LORD GANESH COMMUNITY FESTIVAL
- The man who was primarily responsible was the great nationalist and patriot Bal Gangadhar Tilak, referred to as ‘Lokmanya’, or the Leader of the People
- In the last decades of the 19th century, a number of nationalist figures emerged across India (and some in Britain), who spoke about modern civil and political rights, and the hypocrisy and exploitation of British rule in India
- Following the experience of 1857, when an attempt by soldiers of the Indian army to overthrow the British failed and the rebellion was ruthlessly crushed, many of these nationalist figures became more concerned with getting concessions from the British rather than throwing off the colonial yoke altogether
- One prominent Indian nationalist, however, had a more radical aim: Swaraj or self-rule.
- This was the Marathi journalist, teacher, and political and social activist Bal Gangadhar Tilak (1856-1920)
- In 1881, Tilak, along with G G Agarkar, founded the newspapers ‘Kesari’ (in Marathi) and ‘Mahratta’ in English, and used them to spread nationalist resistance against British rule.
- To mobilise the people against British rule, Tilak invoked pride in Indian heroes, and relied on political campaigns that were suffused with Hindu imagery and symbolism
- In 1893, he started the new tradition of worshipping Ganpati, the Lord Who Would Remove Obstacles and bring good luck, as a community festival where patriotic songs would be sung and nationalist ideas would be propagated.
- Through his writings, fiery speeches, and organisational nous, Tilak encouraged and advocated bringing the Ganesh festival into the public sphere
- To further the cause of nationalist resistance, Tilak started the Shivaji festival in 1896. The aim was to inspire nationalist ideas among young Maharashtrians.
- That same year, he organised a campaign in Maharashtra to boycott foreign cloth to protest the imposition of an excise duty on cotton
- However, Tilak has been criticised for giving the freedom struggle a communal shade and for his conservative stand on women’s emancipation and caste reforms
- The year 1893 saw a wave of communal clashes between Hindus and Muslims across the country
- Bal Gangadhar Tilak, often referred to as Lokmanya Tilak, was a prominent Indian nationalist, freedom fighter, social reformer, and a key figure in the Indian independence movement during the late 19th and early 20th centuries. He played a crucial role in advocating for self-rule, the promotion of Indian culture and heritage, and the empowerment of the masses
- Tilak was a prolific writer and journalist.
- He founded two influential newspapers, "Kesari" (The Lion) in Marathi and "The Maratha" in English.
- Through his newspapers, he advocated for Indian self-rule and criticized British colonial policies
- Tilak played a significant role in opposing the partition of Bengal by the British in 1905. He believed that this was a deliberate attempt to divide and weaken the Indian population and worked to unite the people against the partition
- In the later part of his life, Tilak initiated the Home Rule Movement in 1916. He called for "Swarajya" or self-rule within the British Empire as a transitional step towards complete independence. This movement gained widespread support and had branches across India.
|
For Prelims: Home Rule Movement, Kesari, Bal Gangadar Tilak
For Mains: 1.Discuss the significance and objectives of the Home Rule Movement in India. How did leaders like Bal Gangadhar Tilak and Annie Besant contribute to its development and spread?
2.Explain the context and factors that led to the emergence of the Home Rule Movement in India during the early 20th century. How did the movement differ from other nationalist initiatives of the time?
|
|
Previous Year Questions
1.The Home Rule movement was an important movement during the phase of Indian National Movement. (IB ACIO Grade II 2021)
1. It was in 1916 that Annie Besant announced her decision to establish a Home Rule league at madras based on the model of the Irish Home Rule League.
2. In 1916, Bal Gangadhar Tilak organised his own Home Rule League with Headquarters at Poona.
Select the correct answer using the code given below.
A. 1 Only
B. 2 Only
C. Both 1 and 2
D. Neither 1 nor 2
Answer (C)
|
MANGALYAN MISSION
1. Context
2. ISRO's Mars Orbiter Mission
- Mangalyaan's entry into orbit around Mars was an unprecedented achievement for ISRO.
- Before ISRO's endeavour, no other space agency had successfully orbited Mars on its maiden attempt.
- This accomplishment placed ISRO in an exclusive league, alongside NASA, ROSCOSMOS, and the European Space Agency.
- Remarkably, ISRO achieved this feat at a fraction of the cost, with a budget of just Rs 450 crore (approximately $73 million), which was $25 million less than the budget for the 2015 movie "The Martian," starring Matt Damon.
- Initially planned for a mission duration of only six months, the Mars Orbiter Mission exceeded expectations by remaining in contact with Earth until April 2022.
- Unfortunately, communications were eventually lost, likely due to the exhaustion of fuel resources.
3. The Genesis of Mangalyaan
- Inspired by the success of Chandrayaan-1, ISRO set its sights on Mars, a planet of immense interest to scientists and astronomers worldwide.
- The Mars Mission Study Team was formed in August 2010, led by Chairman K Radhakrishnan, to devise a feasible blueprint for a mission to the Red Planet.
- Various mission types were considered, including fly-bys, orbiters, lander-rovers, and even unconventional methods like balloons, airplanes, sub-surface explorers, and sample return missions.
Image Source: Kalam centre4. Choosing the Orbiter Mission
- Ultimately, ISRO opted for an orbiter mission, designed to be launched aboard the reliable PSLV (Polar Satellite Launch Vehicle).
- This decision was motivated by the limitations of available launch systems for lander or rover missions.
- The Mars Mission Study Team's report, detailing the mission's specifics, was submitted in June 2011, and the mission was officially announced by then-Prime Minister Manmohan Singh on August 15, 2012.
5. The Challenges of Mangalyaan
- The Mars Orbiter Mission faced a formidable challenge a narrow launch window between November 2013 and January 2014.
- Missing this window would have necessitated waiting until 2016 or 2018 for a more fuel-efficient Hohmann transfer orbit.
- ISRO's decision to choose the 2013 opportunity was primarily based on its potential for substantial fuel savings.
- Moreover, the mission's 300-day journey to Mars presented a unique hurdle: the spacecraft would be out of real-time contact with ISRO scientists.
- Consequently, the craft needed to possess onboard autonomy for critical operations.
6. Successful launch of Mangalyaan
- Despite these challenges, ISRO completed the Mangalyaan mission in a record 15 months.
- A contributing factor was the use of a reconfigured lunar orbiter originally prepared for the Chandrayaan mission.
- The launch took place on November 5, 2013, after a brief delay due to unfavourable weather conditions.
- After a 298-day transit, Mangalyaan successfully entered Mars orbit on September 24, 2014.
- Mangalyaan's primary mission was to demonstrate technological capabilities, including Earth-bound manoeuvres, a lengthy cruise phase, Mars orbit insertion/capture, and deep space communication.
- Remarkably, it fulfilled these objectives while also conducting scientific research on the Martian surface and atmosphere, capturing stunning images of the Red Planet.
7. Preparing for Mangalyaan-2
- Mangalyaan captured the world's imagination and positioned ISRO as a global space powerhouse.
- While it was a monumental achievement in its own right, MOM laid the foundation for more complex and ambitious interplanetary missions by ISRO.
- As ISRO prepares for the launch of Mangalyaan-2 in the coming year, the legacy of Mangalyaan continues to inspire and drive India's aspirations in the field of space exploration.
|
For Prelims: Indian Space Research Organisation, Mars Orbiter Mission, Mangalyaan, Red Planet, Chandrayaan, NASA, ROSCOSMOS, the European Space Agency, Moon Impact Probe, Polar Satellite Launch Vehicle,
For Mains:
The Mars Orbiter Mission (Mangalyaan) achieved significant global recognition and success. Discuss the factors that contributed to India's remarkable achievement in Mars exploration and its impact on the country's space ambitions. (250 Words)
|
|
Previous Year Questions
1. Which of the following is the name of the NASA programme to land first woman and next man on the Moon by 2024? (SSC MTS 2021)
A. Orion B. Apollo C. Artemis D. Nike
Answer: C
2. Satish Dhawan Space Centre is located at (MP Police Constable 2017)
A. Thiruvananthapuram B. Sriharikota C. Narendrapuri D. Mahendragiri
Answer: B
3. Sriharikota, where Satish Dhawan Space Centre is located, is situated next to which lake? (Haryana Civil Services 2021)
A. Chilika B. Pulicat C. Vembanad D. Kolar
Answer: B
4. “The experiment will employ a trio of spacecraft flying in formation in the shape of an equilateral triangle that has sides one million kilometres long, with lasers shining between the craft.” The experiment in question refers to (UPSC 2020)
A. Voyager-2 B. New Horizons C. LISA Pathfinder D. Evolved LISA
Answer: D
5. ISRO is related to: (SSC JE EE 2020)
A. space research B. agricultural research C. seed research D. marine research
Answer: A
6. Consider the following statements: The Mangalyaan launched by ISRO (UPSC 2016)
1. is also called the Mars Orbiter Mission
2. made India the second country to have a spacecraft orbit the Mars after the USA
3. made India the only country to be successful in making its spacecraft orbit the Mars in its very first attempt
Which of the statements given above is/are correct?
A. 1 only B. 2 and 3 only C. 1 and 3 only D. 1, 2 and 3
Answer: C
7. India's Mars Orbiter Mission is likely to be launched in November 2013. What kind of rocket will be used by ISRO for this mission. (IB ACIO Grade II 2012)
A. Geo Synchronous Launch Vehicle (GSLV)
B. Agni III
C. Extended polar Satellite Launch Vehicle
D. SLV - III
Answer: C
8. Which planet is called 'Red Planet' ? (SUPER TET 2018) (DSSSB JE E&M 2014)
A. Pluto B. Venus C. Jupiter D. Mars
Answer: D
9. Chandrayaan -1, India's first mission to the Moon was launched from __________. (SSC CPO 2019)
A. Srikalahasti B. Srikakulam C. Sriharikota D. Srisailam
Answer: C
10. Give the correct chronological sequence of the missions undertaken to Mars by the six countries or agencies given below: (MPSC 2014)
a. America
b. Russia
c. China
d. Japan
e. European Space Agency
f. Bharat
A. America, Russia, China, Japan, Bharat, European Space Agency.
B. Russia, America, Japan, European Space Agency, China, Bharat.
C. Russia, Japan, America, China, European Space Agency, Bharat.
D. America, Russia, Japan, China, European Space Agency, Bharat.
Answer: B
11. The European Space Agency (ESA) successfully landed a spacecraft on a speeding comet that lies 310 million miles away from Earth. As a result, the scientists may find out (NDA 2015)
A. the age of the sun
B. the age of the Universe
C. new fundamental atomic particles
D. the role of the comets in bringing organic matter and water to earth.
Answer: D
12. In the context of space technology, what is "Bhuvan", recently in the news? (UPSC 2010)
A. A mini satellite, launched by ISRO for promoting the distance education in India
B. The name given to the next Moon Impact Probe, for Chandrayan-II
C. A geoportal of ISRO with 3 D imaging capabilities of India
D. A space telescope developed by India
Answer: C
13. Comprehension
Directions:
Read the following passage and answer the questions accordingly.
Lunar water is water that is present on the Moon. It was first discovered by ISRO through its Chandrayaan mission. Diffuse water molecules can persist at the Moon's sunlit surface, as discovered by NASA's SOFIA observatory in 2020. Gradually water vapor is decomposed by sunlight, leaving hydrogen and oxygen lost to outer space. Scientists have found water ice in the cold, permanently shadowed craters at the Moon's poles. Water molecules are also in the extremely thin lunar atmosphere. Water (H2O), and the chemically related hydroxyl group (-OH), exist in forms chemically bound as hydrates and hydroxides to lunar minerals (rather than free water), and evidence strongly suggests that this is the case in low concentrations as for much of the Moon's surface. In fact, of surface matter, adsorbed water is calculated to exist at trace concentrations of 10 to 1000 parts per million. Inconclusive evidence of free water ice at the lunar poles had accumulated during the second half of the 20th century from a variety of observations suggesting the presence of bound hydrogen. On 18 August 1976, the Soviet Luna 24 probe landed at Mare Crisium, took samples from the depths of 118, 143, and 184 cm of the lunar regolith, and then took them to Earth. In February 1978, it was published that laboratory analysis of these samples shown they contained 0.1% water by mass. Spectral measurements showed minima near 3, 5, and 6 µm, distinctive valence-vibration bands for water molecules, with intensities two or three times larger than the noise level. On 24 September 2009, it was reported that the NASA's Moon Mineralogy Mapper (M3) spectrometer onboard India's ISRO Chandrayaan-1 probe had detected absorption features near 2.8–3.0 μm on the surface of the Moon. But about 10 months before, on 14 November 2008, India's made Moon Impact Probe onboard Chandrayaan-1 orbiter landed into Shackleton crater and confirmed the presence of water ice. For silicate bodies, such features are typically attributed to hydroxyl- and/or water-bearing materials. In August 2018, NASA confirmed that M3 showed water ice is present on the surface at the Moon poles. Water was confirmed to be on the sunlit surface of the Moon by ISRO on October 26, 2020. Water may have been delivered to the Moon over geological timescales by the regular bombardment of water-bearing comets, asteroids, and meteoroids or continuously produced in situ by the hydrogen ions (protons) of the solar wind impacting oxygen-bearing minerals. The search for the presence of lunar water has attracted considerable attention and motivated several recent lunar missions, largely because of water's usefulness in rendering long-term lunar habitation feasible. The presence of large quantities of water on the Moon would be an important factor in rendering lunar habitation cost-effective since transporting water (or hydrogen and oxygen) from Earth would be prohibitively expensive. If future investigations find the quantities to be particularly large, water ice could be mined to provide liquid water for drinking and plant propagation, and the water could also be split into hydrogen and oxygen by solar panel-equipped electric power stations or a nuclear generator, providing breathable oxygen as well as the components of rocket fuel. The hydrogen component of the water ice could also be used to draw out the oxides in the lunar soil and harvest even more oxygen.
According to the passage, what is theory behind the presence of water on the moon's surface? (NABARD Grade A 2021)
A. Water may have been delivered to the Moon over geological timescales by the regular bombardment of water-bearing comets, asteroids, and meteoroids
B. Water may have been delivered to the Moon over geological timescales by the regular bombardment of planets
C. Water may have been delivered to the Moon over geological timescales by the regular bombardment of spaceships
D. Water is stored within glasses or in voids between grains sheltered from the harsh lunar environment, thus allowing the water to remain on the lunar surface.
E. The surface of that crater is covered in glacier
Answer: A
14. With reference to India's satellite launch vehicles, consider the following statements: (UPSC 2018)
1. PSLVs launch the satellites useful for Earth resources monitoring whereas GSLVs are designed mainly to launch communication satellites.
2. Satellites launched by PSLV appear to remain permanently fixed in the same position in the sky, as viewed from a particular location on Earth.
3. GSLV Mk III is a four- staged launch vehicle with the first and third stages using solid rocket motors; and the second and fourth stages using liquid rocket engines.
Which of the statements given above is/are correct?
A. 1 only B. 2 and 3 C. 1 and 2 D. 3 only
Answer: A
15. ISRO’s Polar Satellite Launch Vehicle (PSLV) successfully launched a remote sensing satellite of which country on 28th February 2021? (SSC CGL 2021)
A. Spain B. Brazil C. Mexico D. Cuba
Answer: B
|
SANTINIKETAN
Here are some key aspects of Santiniketan:
-
Foundation and Philosophy: Rabindranath Tagore established Santiniketan with the vision of creating a unique educational environment that integrated the best of Indian and Western educational systems. His philosophy emphasized learning in harmony with nature and the surrounding environment.
-
Visva-Bharati University: Santiniketan is the home of Visva-Bharati University, an institution founded by Tagore in 1921. The university is known for its emphasis on liberal arts, humanities, and creative disciplines. It follows the pedagogical principles of Tagore and offers a range of undergraduate and postgraduate programs.
-
Rabindranath Tagore: Tagore, who is often referred to as "Gurudev," was the driving force behind Santiniketan. He was not only a poet but also a philosopher, playwright, painter, and musician. His works, including the famous poem "Gitanjali," earned him the Nobel Prize in Literature in 1913.
- Culture and Arts: Santiniketan has been a hub of Indian culture and arts. It is known for its festivals, including Basanta Utsav (Spring Festival) and Poush Mela (Winter Festival). Students and artists from various disciplines come together to celebrate and showcase their talents during these festivals.
- A World Heritage Site is a place, landmark, building, or area that is recognized by the United Nations Educational, Scientific and Cultural Organization (UNESCO) for its cultural, historical, scientific, or natural significance.
- These sites are considered to be of outstanding value to humanity, and their preservation and protection are of global importance.
- As of September 2023, a total of 1,172 World Heritage Sites (913 cultural, 220 natural, and 39 mixed properties) exist across 166 countries.
- With 58 selected areas, Italy is the country with the most sites on the list; China is the second with 57 sites, and Germany is the third with 52.
-
Cultural Heritage Sites: These include historical buildings, cities, monuments, archaeological sites, and cultural landscapes that hold significant cultural or historical importance. Examples include the Great Wall of China, the Pyramids of Egypt, and the Historic Centre of Rome.
-
Natural Heritage Sites: These encompass natural features such as national parks, forests, wildlife reserves, geological formations, and ecosystems that are of exceptional ecological or geological significance. Examples include the Great Barrier Reef in Australia, Yellowstone National Park in the United States, and the Galapagos Islands in Ecuador.
-
Mixed Heritage Sites: Some sites are recognized for both their cultural and natural value, and they are classified as mixed heritage sites. For instance, Machu Picchu in Peru is renowned for its archaeological significance as well as its stunning natural setting in the Andes Mountains.
- The designation of a site as a World Heritage Site signifies the commitment of the international community to protect and preserve it for future generations.
- UNESCO works closely with countries to identify and nominate sites, and once a site is inscribed on the World Heritage List, it may receive international assistance and support for its conservation and management.
- The World Heritage designation also brings increased tourism and recognition to these sites, which can have economic and cultural benefits for the local communities and countries where they are located.
- However, managing the influx of tourists while safeguarding the site's integrity is often a significant challenge for World Heritage Sites.
|
Previous Year Questions
1. The UNESCO World Heritage Site, “MahabodhiVihar” is situated in which Indian state? (SSC MTS 2017)
A. Madhya Pradesh B. Himachal Pradesh C. Bihar D. Maharashtra
Answer: C
2. Consider the following statements: (MPSC 2019)
a. As of July 2018, a total of 1092 World Heritage sites exist across 167 countries.
b. Italy, with 54 World Heritage sites has the most of any country (up to July 2018).
c. India has 39 World Heritage sites (up to July 2018).
d. A collection of Victorian, Gothic, and Art Deco buildings of Mumbai are declared as World Heritage sites in 2018.
Which of the above statements are correct?
A. a, b and d B. b, c and d C. a, b and c D. All of the above
|
WILFUL DEFAULTERS
- "Wilful defaulters" is a term used in the context of banking and finance to refer to individuals, companies, or entities that deliberately and intentionally default on their loan repayments or fail to meet their financial obligations to a lending institution, such as a bank or a financial institution. In other words, wilful defaulters are borrowers who have the ability to repay their loans but choose not to do so
- The RBI identifies wilful defaulters as those who have the ability to pay a bank’s dues but do not or divert bank funds. While large defaulter means a defaulter with an outstanding amount of Rs 1 crore and above, and whose account has been classified as doubtful or loss, a wilful defaulter means a borrower or a guarantor who has committed wilful default and the outstanding amount is Rs 25 lakh and above.
- The lender shall examine the ‘wilful default’ aspect in all accounts with outstanding amount of Rs 25 lakh and above or as may be notified by the RBI from time to time, and complete the process of classification/ declaring the borrower as a wilful defaulter within six (6) months of the account being classified as NPA
- It said the evidence of wilful default needs to be examined by an Identification Committee, to be set up by lenders
- In case of publishing photographs of wilful defaulters, lenders will have to formulate a non-discriminatory board-approved policy that clearly sets out the criteria based on which the photographs of persons classified and declared as wilful defaulters will be published
- The RBI also proposed that no additional credit facility be granted by any lender to a wilful defaulter or any entity with which a wilful defaulter is associated
Non-Performing Assets (NPAs), also known as Non-Performing Loans (NPLs) or bad loans, are financial assets held by banks and other financial institutions that have stopped generating income for the lender because the borrower has defaulted on their loan payments. In other words, NPAs are loans or advances that have not been serviced by the borrower according to the agreed-upon repayment schedule. NPAs are a common concern in the banking and financial industry, as they can have significant implications for financial institutions and the overall economy. Here are some key points about NPAs:
Classification Criteria: The classification of an asset as an NPA typically depends on the number of days a borrower has failed to make scheduled payments. The exact criteria for NPA classification may vary from one country's banking regulations to another. In many cases, NPAs are classified into three categories:
-
- Substandard Assets: Assets where the borrower has delayed payments for a certain period (e.g., 90 days) or is unlikely to make full payments.
- Doubtful Assets: Assets where the likelihood of full repayment is even less certain than substandard assets. These assets are often subject to significant uncertainty.
- Loss Assets: Assets that are considered uncollectible, and full loss provisioning is required.
High levels of non-performing assets (NPAs) can have a number of negative impacts on India's economy, including:
- Reduced profitability of banks: NPAs reduce the profitability of banks by reducing their income and increasing their expenses. This can lead to lower dividends for shareholders and less capital available for lending.
- Reduced availability of credit: When banks have high levels of NPAs, they are less likely to lend money to businesses and individuals. This can lead to a decrease in investment and consumption, which can slow down economic growth.
- Increased risk of financial instability: High levels of NPAs can increase the risk of financial instability in the economy. This is because if a large number of borrowers default on their loans, it can lead to bank failures.
- Increased cost of borrowing: When banks have high levels of NPAs, they may charge higher interest rates on loans to compensate for the increased risk. This can make it more expensive for businesses and individuals to borrow money, which can further dampen economic growth
|
For Prelims: Non-Performing Assets (NPAs), Wilful defaulters
For Mains:1.Discuss the concept of Non-Performing Assets (NPAs) in the banking sector. What are the main factors contributing to the rise in NPAs in India, and what measures have been taken by the government and regulators to address this issue?
2.Examine the role of asset quality reviews (AQRs) in the identification and management of NPAs in Indian banks. What lessons can be drawn from international practices in dealing with NPAs?
|
|
Previous Year Questions
1.Consider the following statements: (UPSC ESE 2018 Paper 1)
Non-performing assets (NPAs) decline in value when
1. Demand revives in the economy.
2. Capacity utilization increases.
3. Capacity utilization, though substantive, is yet sub-optimal.
4. Capacity utilization decreases consequently upon merger of unit.
Which of the above statement are correct?
A. 1, 3, 4
B. 1, 2 and 4
C. 1, 2 and 3
D. 1, 2, 3, 4
Answer (C)
|
GLOBAL DEBT
1. Context
Global debt has reached a staggering $307 trillion by the end of June 2023, marking a significant milestone in the world's financial landscape according to the Institute of International Finance (IIF). Over the past decade, global debt has surged by a staggering $100 trillion, raising concerns about its implications for the global economy.
2. About Global Debt
Global debt encompasses the borrowings of governments, private businesses, and individuals. Governments often resort to borrowing to cover various expenses that cannot be funded through tax revenue alone, including interest payments on previous debts. In contrast, the private sector primarily borrows to make investments.
3. The Factors Behind Rising Global Debt
- Both nominal global debt and its share relative to Gross Domestic Product (GDP) have been on an upward trajectory for decades.
- The COVID-19 pandemic temporarily halted this trend due to sluggish economic activity and reduced lending.
- However, global debt levels have recently started to climb once more.
- Most notably, advanced economies, including the United States, the United Kingdom, Japan, and France, account for over 80% of the increase in global debt during the first half of 2023.
- Among emerging market economies, China, India, and Brazil have witnessed substantial growth in debt.
- Surprisingly, this surge in debt comes amid rising interest rates, which would typically dampen demand for loans.
4. The Significance of Rising Debt Levels
- It's crucial to recognize that a gradual increase in debt levels is not inherently problematic.
- As the total money supply in economies steadily expands each year, higher debt levels often accompany this growth.
- This phenomenon can result from increased savings channelled into investments, which is a sign of a healthy economy.
- More noteworthy than the increase in global debt is the seven consecutive quarters of declining debt-to-GDP ratios leading up to 2023.
- The Institute of International Finance (IIF) attributes this decline to rising price inflation, which effectively reduces the real value of debts denominated in local currencies.
- This "inflating away" of debt occurs when central banks create fresh currency to pay off government debt by purchasing government bonds, ultimately leading to increased prices and an indirect economic tax.
5. Causes for Concern
- Rising global debt levels understandably raise concerns about the sustainability of this debt burden, particularly in the case of government debt.
- Governments often engage in reckless borrowing to fund populist programs, which can lead to rapidly increasing debt.
- Additionally, when central banks raise interest rates, servicing the existing debt becomes more challenging for governments with heavy debt loads.
- While low interest rates have kept government debt servicing manageable over the past decade, the recent move by central banks to raise interest rates, primarily to combat inflation, signals a change.
- This shift could intensify pressure on governments, potentially pushing them toward either default or inflation to reduce their debt burden.
- Many analysts believe that inflating away debt may be the only feasible solution for some governments to avoid an outright default.
- The Institute of International Finance (IIF) has sounded a warning about the global financial infrastructure's inability to handle unsustainable domestic debt levels.
- This underscores the gravity of the situation and the potential systemic risks associated with soaring global debt.
6. Private Debt and Economic Booms
- Rapidly rising private debt levels also draw scrutiny from analysts, as they often indicate unsustainable economic booms.
- When such lending is not backed by genuine savings, it can lead to economic crises, as exemplified by the 2008 global financial crisis, which followed an economic boom fueled by the U.S. Federal Reserve's easy credit policy.
7. Conclusion
The global debt situation is a complex and pressing issue, with significant implications for the world economy. Understanding its various facets is essential for policymakers, economists, and the public at large.
|
For Prelims: Institute of International Finance, Gross Domestic Product, COVID-19 pandemic,
For Mains:
1. Analyze the impact of the COVID-19 pandemic on global debt levels. How did economic factors during the pandemic influence global debt, and what subsequent trends have emerged? (250 Words)
|
|
Previous Year Questions
1. With reference to Indian economy, consider the following statements: (UPSC 2015)
1. The rate of growth of Real Gross Domestic Product has steadily increased in the last decade. 2. The Gross Domestic Product at market prices (in rupees) has steadily increased in the last decade. Which of the statements given above is/are correct? (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Answer: B
2. A decrease in tax to GDP ratio of a country indicates which of the following? (UPSC 2015) 1. Slowing economic growth rate 2. Less equitable distribution of national income Select the correct answer using the code given below: (a) 1 only (b) 2 only (c) Both 1 and 2 (d) Neither 1 nor 2 Answer: A
3. In the context of vaccines manufactured to prevent COVID-19 pandemic, consider the following statements: (UPSC 2022)
1. The Serum Institute of India produced COVID-19 vaccine named Covishield using mRNA platform.
2. Sputnik V vaccine is manufactured using vector based platform.
3. COVAXIN is an inactivated pathogen-based vaccine.
Which of the statements given above are correct?
A. 1 and 2 only B. 2 and 3 only C. 1 and 3 only D. 1, 2 and 3
Answer: B
|
SHANKARACHARYA
.jpg?$p=dc2ce1f&f=16x10&w=852&q=0.8)
Adi Shankara established four monasteries, or mathas, in the four corners of India:
- Jyotir Matha in the north (Joshimath, Uttarakhand)
- Sringeri Sharada Peetham in the south (Sringeri, Karnataka)
- Dwaraka Sharada Peetham in the west (Dwarka, Gujarat)
- Govardhana Matha in the east (Puri, Odisha)
The philosophy of Adi Shankaracharya, also known as Advaita Vedanta, is one of the most influential and profound philosophical systems within Hinduism. It centers on the concept of non-dualism (Advaita), which emphasizes the oneness of ultimate reality and the individual self. Here are the key principles and elements of Shankaracharya's Advaita Vedanta philosophy:
-
Brahman as Ultimate Reality: Shankaracharya taught that the ultimate reality, often referred to as Brahman, is the unchanging, infinite, and transcendent source of all existence. Brahman is beyond all attributes, forms, and distinctions. It is pure consciousness, bliss, and the only true reality.
-
Atman as Individual Self: Shankaracharya posited that the individual self, known as Atman, is not distinct from Brahman but is, in fact, identical to it. Atman is the innermost essence of an individual, and realizing its identity with Brahman is the ultimate goal of life.
-
Maya (Illusion): According to Advaita Vedanta, the material world and its diversity are products of Maya, which is often described as illusion or ignorance. Maya veils the true nature of reality, causing individuals to perceive a world of multiplicity and duality. Liberation (moksha) is achieved by transcending Maya and realizing the non-dual nature of Brahman and Atman.
-
The Role of Knowledge (Jnana): Shankaracharya emphasized the importance of knowledge in attaining liberation. True knowledge (jnana) is the realization of one's identity with Brahman and the recognition that the empirical world is illusory. This knowledge is gained through self-inquiry (atma vichara) and contemplation on the teachings of the Upanishads.
-
Worship and Devotion: While Shankaracharya's philosophy is often associated with intellectual inquiry and meditation, he also recognized the importance of devotion (bhakti) as a means to attain spiritual realization. He composed devotional hymns and encouraged the worship of deities as a path to realizing the ultimate non-dual truth.
-
Fourfold Pursuits (Purusharthas): Shankaracharya acknowledged the traditional Hindu goals of life, known as the purusharthas. These include Dharma (ethical and moral duty), Artha (material prosperity), Kama (desire and pleasure), and Moksha (liberation). While he recognized their importance, his philosophy primarily focused on Moksha as the ultimate goal.
-
Scriptural Authority: Shankaracharya regarded the Vedas as the highest authority in matters of spiritual knowledge. He wrote extensive commentaries on the Upanishads, Bhagavad Gita, and Brahma Sutras to elucidate their teachings and establish Advaita Vedanta as the correct interpretation of these texts.
-
Role of Guru: In Advaita Vedanta, the guidance of a qualified spiritual teacher (guru) is considered essential for attaining realization. The guru imparts knowledge and leads the disciple on the path to self-realization.
-
Ethical Conduct: Shankaracharya emphasized the importance of ethical conduct and moral values as a foundation for spiritual growth. Living a life in harmony with dharma (righteousness) is seen as a prerequisite for progressing on the path of self-realization
Adi Shankaracharya, the renowned philosopher and theologian of Advaita Vedanta, wrote numerous works during his lifetime. His writings cover a wide range of topics related to philosophy, spirituality, and the interpretation of sacred texts. Some of his most important works include:
-
Commentaries on the Prasthanatrayi:
-
Brahma Sutra Bhashya: Shankaracharya wrote extensive commentaries on the Brahma Sutras, also known as the Vedanta Sutras. His commentary is known as the "Brahma Sutra Bhashya" and serves as a comprehensive exposition of the core concepts of Advaita Vedanta.
-
Upanishad Bhashyas: Shankaracharya composed commentaries on several Upanishads, the ancient philosophical and mystical texts that explore the nature of reality and the self. Some of his Upanishad commentaries include those on the Chandogya, Brihadaranyaka, Isa, and Mandukya Upanishads.
-
Bhagavad Gita Bhashya: Shankaracharya wrote a commentary on the Bhagavad Gita, one of the most revered texts in Hinduism. His commentary provides an Advaita Vedanta interpretation of the teachings of Lord Krishna to Arjuna.
-
-
Independent Philosophical Works:
-
Vivekachudamani: This text, often translated as "The Crest Jewel of Discrimination," is one of Shankaracharya's most famous independent works. It focuses on the importance of self-realization, the distinction between the real and the unreal, and the path to spiritual awakening.
-
Atma Bodha: In "Atma Bodha," which means "Self-Knowledge," Shankaracharya explores the nature of the self (Atman) and provides guidance on realizing one's true identity with Brahman.
-
Tattva Bodha: This work delves into the fundamental principles of Advaita Vedanta and serves as an introduction to its philosophy. It explains key concepts such as the nature of the self, the nature of reality, and the process of self-realization.
-
Upadesasahasri: Translating to "A Thousand Teachings," this extensive work addresses a wide range of topics, including the nature of reality, the self, ethics, and the spiritual path.
-
-
Hymns and Devotional Works:
-
Saundaryalahari: A hymn dedicated to the goddess Shakti, this work combines devotional verses with philosophical insights. It is divided into two parts, with the first section focusing on devotion and the second on philosophical concepts.
-
Bhaja Govindam: This devotional composition, also known as "Mohamudgara" or "Dvadasamanjarika Stotra," emphasizes the transience of life and the importance of seeking spiritual wisdom.
-
-
Stotras (Hymns of Praise):
- Shankaracharya composed various stotras dedicated to deities and spiritual concepts. Some examples include the Dakshinamurti Stotra, Ardhanareeshwara Stotra, and Nirvana Shatakam.
|
For Prelims: Shankaracharya, Dvaita, Advaitha
For Mains: 1.Discuss the key philosophical principles of Adi Shankaracharya's Advaita Vedanta. How did he contribute to the development of Indian philosophical thought during his time?
2.Compare and contrast the philosophies of Adi Shankaracharya and Ramanuja. How did their interpretations of Vedanta differ, and what impact did their teachings have on Hinduism?
|
|
Previous Year Questions
1.The world’s second tallest statue in sitting pose of Ramanuja was inaugurated by the Prime Minister of India at Hyderabad recently. Which one of the following statements correctly represents the teachings of Ramanuja? (UPSC CSE Prelims 2022)
A. The Best means of salvation was devotion
B. Vedas are eternal, self-existent and wholly authoritative
C. Logical arguments were essential means for the highest bliss.
D.Salvation was to be obtained through meditation.
Answer (A)
|
