. No.	Topic Name	Prelims/Mains
1.	About the UNCLOS	Prelims & Mains
2.	Details of the Monetary Policy Committee	Prelims & Mains
3.	About the Bharat Ratna	Prelims & Mains
4.	Details of the Free Trade Agreements	Prelims Specific Topic

1 – About the UNCLOS:GS II

Topic à International Relations

·       About:

·       Adoption and signature occurred in 1982.

·       It becomes effective in the year 1994.

·       The four Geneva Conventions of April 1958 that addressed the high seas, the continental shelf, fisheries, and the preservation of living resources on the high seas were superseded by this one.

·       Now, all maritime and marine-related activities are governed by the Convention.

·       Internal Waters, Territorial Sea, Contiguous Zone, Exclusive Economic Zone (EEZ), and High Seas are its five main zones. The Law of the Sea is another name for this regulation.

·       UNCLOS is the only international agreement that lays the groundwork for state sovereignty over marine territory. It bestows varied legal statuses on specific maritime zones.

·       The Convention has led to the creation of three new international organisations:

·       International Court of Justice

·       The International Seabed Authority

·       The Commission on the Boundaries of the Continental Shelf

·       India’s efforts in the Indian Ocean Region (IOR) to advance security and safeguard marine interests:

·       India promoted open navigation and overflight as well as unrestricted trade based on the principles of international law, particularly as demonstrated by the UNCLOS 1982.

·       As a State Party to the UNCLOS, India supported the highest regard for the UNCLOS, which established the international legal framework controlling the seas and oceans.

·       In order to further regional security and economic prosperity for everybody, the government of India increased its maritime cooperation with its neighbours (SAGAR).

·       Measures have been taken, including “Mission based Deployments” of naval ships and aircraft, to enhance marine domain awareness, increase maritime security, and get ready for any contingencies.

 

Source à The Hindu

 

2 – Details of the Monetary Policy Committee:GS III

Topic à Indian Economy

·       About:

·       The government-appointed Monetary Policy Committee (MPC), which is in charge of the RBI, is tasked with creating monetary policy using tools like the repo rate, reverse repo rate, bank rate, and cash reserve ratio (CRR).

·       It was created by the Central Government of India in compliance with Section 45ZB of the RBI Act as amended in 1934.

·       Functions:

·       The MPC is responsible for selecting the various policy rates, including MSF, Repo Rate, Reverse Repo Rate, and Liquidity Adjustment Facility.

·       Composition of MPC:

·       The committee will consist of six individuals. The government will put out three of the six candidates. There won’t be any government representatives assigned to the MPC.

·       The other three members would be from the RBI, and the governor would act as the ex-officio chairperson. Both an executive director of the central bank and the RBI’s deputy governor in charge of monetary policy will be members.

·       Selection of members and terms:

·       Selection: The Cabinet Secretary, the RBI Governor, the Economic Affairs Secretary, and three experts in the domains of economics, banking, finance, and monetary policy would make up the Search-cum-Selection Committee that would determine the government’s nominees to the MPC.

·       MPC members are appointed for terms of four years, and they are not eligible for reappointment.

·       How are decisions made?

·       Decisions are taken by majority voting, with each member having one vote.

·       The governor of the Reserve Bank of India will act as the committee’s chairman. In the event of a tie, the governor will have a casting vote; however, he or she will not have the power to overrule the decisions made by the other panellists.

·       What is the RBI’s monetary policy?

·       The “monetary policy” of the Reserve Bank of India (RBI) refers to how it uses the monetary resources that are within its control to raise GDP and lower inflation.

·       The Reserve Bank of India Act of 1934 grants the RBI the power to decide on monetary policy.

·       What objectives does monetary policy seek to achieve?

·       In accordance with the Chakravarty Committee’s recommendations, India’s monetary policy should support the creation of new financial institutions as well as economic development, equity, and social justice.

·       While the Indian government aims to accelerate the pace of GDP development, the RBI is nevertheless working to keep inflation within a tolerable level.

·       To achieve the nation’s main objectives and assist it hit its inflation target, the Monetary Policy Committee selects the optimum policy interest rate.

·       How are the tools of monetary policy managed?

·       Monetary policy tools fall into two categories: qualitative instruments and quantitative instruments.

·       The list of quantitative instruments includes Open Market Operations, Bank Rate, Repo Rate, Reverse Repo Rate, Cash Reserve Ratio, Statutory Liquidity Ratio, Marginal Standing Facility, and Liquidity Adjustment Facility (LAF).

·       Examples of qualitative instruments include moral persuasion, direct action, and changes to the profit margin.

 

Source à The Indian Express

3 – About the Bharat Ratna:GS II

Topic à Constitutional Provisions

·       About:

·       The Bharat Ratna, India’s highest civilian honour, was established in 1954.

·       It is given in appreciation for extraordinary service in any field of human endeavour, regardless of a person’s race, profession, rank, or sexual orientation.

·       On the Prime Minister’s proposal, the President of India may present no more than three Bharat Ratna awards each year.

·       The winner of the award receives a medallion and a Sanad (certificate) that has been signed by the president. The prize has no monetary value.

·       Winners are not allowed to prefix their names with Bharat Ratna or end them with Bharat Ratna, as stated in Article 18(1) of the Indian Constitution.

·       It is not a need to be an Indian citizen to be awarded the Bharat Ratna.

·       This prestigious honour was given to Mother Teresa, also known as Agnes Gonxha Bojaxhiu, a naturalised Indian citizen, in 1980. In 1987, non-Indians Nelson Mandela and Khan Abdul Ghaffar Khan also earned it. (1990).

·       Other Crucial Information:

·       A circular gold medal with a picture of the sun on the reverse served as the first award (35 mm in diameter).

·       Above the flower, the words “Bharat Ratna” were engraved in Devanagari script within a wreath.

·       On the back of the platinum national emblem is engraved “Satyameva Jayate,” India’s national motto in Devanagari script.

·       The Alipore Mint in Kolkata manufactures the Bharat Ratna medals as well as other esteemed honours including the Padma Vibushan, Padma Bhushan, Padma Shri, and Param Veer Chakra.

·       Conclusion:

·       The Bharat Ratna is awarded “in appreciation of exemplary service/performance of the highest degree,” regardless of race, profession, rank, or sex. According to the regulations from 1954, the medal could only be given in the categories of the arts, literature, sciences, and public service. The guidelines were amended in December 2011 to include “any sector of human endeavour.” The 1954 statute, which barred posthumous honours, was modified by the January 1955 act. Lal Bahadur Shastri was the first recipient of a posthumous award as a result, in 1966.

 

Source à The Hindu

 

4 – Details of the Free Trade Agreements:

Prelims Specific Topic

·       About:

·       It is an agreement to loosen import and export regulations between two or more nations.

·       Government taxes, quotas, subsidies, and bans that obstruct the interchange of goods and services across international borders are minimal to nonexistent under a free trade policy.

·       Economic or trade protectionism are the antithesis of the concept of free trade.

·       India and FTAs:

·       After India made the decision to exit the Regional Comprehensive Economic Partnership (RCEP), a 15-member FTA organisation that also includes China, Japan, and Australia, FTA negotiations were placed on pause for India.

·       The resumption of negotiations between India and the European Union, which had been suspended in 2013, was however announced in May 2021.

·       Both sides are currently engaged in internal planning to advance these multiple work strands.

·       India is pursuing bilateral free trade agreements with the UK, Australia, Canada, and the United Arab Emirates.

·       The FTA with Australia was “well progressed,” whereas it was “near finalisation” with the UAE.

·       Other information:

·       A Comprehensive Economic Cooperation and Partnership Agreement exists between India and Mauritius (CECPA).

·       In order to promote trade among its member countries, the South Asia Preferential Trading Agreement (SAPTA) was created in 1995.

·       SAFTA, a constrained free trade agreement, only covers goods and excludes all services, including those related to information technology. By 2016, there would be no customs costs on any traded goods, according to a pact that was negotiated.

·       Asia-Pacific Trade Agreement (APTA)

·       A preferential tariff scheme, formerly known as the Bangkok Agreement, was created to promote intra-regional commerce by the exchange of mutually agreeable concessions between member countries.

·       Issues with India’s Foreign Trade Policy:

·       Poor Manufacturing Sector: In recent years, manufacturing has accounted for 14% of India’s GDP (GDP).

·       Comparable percentages for sophisticated and developed nations like Germany, the US, South Korea, and Japan are 19%, 11%, 25%, and 21%, respectively.

·       While the ratio for low-income countries is 8%, the similar figures for emerging and developing countries like China, Turkey, Indonesia, Russia, and Brazil are 27%, 19%, 20%, 13%, and 9%, respectively.

·       Unfavorable FTAs: India has signed FTAs with Malaysia, the Republic of Korea, Japan, and the Association of Southeast Asian Nations over the last ten years (ASEAN).

·       Most people feel that these agreements have been more advantageous for India’s economic partners than for India itself.

·       The idea that India is transitioning to a more closed, protectionist market economy has gotten worse because to the Atmanirbhar Bharat campaign.

Source à The Indian Express