General Studies Paper -3  Context: The Karnataka government plans to introduce legislation for gig workers, seen as a necessary and positive step. About The Karnataka Bill aims to make platforms accountable by mandating transparency about algorithmic parameters and worker data usage, thereby reducing algorithmic control. Karnataka’s draft Bill mandates fair contracts, income security, and the right to refuse work without penalties, aiming to balance worker rights against platform control. The Karnataka Bill acknowledges the full-time nature of gig work by introducing mandatory social security provisions. About the Gig Workers The gig economy in India is experiencing rapid growth, driven by....Read More

Current Context : Twelve investment-ready “plug and play” Industrial parks to be created under national industrial corridor development programme. Government will also facilitate development of investment-ready plug and play industrial parks with complete infrastructure in or near 100 cities, in partnership with states and private sector, by better using town planning schemes. ABOUT INDUSTRIAL PARKS An industrial park, also known as industrial estate, is an area zoned and planned for the purpose of industrial development. E.g. Andhra Pradesh’s Sri City Special Economic Zone. Industrial parks may contain oil refineries, ports, warehouses, distribution center, and factories. SIGNIFICANCE: Creation of employment opportunities.....Read More

Current Context : Recently, Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in the Lok Sabha. Budget is presented as per Article 112 of the Constitution, formally known as ‘Annual Financial Statement’. The Budget focused on provisioning for the agricultural sector, the introduction of schemes related to employment, loan schemes, announcements for financial support to the MSME sector, infrastructural development, and fiscal deficit projection at 4.9% with a commitment to reducing it down to 4.5%. KEY HIGHLIGHTS Announcement of Prime Minister’s package of 5 schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 Cr youth over....Read More

Current Context : Government has implemented a uniform 5% tax on all imports of aircraft components and engine parts. Objective : to streamline tax rates for items like aircraft parts, testing equipment, tools, and tool-kits. The tax rate which earlier varied between 5% and 28%. Recommended by India's Goods and Services Tax (GST) Council. ABOUT GST COUNCIL GST Council is responsible for making recommendations to the Union and the states on important GST-related issues. It was inroduced by 101st Amendment Act of 2016 under Article 279A of the Indian constitution.Read More

Recently, Asian Development Bank (ADB) approves support for Rooftop Solar Systems in India. The financing will support Multi-tranche Financing Facility (MFF) Solar Rooftop Investment Programme. ADB will provide funds from its Clean Technology Fund and from Ordinary capital resources. Loans will be made available through the State Bank of India and the National Bank for Agriculture and Rural Development (NABARD). CURRENT STATUS OF ROOFTOP SOLAR POWER IN INDIA Rooftop solar installed capacity in India is around 08 GW as of December 2023, of which only 2.7 GW is in the residential sector. Gujarat tops the list with 2.8 GW, followed....Read More

Current Context : China has unveiled the world’s first dual-tower solar thermal powerplant (TPP), which boosts energy efficiency by 24%. FEATURES OF THE SOLAR TPP The plant features two 650-foot-tall (200-m) towers have risen in China's Gansu Province. Each surrounded by 30,000 mirrors arranged in concentric circles which automatically track the sun’s movement and achieve 94% reflection efficiency. Electricity Generation : expected to generate over 8 billion kilowatt-hours of electricity every year. The plant utilises molten salt storage as a thermal battery, allowing it to store excess heat collected during the day for continuous power generation at night. ABOUT SOLAR....Read More

Current Context : RBI expanded the scope of remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS). ABOUT INTERNATIONAL FINANCIAL SERVICES CENTRES IFSC caters to customers outside the jurisdiction of the domestic economy. Established as a statutory authority under IFSCA Act, 2019. Gujarat International Finance Tec-City Co. Ltd is being developed as the country’s first international financial services centre (IFSC). GIFT, operationalized in 2015, aims to become India’s gateway for inbound and outbound requirements of the international financial services. IFSCA is a unified authority for the development and regulation of financial products, financial services, and financial....Read More

Current Context : National Bank for Agriculture and Rural Development (NABARD) has announced an agri fund for Start-Ups & Rural Enterprises (Agri-SURE). The fund focuses on innovative, technology-driven, high-risk, and high-impact activities in agriculture and allied areas. Aim : to enhance the farm produce value chain, create new rural ecosystem linkages, generate employment, and support Farmers Producer Organizations (FPOs). ABOUT NABARD Nabard is the country’s apex agriculture bank which function both as a regulator and refinancier for agri lending institution. It is a statutory body Established in 1982 under Parliamentary act - National Bank for Agriculture and Rural Development Act,....Read More

Current Context : RBI released Financial Inclusion Index for March 2024. The value of the Index for March 2024 stands at 64.2 vis-à-vis 60.1 in March 2023 ABOUT FINANCIAL INCLUSION INDEX: It is a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector. The index 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 includes three broad parameters viz., Access (35%), Usage (45%), and Quality (20%). It is published annually in July. The....Read More

Current Context :  Vizhinjam International Seaport in Thiruvananthapuram (VIST) is all set to receive the first mothership. ABOUT It is India’s first deepwater container transshipment port. Location: Vizhinjam, a coastal town in Thiruvananthapuram District, Kerala. Developed in a landlord model with a public-private partnership component on a design, build, finance, operate, and transfer (“DBFOT”) basis. Built by Adani Ports Private Ltd., India’s largest private sector port operator. Construction of the port began in December 2015. Strategically located just 10 nautical miles from the busy international shipping route connecting Europe, the Persian Gulf and the Far East. It is positioned to....Read More