council: Bihar, Jharkhand, Odisha, and West Bengal.
• Western Zonal Council: Goa, Gujarat, Maharashtra, and the Union Territories of Daman & Diu and Dadra & Nagar Haveli.
• Southern Zonal Council: Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Puducherry.
• Additionally, the North Eastern Council was formed under the North Eastern Council Act, 1972, including Assam, Arunachal Pradesh, Manipur, Tripura, Mizoram, Meghalaya, and Nagaland. Sikkim, previously part of the Eastern Zonal Council, joined the North Eastern Council in 2002.

Composition of Zonal Councils

• Each Zonal Council has a Standing Committee comprising the Chief Secretaries of member states. These committees meet periodically to resolve issues and prepare for council meetings. Senior officials from the other central ministries also participate when required.

The composition of each council includes:

• Chairman: Union Home Minister.
• Vice-Chairman: Chief Ministers of member states, serving on a rotational basis for one year.
• Members: Chief Minister, two ministers nominated by the Governor from each state, and two representatives from Union Territories.
• Additional Members: A Planning Commission nominee, Chief Secretaries, and another officer from each state.
• In 2018, the Union Cabinet, chaired by PM Narendra Modi, designated the Union Home Minister as the ex-officio chairman of the North Eastern Council, with the Minister for Development of North Eastern Region (DoNER) as Vice Chairman.

Role and Functions of Zonal Councils

• Zonal Councils act as platforms for resolving Centre-State and inter-state disputes through open discussions. They promote regional cooperation in economic and social planning, border disputes, protection of linguistic minorities, inter-state transport issues, and matters related to state reorganization.
• The current government has transformed the councils from advisory bodies into action platforms, emphasizing cooperative and competitive federalism for comprehensive national development.

5) Ajit Singh and the Legacy of Pagri Sambhal Jatta Movement

GS 1: Culture and History: Farmers movement

Why is it in the news?

• Farmers protesting at the Punjab and Haryana borders observed February 23 as Pagri Sambhal Diwas to honour Ajit Singh, the paternal uncle of Bhagat Singh.
• Ajit Singh played a significant role in India’s freedom struggle and led the historic Pagri Sambhal Jatta movement against British agricultural policies.

Who was Ajit Singh?

• Born on February 23, 1881, in Khatkar Kalan village (now in Shaheed Bhagat Singh Nagar district, Punjab), Ajit Singh was a prominent revolutionary and nationalist leader. He was the elder brother of Kishan Singh, Bhagat Singh’s father, and a key influence in shaping Bhagat Singh’s ideology.
• He spent nearly four decades in exile, from 1909 to 1947, as the British targeted him for his role in the farmers’ agitation. He returned to India in March 1947 but passed away on August 15, 1947, the day India gained independence, while in Dalhousie due to ill health.

The Pagri Sambhal Jatta Movement

• Ajit Singh launched the Pagri Sambhal Jatta movement in 1907 to protest three oppressive agricultural laws imposed by the British:

1) Punjab Land Alienation Act, 1900: Restricted farmers’ rights to sell or mortgage land, favouring moneylenders and landlords.

2) Punjab Land Colonisation Act, 1906: Gave the British control over land in the Chenab Colony, requiring farmers to transfer land to the government instead of heirs.

3) Doab Bari Act, 1907: Stripped farmers of ownership rights, reducing them to contract workers.

• The British further burdened farmers by increasing taxes on agricultural land and irrigation water, pushing many into debt and landlessness. In response, Ajit Singh and Kishan Singh formed the Bharat Mata Society, a revolutionary group advocating farmers’ rights.
• The movement’s slogan, Pagri Sambhal Jatta (“Take care of your turban, O farmer”), symbolized self-respect and resistance. It was coined by Banke Dayal, a nationalist poet whose writings fuelled the agitation.

Impact of the Movement

• Pagri Sambhal Jatta was one of the first major farmer movements against British rule, inspiring future protests, including the Ghadar Movement and Bhagat Singh’s revolutionary activities.
• The agitation led to widespread civil disobedience, forcing the British to withdraw several oppressive clauses from the controversial laws. Ajit Singh and Lala Lajpat Rai were arrested in May 1907 and exiled to Burma (now Myanmar). However, due to intense public pressure, they were released in November 1907.
• Ajit Singh later escaped to Persia, Turkey, Brazil, Germany, and eventually settled in Italy, working closely with revolutionaries like Lala Hardayal and Madame Cama.

Observance of Pagri Sambhal Diwas

• Since 2021, farmers have observed Pagri Sambhal Diwas annually on February 23. In 2021, during the Delhi border protests against the now-repealed farm laws, Ajit Singh’s birth anniversary was commemorated to highlight farmers’ resilience.
• Currently, farmers are protesting at the Punjab and Haryana borders, demanding a legal guarantee for Minimum Support Price (MSP) and other rights.
• This enduring slogan, Pagri Sambhal Jatta, continues to symbolize farmers’ resistance and fight for justice since its inception in 1907.

6) PM Modi to Attend Historic Jhumur Event in Guwahati

GS 1: Culture and History: Tribal Dance

Why is it in the news?

• PM Narendra Modi will witness the “biggest ever” Jhumur event on February 24, 2025, at Guwahati’s Sarusajai Stadium. Around 8,600 dancers will perform at the Jhumoir Binandini 2025 event, marking the 200th anniversary of Assam’s tea industry.
• Assam Chief Minister Himanta Biswa Sarma confirmed that 60 heads of mission and ambassadors from various nations would also attend the event, which will inaugurate the Advantage Assam 2.0 summit.

The Tea Garden Community

• The tea garden community, often referred to as the “tea tribes,” comprises multi-ethnic and multi-cultural groups descended from Central Indian migrants. These workers, primarily from present-day Jharkhand, Odisha, Chhattisgarh, and West Bengal, were brought to Assam in the 19th century to work in British-owned tea plantations.
• Many of these migrations were forced, and even voluntary ones occurred under exploitative conditions. Migrant workers faced abysmal working conditions, meagre wages, and restricted freedom. Thousands died of diseases during their journey, and many were killed or brutally punished for attempting to escape the estates.
• Today, the descendants of these communities are primarily concentrated in tea-producing districts like Tinsukia, Dibrugarh, Sivasagar, Charaideo, Golaghat, Lakhimpur, Sonitpur, and Udalguri in Upper Assam, as well as Cachar and Karimganj in the Barak Valley.
• While they currently hold Other Backward Classes (OBC) status in Assam, they continue to demand Scheduled Tribe (ST) status, which many of their subgroups, like the Munda and Santhal, already have in their native states.
• Further, this community not only forms a significant portion of Assam’s population but also plays a crucial role in the state’s tea production. However, they remain socio-economically marginalized and among the poorest communities in the state.

Jhumur Dance: A Cultural Identity

• The Jhumur dance is an integral part of the tea garden community’s cultural heritage. Originating from the Sadan ethnolinguistic group of the Chotanagpur region, Jhumur is a prominent feature of Assam’s tea garden festivals, particularly during Tushu Puja and Karam Puja, which celebrate the harvest season.
• Women are the primary performers, singing while dancing in coordinated patterns with precise footwork. Men accompany them with traditional instruments like the madal, dhol, dhak (drums), cymbals, flutes, and shehnai. The dancers usually wear red and white sarees, though attire varies across communities.
• Jhumur songs are sung in native languages like Nagpuri, Khortha, and Kurmali, with significant Assamese influence. While the tunes are lively, the lyrics often highlight the hardships faced by tea plantation workers.
• Moreover, these songs reflect the history of migration and the exploitative labour conditions experienced by the community.

Social and Cultural Significance

• Beyond being a form of entertainment, Jhumur serves as a means of social cohesion for the tea garden community. Given their history of displacement and marginalization, Jhumur helps preserve their cultural identity while providing a platform to express shared experiences and resilience.
• The upcoming Jhumoir Binandini 2025 event not only celebrates this rich cultural tradition but also highlights the enduring spirit of Assam’s tea garden community.