18 March 2023

• India-Bangladesh energy link: PM Modi and PM Hasina jointly inaugurated the first cross-border petroleum pipeline, supplying diesel from Assam to northern Bangladesh.
• Green finance milestone: Cabinet approved the IPO of IREDA, India's nodal agency for renewable energy financing, under the Ministry of New and Renewable Energy.
• Inflation eases: WPI inflation dropped to a 25-month low of 3.85% for February 2023, marking nine consecutive months of deceleration.
• Millets moment: PM Modi inaugurated the Global Millets Conference in New Delhi, spotlighting India's leadership in the International Year of Millets.

GS Paper III: Infrastructure, Energy Security, International Relations

India and Bangladesh inaugurated the India-Bangladesh Friendship Pipeline on 18 March 2023 via a video conference jointly attended by Prime Minister Narendra Modi and Bangladesh Prime Minister Sheikh Hasina. The pipeline is the first cross-border petroleum pipeline in South Asia.

• Route: Originates at Numaligarh Refinery in Assam, India, and terminates at Parbatipur in the Dinajpur district of Bangladesh.
• Length: Total length is 131.57 km, of which approximately 6.7 km falls within Indian territory and the remaining 124.87 km is in Bangladesh.
• Commodity: Transports High-Speed Diesel (HSD) at a capacity of 1 Million Metric Tonnes Per Annum (MMTPA).
• Cost and funding: The project cost is approximately Rs 377 crore. India funded the Bangladesh portion of the pipeline, reflecting the "Neighbourhood First" policy.
• Strategic significance: Eliminates dependence on costly and inefficient road transport for petroleum supply to northern Bangladesh, reducing logistics costs and carbon emissions from tanker trucks.
• Operator: Numaligarh Refinery Limited (NRL) on the Indian side, a subsidiary of Bharat Petroleum Corporation Limited (BPCL).
• Diplomatic context: Reinforces bilateral energy cooperation under the framework of the India-Bangladesh Comprehensive Economic Partnership framework.

GS Paper III: Economy, Public Sector Enterprises, Renewable Energy

The Union Cabinet approved the Initial Public Offering (IPO) of the Indian Renewable Energy Development Agency (IREDA), a significant step in deepening the capital market's role in financing India's clean energy transition.

• IREDA's status: It is a Mini-Ratna (Category-I) Central Public Sector Enterprise (CPSE) under the administrative control of the Ministry of New and Renewable Energy (MNRE).
• Mandate: Provides financial assistance (loans, guarantees) to projects in renewable energy, energy efficiency, and conservation sectors.
• Establishment: Founded in 1987 as a Non-Banking Financial Company (NBFC).
• IPO rationale: Listing is expected to improve corporate governance, enhance financial transparency, and widen the investor base for green energy finance.
• Scale of operations: IREDA had a loan book exceeding Rs 40,000 crore by FY23, supporting solar, wind, biomass, hydro, and green hydrogen projects.
• Significance for India: The IPO aligns with India's target of 500 GW non-fossil energy capacity by 2030 under the Panchamrit commitments.

GS Paper III: Economy, Monetary Policy, Inflation

India's Wholesale Price Index (WPI)-based inflation fell to 3.85% in February 2023, the lowest in 25 months and the ninth consecutive month of decline, driven by a moderation in prices of manufactured products and fuel.

• Compilation authority: The WPI is compiled and released by the Office of the Economic Adviser (OEA), under the Ministry of Commerce and Industry.
• Base year: Currently 2011-12.
• Components: WPI covers primary articles (22.6% weight), fuel and power (13.2%), and manufactured products (64.2%).
• Drivers of decline: Easing global commodity prices, base effect from high inflation in 2022, and softer food prices contributed to the sustained fall.
• Contrast with CPI: Consumer Price Index (CPI), compiled by MoSPI, remained elevated above 6% in the same period, driven by food and services inflation; WPI and CPI often diverge due to different baskets and coverage.
• Policy relevance: WPI data informs industry pricing decisions, wage negotiations, and is an input into GDP deflator calculations.

GS Paper III: Agriculture, Food Security, International Diplomacy

Prime Minister Narendra Modi inaugurated the Global Millets (Shree Anna) Conference in New Delhi on 18 March 2023, a flagship event under India's presidency of the G20 and linked to the United Nations-declared International Year of Millets 2023.

• UNGA Resolution: India proposed and shepherded the UN General Assembly resolution declaring 2023 the International Year of Millets; 72 co-sponsoring nations supported the resolution.
• India's share: India produces approximately 20% of global millet output, making it the world's largest millet producer. Rajasthan, Uttar Pradesh, Haryana, Gujarat, and Madhya Pradesh are the leading producing states.
• Millet varieties: Sorghum (jowar), pearl millet (bajra), finger millet (ragi), foxtail millet, barnyard millet, kodo millet, little millet, and proso millet are the principal types.
• Nutritional profile: Millets are rich in protein, dietary fibre, iron, calcium, and magnesium; they are gluten-free and suitable for diabetics due to a low glycaemic index.
• Agronomic benefits: Drought-resistant, require minimal water (compared to rice and wheat), and thrive in marginal soils, making them climate-resilient crops.
• Government programme: NFSM-Coarse Cereals is active in 14 states to boost millet production. PM POSHAN (school mid-day meal scheme) has incorporated millets.
• MIIRA: The Millet International Initiative for Research and Awareness (MIIRA) was among the key institutional outcomes discussed at the conference.

GS Paper II: International Relations, South Asia

Ram Sahay Prasad Yadav of the Janata Samajbadi Party was elected as Nepal's third Vice President, making history as the first Vice President to come from the Madhes region of southern Nepal.

• Significance: The Madhes region, home to the Madhesi community (of plains/Terai origin), had long sought greater political representation; this election represents a step toward inclusive federal democracy in Nepal.
• Election process: The Vice President of Nepal is elected by an electoral college comprising members of the Federal Parliament and the Provincial Assemblies.
• Context: Nepal held a general election in November 2022 and formed a coalition government in late December 2022 under Pushpa Kamal Dahal (Prachanda) of the CPN-Maoist Centre.
• Nepal's constitution: The 2015 Constitution established a federal democratic republic with a ceremonial President and Vice President.

GS Paper I: Culture, Literature, Awards

The Saraswati Samman 2022 was conferred on Tamil writer Sivasankari for her memoir "Survya Vamsam."

• Prize value: Rs 15 lakh, a citation, and a plaque.
• Scope: Considered India's highest literary award for works in any of the 22 Scheduled Languages listed in the Eighth Schedule of the Constitution, published in the preceding ten years.
• Administered by: K.K. Birla Foundation, which also administers the Bihari Puraskar and Vyas Samman.
• About Sivasankari: A prolific Tamil author known for social awareness fiction and autobiographical writing, with over 100 books to her credit.
• Recent recipients: Ramdarash Mishra (Hindi, 2021), Sharankumar Limbale (Marathi, 2020), Vasdev Mohi (Sindhi, 2019).

GS Paper III: Defence, Security, Internal Security

The Defence Acquisition Council (DAC) cleared procurement proposals worth approximately Rs 70,500 crore, including BrahMos supersonic cruise missiles and maritime reconnaissance helicopters.

• BrahMos missile: A joint venture between India's DRDO and Russia's NPO Mashinostroyeniya. Travels at Mach 2.8, making it one of the world's fastest anti-ship cruise missiles. Range was extended from 290 km to 450 km after India's entry into the Missile Technology Control Regime (MTCR) in 2016.
• DAC role: The Defence Acquisition Council is chaired by the Defence Minister and is the highest decision-making body for capital acquisitions in the defence sector.
• Aatmanirbharta focus: The procurement underscores the "Make in India" thrust in defence, with BrahMos production scaled up at facilities in Hyderabad and Lucknow.
• Maritime helicopters: Acquisition of advanced multi-role helicopters for the Indian Navy to enhance maritime domain awareness and anti-submarine warfare capability.

GS Paper III: Economy, International Economics

The Organisation for Economic Co-operation and Development (OECD) revised upward India's growth projection to 5.9% for FY2024 and approximately 7% for FY2025 in its March 2023 interim economic outlook.

• Global context: OECD projected global GDP growth of 2.6% for 2023 and 2.9% for 2024, reflecting a gradual recovery from the 2022 energy price shock following Russia's invasion of Ukraine.
• India's drivers: Robust domestic consumption, government capital expenditure (capex), and a recovering services sector underpin India's relatively strong growth.
• OECD membership: India is not a formal OECD member but is a "Key Partner" country engaged in accession discussions since 2023.
• Comparison: IMF had projected 6.1% for India (FY24); World Bank had projected 6.3%.