THE PLACES OF WORSHIP ACT
1. Context
2. The Places of Worship Act and its Provisions
| The long title describes it as “An Act to prohibit conversion of any place of worship and to provide for the maintenance of the religious character of any place of worship as it existed on the 15th day of August, 1947, and for matters connected therewith or incidental thereto.” |
religious denomination into a place of worship of a different religious denomination or even a different segment of the same religious denomination.
Section 4(1) declares that the religious character of a place of worship “shall continue to be the same as it existed” on August 15, 1947.
Section 5 stipulates that the Act shall not apply to the Ramjanmabhoomi-Babri Masjid case, and to any suit, appeal or proceeding relating to it.
At least two petitions challenging the Act are pending before the Supreme Court.
| The law has been challenged on the ground that it bars judicial review, which is a basic feature of the Constitution, imposes an “arbitrary irrational retrospective cutoff date”, and abridges the right to religion of Hindus, Jains, Buddhists and Sikhs. |
3. Reasons for bringing of the act
- The Act was brought by the Prime Minister P V Narasimha Rao at a time when the Ram temple movement was at its peak.
- The Babri Masjid was still standing, but L K Advani’s rath yatra, his arrest in Bihar and the firing on kar sevaks in Uttar Pradesh had raised communal tensions.
| Moving the Bill in Parliament, then Home Minister S B Chavan said: “It is considered necessary to adopt these measures in view of the controversies arising from time to time with regard to conversion of places of worship which tend to vitiate the communal atmosphere Adoption of this Bill will effectively prevent any new controversies from arising in respect of conversion of any place of worship…” |
4. Supreme Court verdict
- The constitutional validity of the 1991 Act was not under challenge, nor had it been examined before the Supreme Court Bench that heard the Ramjanmaboomi-Babri Masjid title suit.
- Even so, the court, while disagreeing with certain conclusions drawn by the Allahabad High Court about the Act, made specific observations in its support.
- “In providing a guarantee for the preservation of the religious character of places of public worship as they existed on 15 August 1947 and against the conversion of places of public worship, Parliament determined that independence from colonial rule furnishes a constitutional basis for healing the injustices of the past by providing the confidence to every religious community that their places of worship will be preserved and that their character will not be altered,” the court said.
5. Constitutional obligations
- The law addresses itself to the State as much as to every citizen of the nation.
- The State, has by enacting the law, enforced a constitutional commitment and operationalised its constitutional obligations to uphold the equality of all religions and secularism which is a part of the basic features of the Constitution.
- The Places of Worship Act imposes a non-derogable obligation towards enforcing our commitment to secularism under the Indian Constitution.
- The law is hence a legislative instrument designed to protect the secular features of the Indian polity, which is one of the basic features of the Constitution.
- The Places of Worship Act is a legislative intervention which preserves non-retrogression as an essential feature of our secular values.
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For Prelims: The Places of Worship Act, secularism, Indian Constitution, Ramjanmaboomi-Babri Masjid title suit,
For Mains:
1. What is the Places of Worship Act and discuss its constitutional obligations (250 words)
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EARTHQUAKE
1. Context
2. What is an Earthquake?
3. How do exactly Earthquakes Occur?
- As we know, the earth’s outermost surface, crust, is fragmented into tectonic plates. The edges of the plates are called plate boundaries, which are made up of faults.
The tectonic plates constantly move at a slow pace, sliding past one another and bumping into each other. - As the edges of the plates are quite rough, they get stuck with one another while the rest of the plate keeps moving.
- Earthquake occurs when the plate has moved far enough and the edges unstick on one of the faults.
- The location below the earth’s surface where the earthquake starts is called the hypocenter, and the location directly above it on the surface of the earth is called the epicenter.”
4. Earthquake waves
There are two types of body waves. They are called P and S-waves.
5. Measuring of Earthquakes
- The earthquake events are scaled either according to the magnitude or intensity of the shock.
- The magnitude scale is known as the Richter scale. The magnitude indicates the energy released during the quake. It is expressed in absolute numbers 0-10.
- The intensity scale is named after Mercalli, an Italian seismologist. The intensity scale indicates the visible damage caused by the event. The range of intensity scale is from 1-12.
6. Turkey and Syria lie in a seismically active region
- The region where the earthquake struck lies along a well-known seismic fault line called the Anatolia tectonic block that runs through northern, central, and eastern Turkey.
- It is a seismically active zone-though not as active as, say, the Himalayan region which is one of the most dangerous regions in the world from the perspective of earthquakes.
- Large earthquakes, of magnitude 5 or higher, have not been very frequent in recent years. According to USGS, only three earthquakes of magnitude 6 or more have happened in the region since 1970. The last major quake in this area came in January 2020.
- The seismicity in this region is a result of interactions between the African, Eurasian, and Arabian plates. The Arabian plate is known to be pushing northward, which results in a slight westward movement for the Anatolian plate, where Turkey is located.
- The earthquake happened around the near-vertical fault line on the eastern Anatolian block, close to the Syrian border.
7. Shallow Earthquakes cause much greater damage
- Earthquakes in Turkey emerged from relatively shallow depths which made them devastating. The first earthquake, of magnitude 7.8, originated 17.9 km below the earth's surface.
- All the subsequent ones, including one of 7.5 magnitudes, emerged from even closer to the surface.
- Shallow earthquakes are generally more devastating because they carry greater energy when they emerge on the surface.
- Deeper earthquakes lose much of their energy by the time they come to the surface. The deeper quakes spread farther though- the seismic waves move conically upwards to the surface even as they lose energy while traveling greater distances and hence cause less damage.
8. Can earthquakes be predicted?
- An accurate prediction of an earthquake requires some sort of a precursory signal from within the earth that indicates a big quake is on the way.
- Moreover, the signal must occur only before large earthquakes so that it doesn’t indicate every small movement within the earth’s surface. Currently, there is no equipment to find such precursors, even if they exist.
- Theoretically, it is possible to offer a lead time of a few seconds between the time of the origin of the earthquake and the time it reaches the Earth’s surface.
- Seismic waves travel significantly slower than the speed of light between 5 and 13 km
per second. So if the earthquake is detected as soon as it is triggered, information about it can be related a few seconds ahead of it reaching the ground. - Such systems are already in use in some locations to issue alerts about earthquakes. However, these are not predictions. The alerts are issued post-event.
- Attempts to find reliable predictors of earthquakes have not been fruitful so far. Scientists have been able to map the areas that are earthquake-prone, and are likely to generate earthquakes in the future, but there is no way to predict when.
For Prelims & Mains
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For Prelims: Earthquake, Tectonic plates, Hypocenter, Epicenter, Body waves, Surface waves, P-waves or ‘primary waves’, S-waves or secondary waves, Richter scale, and Seismic waves.
For Mains: 1. What is an Earthquake? How do exactly Earthquakes Occur? Discuss the effects of Earthquakes.
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TAIWAN
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Taiwan, formally known as the Republic of China (RoC), is located in the western Pacific Ocean and is separated from mainland China by the Taiwan Strait. Covering an area of roughly 36,000 square kilometers, it shares maritime boundaries with Japan to the northeast, the Philippines to the south, and mainland China to the west.
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The island is bordered by the East China Sea to the north, the Philippine Sea to the east, the Luzon Strait to the south, and the South China Sea to the southwest.
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Climate: Taiwan experiences a subtropical climate in the north and a tropical climate in the south. Summers are typically hot and humid, while winters are mild, though temperatures can drop in higher-altitude regions.
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Due to its location along the Pacific "Ring of Fire," Taiwan is highly susceptible to earthquakes. The region accounts for about 90% of the world's seismic activity. Since 1980, the island and its surrounding waters have recorded approximately 2,000 earthquakes with magnitudes of 4.0 or higher, including over 100 tremors exceeding 5.5 in magnitude, as reported by the USGS
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Taiwan has been home to indigenous communities for thousands of years. During the 1600s, it briefly came under Dutch and Spanish control. In 1684, the Qing dynasty integrated Taiwan into Fujian province before designating it as a separate province in 1885.
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After the Qing dynasty lost a war to Japan, Taiwan became a Japanese colony in 1895. Following World War II in 1945, it was handed over to the Republic of China (ROC) government.
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In 1949, after losing the civil war to Mao Zedong’s communist forces, the Republic of China government retreated to Taiwan and established it as its new capital, retaining the formal name of the Republic of China.
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Meanwhile, Mao established the People’s Republic of China (PRC), asserting that it was the sole legitimate government representing all of China, including Taiwan, as the ROC’s successor.
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For years, the Republic of China, based in Taipei, claimed to be the legitimate authority over all of China. However, in 1971, it was expelled from the United Nations, which recognized the Beijing government instead.
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Despite this, Taiwan operates with de facto independence, as it elects its own leaders and has a defined territory, military, passport, and currency. However, most countries do not officially recognize it as an independent state.
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Taiwan’s government maintains that the Republic of China is a sovereign entity and argues that Beijing has no authority over it, as the PRC has never governed the island or played any role in its leadership selection.
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At present, only 12 countries officially recognize Taiwan, most of which are small, developing nations. However, major Western countries and U.S. allies maintain unofficial but strong relations with Taiwan, recognizing its passport and establishing de facto embassies in their respective capitals. Taiwanese citizens can travel to most countries using their passport
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The U.S. State Department stated that it had made a routine update to the Taiwan section of its website, which included the removal of language explicitly stating that the U.S. does not support Taiwan’s formal independence. These changes were welcomed by the government in Taipei.
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The revised fact sheet continues to affirm Washington’s opposition to any unilateral alterations to the status quo, whether from Taiwan or China, which considers the self-governed island as part of its territory.
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Notably, the updated document omits the phrase “we do not support Taiwan independence.” It also highlights Taiwan’s involvement in a Pentagon-led technology and semiconductor development initiative and affirms U.S. support for Taiwan’s participation in international organizations “where applicable.”
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While the United States does not maintain formal diplomatic relations with Taiwan, it remains the island’s most significant international ally and is legally obligated to provide defensive support. A State Department spokesperson reiterated that “the United States remains committed to its one China policy,” meaning that Washington does not take an official stance on Taiwan’s sovereignty but acknowledges China’s position on the matter
- In 1954-55, and 1958, the PRC bombed the Jinmen, Mazu, and Dachen islands under Taiwan's control, drawing in the US.
- Congress passed the Formosa Resolution authorizing President Dwight D Eisenhower to defend Taiwanese (Republic of China- ROC) territory.
- In 1955, Premier Zhou En-lai declared at the Bandung Conference that he wanted negotiations with the US. But as civil war broke out in Lebanon in 1958, China resumed the bombing, provoking the US to supply Taiwanese outposts on the islands.
- The people's Republic of China (PRC) i.e. mainland China and ROC (Taiwan) then arrived at an arrangement to bomb each other's garrisons on alternate days-this continued until 1971.
- Taiwan became the non-communist frontier against China during the Cold war. It was described as an "unsinkable aircraft carrier" underscoring its strategic significance.
- It was only in 1971 that the US inaugurated ties with Mainland China through the secret diplomacy of Henry Kissinger, national security adviser to President Richard Nixon.
- In 1975, Chiang Kai-shek died, martial law was lifted, and Taiwan got its first democratic reforms.
- U.S. recognized the communist party that ruled People's Republic of China (PRC) as the legitimate government of China in 1979, ending its official relationship with Taiwan and abrogating its mutual defense treaty with the island.
- The US has a policy of strategic ambiguity towards Taiwan. This means that it maintains ties with Taipei, and sells weapons to it, but officially subscribes to the PRC's "One China Policy" in which Taiwan does not exist as a separate entity.
- Just 14 countries around the world recognize Taiwan. Most are very small, many are remote island nations. As the British prepared to exit Hong Kong in 1999, the "One China, Two Systems" solution was offered to Taiwan as well, but it was rejected by the Taiwanese.
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For Prelims: People’s Republic of China (PRC), Republic of China (RoC), Henry Kissinger, East China Sea, Taiwan Strait, One China Policy, QUAD, and AUKUS.
For Mains: 1. Discuss the rise of tensions between China and Taiwan and what are the serious implications for India.
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Previous year Question1. Which one of the following statements best reflects the issue with Senkaku Islands, sometimes mentioned in the news? (UPSC 2022)
A. It is generally believed that they are artificial islands made by a country around the South China Sea.
B. China and Japan engage in maritime disputes over these islands in the East China Sea.
C. A permanent American military base has been set up there to help Taiwan to increase its defense capabilities.
D. Though the International Court of Justice declared them as no man's land, some South-East Asian countries claim them.
Answer: B
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CONSTITUTIONAL MORALITY
Key Aspects
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- This perspective on constitutional morality underscores that commitment to the Constitution must be unconditional and not contingent on whether it aligns with the values or beliefs of any specific group.
- In essence, it necessitates accepting outcomes that may significantly differ from what certain citizens might have anticipated. The strength of this framework lies in its ability to balance conflicting priorities—it upholds respect for constitutional structures while simultaneously allowing for their critique. It mandates adherence to established procedures while permitting their reassessment and reform.
- More importantly, it does not demand blind loyalty to the Constitution but rather views it as a mechanism for managing societal differences through agreed-upon principles. This stands in contrast to Jürgen Habermas’ concept of constitutional patriotism, which promotes political allegiance based on the norms and values of the Constitution.
- While constitutional morality highlights the role of moderate cultural nationalism in fostering inclusivity, constitutional patriotism often advocates a singular-identity democracy grounded in constitutional ideals.
- The process-driven nature of constitutional morality is particularly relevant in contemporary discourse. It illustrates how constitutional commitment can be upheld without veering into rigidity or dogmatism.
- By striking a balance between reverence and reform, continuity and change, it promotes a more evolved constitutionalism.
- It is also essential to recognize that the framers of the Constitution envisioned its adoption as an expression of commitment to constitutional principles and governance
- On November 4, 1948, Dr. B.R. Ambedkar referenced the concept of constitutional morality during his speech in the Constituent Assembly while discussing The Draft Constitution. He advocated for integrating the administrative framework within the Constitution and cited the classicist Grote in his remarks.
- Ambedkar, however, was more acquainted with an older interpretation of the term, rooted in its 19th-century origins.
- This interpretation defines constitutional morality as the set of norms and procedures that guide decision-making in situations where the Constitution is either silent or grants discretionary authority.
- In contrast, the contemporary understanding of constitutional morality often relates to the core values embedded within a constitution. From this viewpoint, adhering to constitutional morality entails upholding the broader ethical principles inherent in constitutional provisions.
- For example, the principle of non-discrimination is frequently regarded as a fundamental aspect of modern constitutional morality
Although the term constitutional morality is not explicitly mentioned in the Indian Constitution, its essence is deeply embedded in various provisions:
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Preamble – It sets out the foundational values of Indian democracy, including justice, liberty, equality, and fraternity.
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Fundamental Rights – These provisions protect individuals from the arbitrary exercise of state power. Notably, the Supreme Court ensures their enforcement through Article 32.
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Directive Principles of State Policy (DPSP) – These principles guide the state in achieving the vision outlined by the Constitution’s framers, drawing inspiration from Gandhian, socialist, and liberal ideologies.
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Fundamental Duties – Citizens are not only entitled to rights but also bear responsibilities toward the nation.
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System of Checks and Balances – This includes mechanisms such as judicial review over legislative and executive actions, as well as legislative oversight of the executive, ensuring accountability.
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In the 2015 Krishnamoorthy case, the Supreme Court highlighted the significance of constitutional morality as a cornerstone of good governance.
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In Union of India vs. Government of the NCT of Delhi, the Court ruled that senior officials must uphold constitutional morality and adhere to the constitutional principles to prevent the arbitrary exercise of power.
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In the Government of NCT of Delhi case (2018), the Court compared constitutional morality to a "second basic structure doctrine," underscoring its role in restraining arbitrary authority.
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Likewise, in Navtej Singh Johar & Ors. vs. Union of India, the Supreme Court declared that Section 377 violated the rights of the LGBTQI community, as it was inconsistent with the fundamental principles of individual dignity and equality protected under Articles 14, 19, and 21 of the Constitution.
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In Justice K.S. Puttaswamy & Anr. vs. Union of India & Ors., the Supreme Court upheld the constitutional validity of Aadhaar with specific limitations, emphasizing the judiciary’s role in preventing executive overreach.
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In the Justice K.S. Puttaswamy case (2018), the Court reaffirmed its responsibility to safeguard constitutional morality by striking down any law or executive action that contradicts constitutional principles
Ignoring constitutional morality can have serious consequences for democratic functioning. Several critical questions have emerged in this regard:
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To what extent can individuals be encouraged to uphold the ethical principles enshrined in the Constitution and fulfill their obligations responsibly?
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Are ruling authorities, as alleged by opposition parties, misusing law enforcement or investigative agencies to exert political pressure?
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How does the concentration of power impact the concept of constitutional morality in a parliamentary democracy?
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In cases such as the entry of menstruating women into the Sabarimala temple, what approach should be adopted to ensure a non-discriminatory and balanced resolution?
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For Prelims: Basic Structure of Constitution, Preamble, Fundamental Rights, Fundamental Duties
For Mains: GS II - Indian Polity & Governance
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PRESIDENT RULE
- President’s Rule, as outlined in Article 356, is invoked when a state’s constitutional machinery fails. In such cases, based on a Governor’s report or other relevant inputs, the President can issue a Proclamation to take over the state government’s functions, effectively placing them under the Union government’s control.
- Additionally, the State Assembly’s powers are transferred to Parliament. However, the President does not have the authority to assume the powers of a High Court.
- This proclamation must be presented before Parliament and will lapse in two months unless both Houses approve it.
- It can be extended every six months, up to a maximum of three years, but after the first year, further extensions require either the declaration of an Emergency at the national or state level or a determination by the Election Commission that elections cannot be conducted in the state.
- Article 356 does not specify the exact conditions for imposing President’s Rule, leaving it to the President’s discretion, based on the advice of the Union Council of Ministers, to determine whether governance in the state can continue as per constitutional provisions.
- A 2016 Lok Sabha Secretariat report identified various instances of its imposition beyond issues like militancy and law and order, including defections by legislators, collapse of coalitions, no-confidence motions, resignations of Chief Ministers, absence of legislatures in newly formed states, and public unrest causing instability.
- In the 1994 S.R. Bommai vs Union of India case, the Supreme Court outlined instances where the President’s Rule could or could not be applied, though it clarified that this list was not exhaustive
- President’s Rule has been enforced 135 times across 35 States and Union Territories, including some that no longer exist. The first instance occurred in June 1951 in Punjab when Chief Minister Gopi Chand Bhargava resigned due to internal conflicts within the Congress party.
- Punjab has remained under Central administration for over a decade in total. The only region to have experienced President’s Rule for a longer duration is Jammu and Kashmir, where it has been in place for nearly 15 years, including its time as a Union Territory.
- The longest uninterrupted periods were from 1990 to 1996 and from 2019 to 2024. Uttar Pradesh has seen President’s Rule imposed 10 times, making it one of the most frequently affected states after Manipur.
- There have also been instances where Article 356 was applied even when the ruling party at the Centre and the State were the same, such as in Andhra Pradesh (1973), Assam (1981), Gujarat (1974), Karnataka (1990), and most recently in Manipur (2025).
- A notable political use of President’s Rule occurred in 1977 when the newly elected Morarji Desai government dismissed nine Congress-ruled States, arguing that they had lost the electorate’s confidence after the Congress was defeated at the national level.
- In response, when Indira Gandhi regained power in 1980, she similarly dismissed governments in nine States for the same reason. The Supreme Court at the time declined to intervene in these decisions
- A few decades later, the S.R. Bommai verdict marked a turning point in judicial oversight of President’s Rule. The nine-judge Bench ruled that the President’s proclamation could be reviewed by the courts to determine whether it was issued based on any material, whether that material was relevant, or whether the decision was made in bad faith.
- Former Attorney-General Soli Sorabjee had noted in his analysis of the 1994 judgment that this meant proclamations could be invalidated if found unconstitutional. Former Lok Sabha Secretary General P.D.T. Acharya highlighted that this served as a strong deterrent against arbitrary use of the provision.
- From 1950 to 1994, President’s Rule was enforced 100 times, averaging 2.5 instances per year. In the three decades since, it has been applied 30 times, roughly once per year.
- The most recent imposition, in Manipur, is the first since Puducherry in February 2021, marking almost four years without its use.
- Since the Narendra Modi-led NDA government assumed office in 2014, President’s Rule has been imposed 11 times, including four instances in Jammu and Kashmir.
- Courts have overturned the proclamation on two occasions— in Arunachal Pradesh and Uttarakhand
Article 355 and Article 356 of the Indian Constitution are closely related, as the former lays the foundation for the latter.
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Article 355 – Duty of the Union to Protect States
- It places an obligation on the Union government to protect every state against external aggression and internal disturbances.
- It also ensures that the state government functions in accordance with constitutional provisions.
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Article 356 – President’s Rule
- If a state fails to function as per the Constitution, the President can invoke Article 356 based on the Governor’s report or other relevant inputs.
- This provision allows the Union to assume control of the state’s administration temporarily.
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For Prelims: Article 356, Article 352, Article 360
For Mains: General Studies II - Polity & Governance
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Previous Year Questions
1.During which Five Year Plan was the Emergency clamped, new elections took place and the Janata Party was elected? (2009) (a) Third Answer (c) 2. Which of the following are not necessarily the consequences of the proclamation of the President’s rule in a State? (2017)
Select the correct answer using the code given below: (a) 1 and 2 only Answer (b) |
SOVEREIGN GREEN BONDS
- Sovereign Green Bonds are a type of government debt instrument issued by a sovereign nation specifically to finance environmentally sustainable projects. These bonds are dedicated to funding initiatives that contribute to the transition to a low-carbon economy, mitigate climate change, and promote environmental sustainability.
- The proceeds from Sovereign Green Bonds are earmarked for projects such as renewable energy infrastructure development, energy efficiency improvements, green transportation initiatives, sustainable agriculture, and other environmentally friendly endeavours.
- The key characteristic of Sovereign Green Bonds is their alignment with internationally recognized green finance principles and standards.
- Issuers typically establish a framework outlining the types of projects eligible for financing through these bonds, ensuring transparency and accountability in the allocation of funds.
- Investors in Sovereign Green Bonds are attracted not only by the financial returns but also by the opportunity to support sustainable development and address pressing environmental challenges.
3. Facilitating the Green Transition
- Enabling Foreign Institutional Investors (FIIs) to invest in India's green projects expands the financial resources available to support the country's ambitious goals for transitioning to a greener economy by 2070. These goals include ensuring that 50% of India's energy is sourced from non-fossil fuel-based sources and reducing the carbon intensity of the nation's economy by 45%, as pledged by Prime Minister Narendra Modi at COP26 in Glasgow in 2021.
- The Reserve Bank of India (RBI) had issued Sovereign Green Bonds (SGrBs) worth ₹16,000 crore in two tranches in January and February of the previous year, with maturities in 2028 and 2033. While these bonds were oversubscribed on both occasions, the primary participants were domestic financial institutions and banks, limiting the avenues for government borrowing. Additionally, these green Government-Securities (G-Secs) were classified under the Statutory Liquidity Ratio (SLR), further constraining the financial institutions' lending capacity.
- SGrBs typically offer lower interest rates compared to conventional G-Secs, leading to what is termed as a "greenium" - the amount foregone by a bank by investing in them. However, central banks and governments worldwide are encouraging financial institutions to embrace green investments to accelerate the transition to a sustainable future.
- Climate finance experts believe that allowing FIIs to invest in green G-Secs would benefit India. They point out that FIIs are seeking to diversify their portfolio of green investments, especially in light of significant regulatory support in developed countries. Investing in India's green G-Secs presents an opportunity for them to do so.
- FIIs may also be motivated to acquire green credentials, particularly when such investment opportunities are limited in their home markets. India's successful implementation of the Sovereign Green Bonds Framework in late 2022 has addressed concerns about greenwashing, further enhancing the attractiveness of these investments.
4. Understanding the Green Taxonomy Gap
- In the 2022-23 Union Budget, Finance Minister Nirmala Sitharaman announced the government's decision to issue Sovereign Green Bonds (SGrBs) to expedite funding for various government projects, including initiatives such as offshore wind harnessing, grid-scale solar power production, and promoting the transition to battery-operated Electric Vehicles (EVs).
- However, a critical gap emerged as the Reserve Bank of India (RBI) had not established a green taxonomy or a standardized method to evaluate the environmental or emissions credentials of investments. This gap raised concerns about potential greenwashing, wherein projects falsely claim environmentally friendly characteristics to secure funding.
- To bridge this gap, the Finance Ministry unveiled India's inaugural SGrB Framework on November 9, 2022, outlining the types of projects eligible for funding through this category of Government-Securities (G-Secs).
- These projects encompassed a range of initiatives, including investments in small-scale solar/wind/biomass/hydropower energy projects with integrated energy generation and storage, upgrades to public lighting systems (e.g., transitioning to LED lights), construction of low-carbon buildings, energy-efficiency retrofits for existing buildings, enhancements to public transportation infrastructure, subsidies to promote EV adoption, and the establishment of EV charging infrastructure.
- Furthermore, the government sought validation from Norway-based validator Cicero to compare India's SGrB Framework with the green principles outlined by the International Capital Market Association (ICMA).
- Cicero rated India's framework as a "green medium," highlighting its good governance practices.
- The importance of identifying new green projects with credible audit trails and significant impact, particularly those areas that have received limited private capital, such as Distributed Renewable Energy and clean energy transition finance for Micro, Small, and Medium Enterprises (MSMEs).
- Addressing this gap is crucial for effectively deploying the proceeds from SGrBs and advancing India's sustainable development goals.
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For Prelims: Sovereign Green Bonds, MSMEs, Climate Change, RBI, International Capital Market Association, Government-Securities
For Mains:
1. Discuss the significance of Sovereign Green Bonds (SGrBs) in India's transition to a low-carbon economy. How can the issuance of SGrBs attract foreign investment and support the country's ambitious green goals? (250 Words)
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Previous Year Questions
1. Which of the following statements regarding the Green bonds is NOT true? (UPPSC RO/ARO 2020)
A. Green Bond investment is only for climate friendly projects
B. Green bonds were first introduced by European Investment Fund in 2007
C. Green Bonds are Financial Market Innovation
D. Green Bonds are fixed interest loan is short date maturities
2. Indian Government Bond Yields are influenced by which of the following? (2021)
1. Actions of the United States Federal Reserve
2. Actions of the Reserve Bank of India
3. Inflation and short-term interest rates
Select the correct answer using the code given below. (a) 1 and 2 only (b) 2 only (c) 3 only (d) 1, 2 and 3 3. With reference to ‘IFC Masala Bonds’, sometimes seen in the news, which of the statements given below is/ are correct? (2016) 1. The International Finance Corporation, which offers these bonds, is an arm of the World Bank.
2. They are the rupee-denominated bonds and are a source of debt financing for the public and private sector.
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: 1-D, 2-D, 3-C |
Source: The Hindu
