1 May 2024

• Defence: DRDO successfully tested the Supersonic Missile-Assisted Release of Torpedo (SMART) from Dr APJ Abdul Kalam Island off the Odisha coast.
• PSU: IREDA was granted Navratna status, becoming the 17th Navratna PSU of India.
• Environment: The Supreme Court directed states to submit reports on unclassed forests under the Forest Conservation Amendment Act 2023; forest fires intensified in Uttarakhand.
• Economy: RBI released draft Master Directions for Electronic Trading Platforms, setting a minimum net worth threshold of Rs 5 crore for operators.

GS area: Science and Technology, Defence

DRDO successfully flight-tested the Supersonic Missile-Assisted Release of Torpedo (SMART) system on 1 May 2024 from Dr APJ Abdul Kalam Island off the coast of Odisha.

• Full name: Supersonic Missile Assisted Release of Torpedo. The system uses a missile as a delivery vehicle to release a lightweight anti-submarine torpedo far beyond the range of a ship-launched torpedo.
• Range: The missile carrier can reach up to 643 km. The torpedo itself has a range of around 20 km and carries a 50 kg high-explosive warhead.
• Sub-systems: Two-stage solid propulsion, electromechanical actuators, precision inertial navigation, and a parachute-based torpedo release mechanism.
• Purpose: Anti-submarine warfare (ASW) for the Indian Navy. The system fills a critical capability gap by enabling long-range targeting of submarines.
• Launch site: Dr APJ Abdul Kalam Island (formerly Wheeler Island), Bhadrak district, Odisha. It is the main integrated test range for DRDO missile tests.

Static linkage: Defence indigenisation, anti-submarine warfare, DRDO and its roles.

GS area: Economy, Government

The Indian Renewable Energy Development Agency (IREDA) was granted Navratna status by the Department of Public Enterprises under the Ministry of Finance, making it the 17th Navratna PSU in India.

• IREDA: Indian Renewable Energy Development Agency. Established in 1987 as a Non-Banking Financial Institution under the Ministry of New and Renewable Energy. It provides finance for renewable energy projects.
• Navratna powers: A Navratna company can invest up to Rs 1,000 crore without central government approval. It may also invest up to 30 per cent of its net worth annually in joint ventures and subsidiaries.
• Categories of CPSEs: The classification runs Maharatna (highest autonomy), Navratna, Miniratna Category-I, and Miniratna Category-II. Criteria for Navratna include a composite score of 60 or above from financial performance indicators.
• Significance: Enhanced autonomy allows IREDA to scale financing for India's 500 GW renewable energy capacity target by 2030 without seeking case-by-case government approvals.

Static linkage: Central Public Sector Enterprises, renewable energy policy, financial autonomy of PSUs.

GS area: Environment, Polity (Judiciary)

The Supreme Court directed all states and Union Territories to upload their State Expert Committee (SEC) reports on unclassed forests. This follows the Godavarman case of 1996, which mandated that states establish SECs to survey and record forests not covered under official classification.

• Godavarman case (1996): The Supreme Court's judgment in T.N. Godavarman Thirumulkpad v. Union of India extended forest protection to all lands fitting the dictionary definition of "forest," not just officially notified forests. SECs were mandated under this judgment.
• Forest (Conservation) Amendment Act 2023: This Act narrowed protection by excluding forests converted to non-forest use before 12 December 1996 from the Act's coverage. The 1996 date links directly to the Godavarman judgment.
• Non-compliance: Seven states and UTs, including Goa and Tamil Nadu, had not established SECs at all as of May 2024. Many others had not uploaded required reports.
• India's forest cover: India has forest cover of 21.71 per cent of its total geographic area according to the India State of Forest Report.

The tension between the 2023 Amendment and the 1996 Godavarman principle is a live constitutional issue: the amendment effectively excludes large areas of ecologically functioning forest from protection.

Static linkage: Forest conservation law, SC's environmental jurisprudence, India's forest policy.

GS area: Economy (Financial Markets)

The Reserve Bank of India issued draft Master Directions for Electronic Trading Platforms (ETPs), seeking public feedback by 31 May 2024.

• Electronic Trading Platform: A software-based system that enables users to buy and sell financial instruments electronically. Examples include NSE NOW, BSE Bolt, MCX, and NCDEX.
• Key requirement: Any entity seeking to operate an ETP must have a minimum net worth of Rs 5 crore and must be incorporated in India.
• Regulator: RBI regulates ETPs for instruments in its domain (foreign exchange, government securities, money market instruments). SEBI covers equity and derivatives ETPs.
• Purpose: The draft aims to standardise operating standards, ensure the stability of market infrastructure, and protect participant interests.

Static linkage: RBI's regulatory functions, financial markets, electronic trading infrastructure.

GS area: Environment, Disaster Management

Forest fires intensified in Uttarakhand, with nearly 100 hectares of forest destroyed. Firefighting aircraft deployed Bambi Buckets to douse the blazes.

• Bambi Bucket: A collapsible bucket attached to a helicopter used to carry and drop water on fires. It is a standard aerial firefighting tool.
• National Action Plan on Forest Fires (2018): India's national framework for forest fire prevention and management. It was formulated by the Ministry of Environment, Forest and Climate Change.
• Legal prohibition: Section 30 of the Wildlife Protection Act 1972 prohibits lighting or causing a fire within a wildlife sanctuary.
• Vulnerability: Approximately 36 per cent of India's forest cover is susceptible to frequent fires. Chir pine (Pinus roxburghii) needles are a primary fuel source in Uttarakhand because they dry out and accumulate on the forest floor without decomposing quickly.
• Context: The 2024 summer heatwave and El Nino conditions drove elevated temperatures and unusually dry conditions across Himalayan forests.

Static linkage: Forest fire management, Wildlife Protection Act 1972, Uttarakhand ecology.

GS area: Economy (Infrastructure)

India had 77 Gati Shakti cargo terminals operational as of May 2024. The Union Budget 2022-23 had set a target of 100 terminals, with a further expansion to an additional 200 terminals announced later.

• PM Gati Shakti National Master Plan: Launched in October 2021, the plan is a digital platform that integrates infrastructure planning across 16 ministries. It aims to reduce logistics costs and improve multimodal connectivity.
• Cargo terminals: These are rail-based freight terminals designed to enable door-to-door delivery and reduce road trucking. They are a key part of the plan to increase the share of rail freight.
• Logistics target: India aims to reduce logistics costs from approximately 13 per cent of GDP to below 8 per cent, matching global best practices.

Static linkage: Infrastructure policy, PM Gati Shakti, logistics and supply chain.

GS area: Economy (Capital Markets)

Regulatory clarity on Foreign Portfolio Investor (FPI) limits in Indian debt instruments was updated by RBI.

• Government securities (G-Secs): FPI investment is capped at 6 per cent of outstanding stock.
• State Development Loans (SDLs): FPI limit is 2 per cent of outstanding stock.
• Corporate bonds: FPI limit is 15 per cent of outstanding stock.
• Instrument types: Treasury Bills (maturity less than one year) and dated government bonds (maturity greater than one year) are the two main government securities. Both are issued through RBI auctions.
• Significance: These limits balance the need for foreign capital inflows against the risk of sudden outflows destabilising the domestic bond market.

Static linkage: Foreign portfolio investment, RBI monetary tools, debt markets.

• Kalvari-class submarines: Pakistan unveiled its Hangor-class submarine, prompting discussion of India's Kalvari-class programme (Project 75, Scorpene design, built by Mazagon Dock Shipbuilders Limited). The fleet comprises six boats: Kalvari, Khanderi, Karanj, Vela, Vagir, and Vagsheer. An indigenous Air Independent Propulsion system is under development.
• Baseflow and peninsular rivers: A study found high baseflow in six major peninsular basins (Narmada, Tapi, Mahanadi, Godavari, Krishna, Cauvery) correlates with higher flood intensity during heavy rainfall events. Baseflow is the portion of river flow sustained by groundwater between rainfall events.