TNPSC CURRENT AFFAIRS – 14.3.2024

1. SC to hear plea to include CJI on EC selection panel

• The NGO (Association for Democratic Reforms) has challenged the government’s control over appointing Election Commissioners (ECs) in India
• Context
• The Election Commission of India (ECI) is responsible for conducting free and fair elections in India
• In March 2023, the Supreme Court ruled that the Chief Justice of India (CJI) should be included in the selection committee for appointing ECs (Anoop Baranwal case)
• This aimed to ensure the selection process is independent and impartial
• The Challenge
• The government enacted a new law in 2023 excluding the CJI from the selection committee
• This gives the government more control over who gets appointed as ECs
• The NGO’s Argument
• The NGO argues that the government having more control could lead to unfair advantages for the ruling party in elections
• A neutral and independent ECI is crucial for a healthy democracy
• They want the Supreme Court to
• Hear their plea urgently (on Friday)
• Put the new law on hold
• Re-instate the CJI in the selection committee as per the previous Supreme Court judgement

2. INDIA’S R&D FUNDING BREAKING DOWN THE NUMBERS

• Investment in R&D: India’s R&D spending is growing but remains low compared to GDP (0.64%) when stacked against developed economies (e.g., China: 2.4%)
• Strengths
• High research output: Despite lower R&D spending as a percentage of GDP, India ranks high in:
• PhD graduates (3rd globally)
• Research publications (3rd globally)
• Patent grants (6th globally)
• Efficient R&D system: The article suggests India might be efficient in its current approach to R&D
• Strong government support: The government plays a significant role in funding and directing research efforts, particularly in strategic areas
• Funding Sources: Government funding dominates R&D (almost 60%), with private sector contribution lagging (around 36%)
• Role of Higher Education Institutions (HEIs): HEIs contribute a smaller share (around 9%) to R&D investment compared to other models
• Challenges
• Low Private Sector Participation: India needs to encourage more private sector investment in R&D, which is a global trend (typically above 65%).
• HEI Contribution: While India produces many researchers, HEIs themselves don’t invest heavily in R&D infrastructure.
• Collaboration: Stronger industry-academia collaboration is crucial for knowledge transfer and fostering innovation.
• Government Initiatives
• ₹1 lakh crore corpus announced in the interim budget 2024-25: This is a new announcement aimed at boosting the overall research and innovation ecosystem in India
• Anusandhan National Research Foundation (ANRF) Act: This recently enacted legislation aims to specifically address the gap in R&D funding and promote research activities within Higher Education Institutions (HEIs)
• The National Deep Tech Startup Policy (NDTSP) aims to incentivize private sector involvement in R&D, particularly in deep technologies
• The Road Ahead
• India needs a multi-pronged approach to increase R&D spending
• Including policies that incentivise private companies
• Increase R&D spending: India needs to find ways to increase its overall R&D spending as a percentage of GDP. This might involve:
• Encouraging more private sector participation through policies and incentives Potentially increasing government funding for R&D
• Strengthen industry-academia collaboration: Bridging the gap between research institutions and businesses is crucial for knowledge transfer and fostering innovation Optimise the R&D landscape: While India might have an efficient system, the article suggests there’s room for improvement. This could involve:
• Leveraging strengths like streamlined decision-making
• Learning from successful models in developed economies (e.g., higher private sector contribution).
• Ensure successful implementation of recent initiatives: The recently announced initiatives like the ₹1 lakh crore corpus and the ANRF Act hold promise. Their success depends on:
• Equitable distribution of funds
• Fostering collaboration between different stakeholders (government, academia, industry)
• Maintaining high global standards for research

3. CANADIAN PROBE INTO NIJJAR CASE IS NOT OVER: NEW ZEALAND DEPUTY PM

• The Five Eyes (FVEY) grouping is an intelligence alliance comprising the following countries:
• Australia
• Canada
• New Zealand
• United Kingdom
• United States
• These countries share classified intelligence with each other. This close collaboration allows them to:
• Gather information more effectively
• Analyse intelligence more comprehensively
• Cooperate on joint operations
• The Five Eyes alliance is significant because it represents a powerful network for intelligence gathering and security cooperation
• Their shared interests and trusted communication channels enable them to address global security threats
• What we know so far in the Nijjar Case -Canada’s Prime Minister, Justin Trudeau, publicly accused Indian government agents of involvement in the killing
• The US has indicted an Indian national for allegedly planning another assassination on behalf of an Indian intelligence official
• New Zealand’s Stance:
• New Zealand, a member of the Five Eyes, has not revealed any findings on the Nijjar case They have previously urged India to cooperate with the Canadian investigation

4. PM LAUNCHED PORTAL FOR MARGINALISED SECTIONS

• Launched the Pradhan Mantri Samajik Utthan evam Rozgar Adharit Jankalyan (PM-SURAJ) portal
• For credit support to entrepreneurs from disadvantaged sections of society
• The portal will be a one-stop point solution
• People from disadvantaged sections of society can apply for and monitor the progress of all loan and credit schemes already available to them
• PM said, “This is a testament to our commitment to provide dignity and justice to the underprivileged”
• This campaign of development and respect for the deprived class will intensify in the coming five years

5. REITs InvITs and Muni bonds offer high growth opportunity

• Three investment options that are seen as promising for the Indian economy: REITs, InvITs, and Muni bonds. Here’s a breakdown of each
• Real Estate Investment Trusts (REITs)
• Function: REITs are companies that own and operate income-generating real estate properties
• Investment: Individuals can invest in REITs by purchasing shares, similar to buying stocks
• This allows them to gain exposure to the real estate market without directly owning or managing a property
• Impact: REITs can potentially:
• Increase liquidity in the real estate market by making it easier for people to invest Attract more capital for real estate development projects
• Offer investors a way to earn dividends from rental income generated by the properties Infrastructure Investment Trusts (InvITs)
• Function: Similar to REITs, InvITs are trusts that invest in infrastructure assets like roads, power plants, and renewable energy projects
• Investment: Individuals can invest in InvITs by purchasing units, similar to how they buy mutual fund units.
• Impact: InvITs can potentially:
• Facilitate funding for crucial infrastructure development projects
• Offer investors a way to earn regular returns from the income generated by these infrastructure assets 3. Municipal Bonds (Muni bonds)
• Function: Muni bonds are debt instruments issued by municipal corporations to raise capital for various projects like building schools or improving sanitation
• Investment: Individuals can invest in Muni bonds by purchasing them on the secondary market.
• Impact: Muni bonds can potentially:
• Provide a source of funding for local government projects
• Offer investors a steady stream of income in the form of interest payments.
• Sometimes offer tax benefits depending on the specific bond and investor’s situation. Overall Role and Impact: These investment options (REITs, InvITs, and Muni bonds) can play a significant role in the Indian economy by:
• Mobilising capital: They provide new avenues for investors to contribute funds, potentially leading to increased investment in real estate, infrastructure, and local development projects.
• Boosting growth: Increased investment in these sectors can stimulate economic growth and create jobs.
• Diversification: These options offer investors a way to diversify their portfolios beyond traditional stocks and bonds.
• SEBI’s Role: The Securities and Exchange Board of India (SEBI) plays a crucial role in regulating these investment products. They aim to ensure:
• Governance: Proper governance structures are in place to protect investors’ interests Disclosure: Clear and transparent disclosures are made by the issuers of these investment products
• Confidence: Retail investors feel comfortable and confident investing in these options

ONE LINER

1. 2023 Deadliest Year for migrants : UN-IOM.2023 marked a record with 8,565 migrants deaths, a 20% rise from 2022, urgent action is needed to prevent more tragedies.
2. National Creators Award – Narendra Modi awarded National Creators Award at Bharat Mandapam. Awards recognized young talent in 20 categories like storytelling, social change, gaming.