Defence
Defence India Startup Challenge 5.0 launched

Relevance IN - Prelims ( about DISC 5.0 + about iDEX) + Mains ( GS II government polices and interventions + GS III indigenisation of technology)
What's the NEWS

• Defence Minister launched Defence India Startup Challenge (DISC) 5.0 under Innovations for Defence Excellence - Defence Innovation Organisation (iDEX-DIO)
• Thirty five Problem Statements - 13 from the Services and 22 from Defence Public Sector Undertakings (DPSUs) - were unveiled under DISC 5.0.
• These are in areas such as Situational awareness, Augmented Reality, Artificial Intelligence, Aircraft-trainer, Non-lethal devices, 5G network, Under-water domain awareness, Drone SWARMS and Data Capturing.
• The Problem Statements, designed to ensure military advantage in the foreseeable future, are the highest in any edition, so far.

Know! about Defence India Startup Challenge (DISC) 5.0

• Defence India Startup Challenge and Open Challenges provide many opportunities to our youth and entrepreneurs.
• They give a new direction to defence innovation and capabilities by highlighting the potential of India's science, technology and research
• iDEX4fauji is a similar initiative that gives an opportunity to the service personnel to showcase their talent in these fields.
•  iDEX provides a strong foundation of innovation, R&D to the industry.
• Initiatives like iDEX form a link between our youth, academia, R&D, start-ups and the Armed Forces
• The launch of DISC 5.0 by iDEX-DIO comes three years after the launch of DISC 1.0.
• The launch of DISC 5.0 is a massive leap towards leveraging the startup ecosystem to develop India's defence technologies, equipment design and manufacturing capabilities.
• It will encourage startups to become more attuned to innovative concepts and inculcate the approach of creative thinking in India's budding entrepreneurs.

Know! about iDEX

• The iDEX initiative was launched by Prime Minister Shri Narendra Modi in April 2018 to achieve self-reliance and foster innovation & technology development in defence and aerospace sectors
• iDEX aims at creation of an ecosystem to foster innovation and technology development in Defence and Aerospace by engaging Industries including MSMEs, start-ups, individual innovators, R&D institutes & academia.
• iDEX will be funded and managed by a ‘Defence Innovation Organization (DIO)' which has been formed as a ‘not for profit' company as per Section 8 of the Companies Act 2013 for this purpose, by the two founder members i.e. Defence Public Sector Undertakings (DPSUs) - HAL & BEL.
• iDEX will function as the executive arm of DIO, carrying out all the required activities while DIO will provide high level policy guidance to iDEX.

Environment Conservation
Online Trading of Energy Saving Certificates

Relevance IN - Prelims ( about Energy Saving Certificates (ESCerts) + Perform, Achieve and Trade (PAT) + BEE) + Mains ( GS III Infrastructure development - Energy)
What's the NEWS

• As part of "Azadi Ka Amrut Mahotsav", Ministry of Power organised an event to issue Energy Saving Certificates to best performing Industrial units.
• These units will be able to trade certificates through Power Exchange Portal after a month to those units who could not achieve their targets.

Initiatives to enhance energy efficiency

• Ministry of Power has taken several initiatives to enhance energy efficiency of major industrial sectors.
• The objective is to reduce consumption of fossil fuel, coal, oil and gas thereby leading to low carbon economy.
• This will not only enhance energy security for India but will also contribute towards climate goals as per the Paris Agreement.
• One of the flagship initiative known as Perform, Achieve and Trade (PAT) was implemented under Cycle II (during 2016-19) covering 621 large industries from 11 sectors.
• Bureau of Energy Efficiency who is piloting this initiative completed the verification of energy savings achieved by these industries called as Designated Consumers (DCs).
• This initiative has resulted in energy saving of Rs. 31,445 crores and industries have reported an investment of over Rs. 43,721 crores.

Energy Saving Certificates (ESCerts)

• In order to incentivise the exemplary performance, Ministry of Power issued Energy Saving Certificates (ESCerts) to those units who exceeded their targets.
• PAT scheme as a market-based mechanism, under National Mission for Enhanced Energy Efficiency (NMEEE) is to enhance cost effectiveness through certification of excess energy savings in energy intensive industries that can be traded.
• The scheme seeks to reduce the specific energy consumption (SEC), i.e. energy used per unit of production in energy intensive large industries.
• Under this scheme, an Energy Audit is done to verify the baseline data (current level of efficiency) and thereafter energy saving targets are given.
• Energy Saving Certificates (ESCerts) are issued to those plants that have achieved excess energy savings over their targets.
• Units that are unable to meet the targets either through their own actions or through purchase of ESCerts are liable to financial penalty under the Energy Conservation Act, 2001.
• After Issuance of ESCerts DCs are required to register with the Registry as Eligible Entity before registering with the power exchanges for trading of ESCerts and book keeping of ESCerts.
• The Trading of ESCerts takes place on the Power Exchange platform.

Know! about BEE

• The Government of India has set up the Bureau of Energy Efficiency (BEE) on 1st March 2002 under the provision of the Energy Conservation Act, 2001.
• The mission of the Bureau of Energy Efficiency is to assist in developing policies and strategies with a thrust on self-regulation and market principles with the primary objective of reducing energy intensity of the Indian economy within the overall framework of the Energy Conservation Act, 2001.
• This will be achieved with active participation of all stakeholders, resulting in accelerated and sustained adoption of energy efficiency in all sectors.

National Mission for Enhanced Energy Efficiency (NMEEE)

• It is one of the eight national missions under the National Action Plan on Climate Change (NAPCC).
• NMEEE aims to strengthen the market for energy efficiency through implementation of innovative business models in the energy efficiency sector.
• NMEEE consist of four initiatives to enhance energy efficiency in energy intensive industries which are as follows:
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Prelims Factoids
Mt Manirang
Relevance IN - Prelims ( about Mt Manirang and Manirang pass)

• As a part of commemorative activities for 'Azadi Ka Amrut Mahotsav', symbolising 75 years of Independence, Indian Air Force had flagged off an all Women Tri-Services Mountaineering Team on 01 Aug 21 from Air Force Station, New Delhi.
• The team successfully summited Mt Manirang (21,625 ft) on 15 August 2021. Mt Manirang is one of the highest peaks of Himachal Pradesh, nestled at the border of Kinnaur & Spiti districts.
• Close to the peak is the Manirang pass, which was one of the early trade routes between Spiti and Kinnaur, before the motorable road was built.

Economy
Oil Bonds

Relevance IN - Prelims ( about Oil bonds) + Mains ( GS II government policies + GS II Economic development)
What's the NEWS

• The Centre has argued that it cannot reduce taxes on petrol and diesel as it has to bear the burden of payments in lieu of oil bonds issued by the previous UPA government to subsidize fuel prices.
• Before the complete deregulation of petrol and diesel prices, oil marketing companies were faced with a huge financial burden as the selling price of petrol and diesel in India was lower than the international market price.
• This ‘under-recovery is typically compensated through fuel subsidies allocated in the Union budget.
• Between 2005 and 2010, the UPA government issued oil bonds to the companies amounting to Rs 1.4 lakh crore to compensate them for these losses.

Know! about Oil Bonds

• Oil bonds are issued by the government to compensate oil marketing companies (OMCs) to offset losses that they suffer to shield consumers from rising crude oil prices. The government issued these bonds mainly during 2005 to 2010.
• These bonds were issued to OMCs in lieu of cash at a time when the central government used to administer or fix petrol and diesel prices.
• Petrol and diesel prices were fixed by the government to cushion consumers from price shocks of costly international crude oil.
• For instance, previously, if crude oil prices were high, oil refining and marketing companies would technically sell petrol and diesel at retail outlets at a loss.
• The government, however, compensated oil companies by issuing long-term bonds that they could redeem at a later date, typically ranging 15-20 years.

Why the government issues Oil bonds?

• Compensation to companies through issuance of such bonds is typically used when the government is trying to delay the fiscal burden of such a payout to future years.
• Governments resort to such instruments when they are in danger of breaching the fiscal deficit target due to unforeseen circumstances that lead to a collapse in revenues or a surge in expenditure.
• These types of bonds are considered to be ‘below the line' expenditure in the Union budget and do not have a bearing on that year's fiscal deficit, but they do increase the government's overall debt.
• However, interest payments and repayment of these bonds become a part of the fiscal deficit calculations in future years.

What oil price deregulation means?

• Fuel price decontrol has been a step-by-step exercise, with the government freeing up prices of aviation turbine fuel in 2002, petrol in 2010, and diesel in 2014.
• Prior to that, the government would intervene in fixing the price at which retailers were to sell diesel or petrol.
• This led to under-recoveries for oil marketing companies, which the government had to compensate for.
• The prices were deregulated to make them market-linked, unburden the government from subsidising prices, and allow consumers to benefit from lower rates when global crude oil prices tumble.
• While oil price deregulation was meant to be linked to global crude prices, Indian consumers have not benefited from a fall in global prices as the central as well as state governments impose fresh taxes and levies to raise extra revenues.
• Price decontrol essentially offers fuel retailers such as Indian Oil, HPCL or BPCL the freedom to fix prices based on calculations of their own cost and profits.

Economy
Financial Inclusion Index (FI-Index)

Relevance IN - Prelims ( about FI -Index) + Mains ( GS III financial inclusion)
What's the NEWS

• Recently, the Reserve Bank of India (RBI) has unveiled the first composite Financial Inclusion Index (FI-Index).

Know! more about the Index

• The index has been conceptualised as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with the government and respective sectoral regulators.
• It will be published annually in July every year.
• It has been constructed without any ‘base year' and as such it reflects cumulative efforts of all stakeholders over the years towards financial inclusion.
• The index captures the extent of financial inclusion across the country.
• It 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.
• It comprises three broad parameters (weights indicated in brackets) viz., Access (35%), Usage (45%), and Quality (20%) 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 for all 97 indicators.

Know! the Importance of FI Index

• It provides information on the level of financial inclusion and measures financial services for use in internal policy making.
• It can be used directly as a composite measure in development indicators.
• It enables fulfilment of G20 Financial Inclusion Indicators requirements.
• The G20 indicators assess the state of financial inclusion and digital financial services, nationally and globally.
• It also facilitates researchers to study the impact of financial inclusion and other macroeconomic variables.

Personalities in NEWS (PIN)
Maharaja Ranjit Singh

Relevance IN - Prelims ( about Maharaja Ranjit singh)
What's the NEWS

• A bronze statue of the first ruler of the Sikh Empire, Maharaja Ranjit Singh, was vandalized in Pakistan.

Know! all about Maharaja Ranjit Singh

• Maharaja Ranjit Singh (13 November 1780 - 27 June 1839), popularly known as Sher-e-Punjab or "Lion of Punjab", was the first Maharaja of the Sikh Empire.
• He survived smallpox in infancy but lost sight in his left eye.
• Prior to his rise, the Punjab region had numerous warring misls (confederacies), twelve of which were under Sikh rulers and one Muslim.
• Ranjit Singh successfully absorbed and united the Sikh misls and took over other local kingdoms to create the Sikh Empire.
• He repeatedly defeated invasions by outside armies, particularly those arriving from Afghanistan, and established friendly relations with the British.
• Ranjit Singh's trans-regional empire spread over several states.
• His empire included the former Mughal provinces of Lahore and Multan besides part of Kabul and the entire Peshawar
• The boundaries of his state went up to Ladakh - Zorawar Singh, a general from Jammu, had conquered Ladakh in Ranjit Singh's name - in the northeast.
• His empire extended till Khyber pass in the northwest, and up to Panjnad in the south where the five rivers of Punjab fell into the Indus.
• During his regime, Punjab was a land of six rivers, the sixth being the Indus.
• Ranjit Singh's reign introduced reforms, modernization, investment into infrastructure, and general prosperity.
• His Khalsa army and government included Sikhs, Hindus, Muslims, and Europeans.
• His legacy includes a period of Sikh cultural and artistic renaissance, including the rebuilding of the Harmandir Sahib in Amritsar, Takht Sri Patna Sahib, Bihar, and Hazur Sahib Nanded, Maharashtra under his sponsorship

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