Prelims-Pinpointer-for-27-11-2025 Current-Affairs Notes

Prelims Oriented notes

Scheme for Manufacturing Sintered Rare Earth Permanent Magnets (REPM)

Context

• The Union Cabinet approved a ₹7,280 crore scheme to establish integrated manufacturing of Rare Earth Permanent Magnets (REPM) in India.
• The move aligns with India’s strategy to secure supplies of critical minerals and reduce dependence on imports.

About the Scheme

• Named as the ‘Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets’.
• Described by the government as a “first-of-its-kind” national initiative in the rare earths domain.
• Targets creation of 6,000 MTPA REPM manufacturing capacity within India.
• Aims to establish India as a reliable global player in the REPM supply chain.

Importance of REPMs

• REPMs are essential components in electric vehicles (EVs), renewable energy systems, electronics, aerospace, and defence technologies.
• Their production involves a full value chain from rare earth oxides → metals → alloys → finished REPMs.
• India currently imports most REPMs, making domestic capability crucial for self-reliance and strategic autonomy.

Financial Structure

• Total outlay: ₹7,280 crore.
• Sales-linked incentives: ₹6,450 crore over five years, based on actual REPM sales.
• Capital subsidy: ₹750 crore for establishing integrated facilities.
• Entire 6,000 MTPA capacity will be allocated to five beneficiaries, each eligible for up to 1,200 MTPA.
• Beneficiaries selected through global competitive bidding.

Implementation Timeline

• Scheme duration: 7 years from award date.
• Includes 2-year gestation period for setting up facilities.
• Followed by 5 years of incentive disbursement.

Industry Response

• The auto sector has welcomed the initiative as a major step toward supply chain resilience.
• SIAM noted that domestic REPM capability strengthens components sourcing for electrified vehicles.
• ACMA highlighted that the scheme will reduce import dependence, attract investment in advanced materials, and improve India’s integration into EV and clean-energy global value chains.

Insurance Regulatory and Development Authority of India (IRDAI)

Introduction

• The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body established under the IRDAI Act, 1999 for regulating and promoting the insurance sector.
• It functions as an autonomous authority under the Ministry of Finance.
• Head Office: Hyderabad.

Objectives of IRDAI

• Protect policyholders’ interests through fair market conduct and timely claim settlement.
• Promote orderly growth and development of the Indian insurance industry.
• Ensure transparent, fair, and ethical practices in insurance business.
• Maintain financial stability of insurers through solvency monitoring and prudential norms.
• Regulate premium rates and policy conditions to curb unethical pricing and ensure affordability.

Regulatory Functions

• Registers and licenses insurance companies, reinsurance entities, and intermediaries as per prescribed norms.
• Specifies eligibility, capital requirements, and qualifications for licensing in the insurance sector.
• Approves insurance products, including terms, conditions, and pricing structures.
• Regulates investment of funds by insurers and ensures required margin of solvency.
• Prescribes financial reporting standards for insurance companies.
• Issues codes of conduct, qualifications, and training norms for insurance agents and intermediaries.
• Conducts inspections, audits, investigations, and seeks information from industry players.
• Ensures insurance penetration in rural areas and among vulnerable populations.

Entities Regulated by IRDAI

• Life Insurance Companies – public and private sector.
• General Insurance Companies – including standalone health insurers.
• Reinsurance Companies.
• Intermediaries, such as:
  • Corporate Agents
  • Brokers
  • Third-Party Administrators (TPAs)
  • Surveyors and Loss Assessors
• Agency Channel personnel engaged in solicitation and distribution.

Composition

• IRDAI consists of:
  • 1 Chairman,
  • 5 full-time members,
  • 4 part-time members,
• All members are appointed by the Government of India.

Policyholder Protection Functions

• Ensures fair processes in nomination, assignment, insurable interest, and settlement of claims.
• Regulates aspects such as surrender value, contractual terms, and policy servicing.

UNCTAD (United Nations Conference on Trade and Development)

Introduction

• The United Nations Conference on Trade and Development (UNCTAD) is a permanent intergovernmental body created by the UN General Assembly in 1964.
• Headquarters: Geneva, Switzerland.
• It functions as part of the UN Secretariat, reporting to both the UNGA and ECOSOC, but operates with its own membership, leadership, and budget.
• It is also a member of the United Nations Development Group

Mandate and Objectives

• Supports developing countries to derive fair and effective benefits from a globalized economy.
• Provides economic and trade analysis to guide policy decisions in developing nations.
• Facilitates consensus-building among countries on trade and development issues.
• Offers technical assistance to help countries utilise trade, investment, finance, and technology for inclusive and sustainable development.
• Works to ensure a differentiated approach to the diverse development needs of developing economies.

Key Historical Developments

• 1964: First UN Conference on Trade and Development held in Geneva, marking UNCTAD’s establishment.
• 1989: Entry into force of the Global System of Trade Preferences (GSTP) among developing countries, enabling tariff and non-tariff preferences.
• GSTP has been ratified by 44 countries, supporting South-South cooperation.
• 1995: Establishment of the World Trade Organization (WTO) after the Uruguay Round strengthened the legal framework of global trade.
• 2000: Tenth UNCTAD Conference in Bangkok adopted the political declaration “The Spirit of Bangkok”, which reaffirmed the need to address development challenges in a globalizing world.

Major Reports Published by UNCTAD

• Trade and Development Report – analyses global economic trends and policy challenges.
• World Investment Report – assesses global FDI flows and investment trends.
• The Least Developed Countries Report – focuses on structural transformation and development issues in LDCs.

Sri Guru Tegh Bahadur (1621–1675)

 

Early Life

• Sri Guru Tegh Bahadur (1621–1675) was the ninth Sikh Guru, renowned for fearlessness and spiritual depth.
• Born Tyag Mal at Amritsar; trained in martial arts, scriptures, archery and classical texts.
• Displayed remarkable courage in the Battle of Kartarpur (1634), earning the title “Tegh Bahadur”.
• Married Mata Gujri and lived in Bakala for two decades in deep meditation.

Becoming the Ninth Guru

• Guru Har Krishan’s last words “Baba Bakale” indicated the successor.
• Over 22 claimants emerged until Makhan Shah Labana identified Tegh Bahadur through a secret offering test.
• Installed as the ninth Guru in August 1664 by a Sikh congregation.

Major Contributions

• Preaching Journeys

• • Travelled widely across Punjab, UP, Bengal, Bihar, Assam and Dhaka.
  • Established Sikh centres, dug wells, organised langars and supported poor communities.

• Founding Anandpur Sahib

• • Purchased land from Rani Champa and founded Chakk Nanaki (later Anandpur Sahib), a major Sikh centre.

• Social and Spiritual Role

• • Opposed casteism, ritualism, fanaticism and tyranny.
  • Promoted ideals of nirbhau (fearlessness) and nirvair (freedom from enmity).
  • Composed 59 Shabads and 57 Shaloks; writings included in Guru Granth Sahib.

Conflict with Aurangzeb and Martyrdom

• Aurangzeb intensified persecutions and conversions.
• Kashmiri Pandits, led by Kirpa Ram, sought his protection.
• Guru offered his life to defend freedom of conscience, a unique stand in world history.

Arrest and Execution

• Arrested at Ropar; tortured as his companions Bhai Mati Das, Bhai Sati Das and Bhai Dayala were executed.
• Publicly beheaded on 11 November 1675 at Chandni Chowk.
• Body cremated secretly at the site of Gurdwara Rakab Ganj Sahib.

United Nations Secretary-General (UNSG) 🇺🇳

Role and Legal Basis

• UN Secretary-General (SG) is the chief administrative officer under Article 97 of the UN Charter.
• Functions as diplomat, advocate, civil servant and global representative of the UN.
• Appointed by the UNGA on the Security Council’s recommendation.
• Practices like regional rotation influence selection but are not binding.

Selection Procedure

• Nominations

• • Begins after a joint letter from Presidents of the UNSC and UNGA.
  • Member states nominate candidates with rising emphasis on gender balance and regional equity.

• Security Council Process

• • UNSC conducts secret straw polls, marking candidates as “encourage”, “discourage” or “no opinion”.
  • P5 veto power applies; colour-coded ballots reveal P5 positions.
  • Candidate requires 9 votes and no veto to proceed.

• General Assembly Appointment

• • UNSC recommendation goes to the 193-member UNGA, which formally appoints the SG.
  • SG serves a 5-year term, renewable once (Guterres in second term).

Functions of the Secretary-General

• Administrative

• • Heads the UN Secretariat with over 30,000 staff.
  • Manages core budget (~USD 3.7 billion) and peacekeeping budget (~USD 5.6 billion).

• Diplomatic

• • Uses “good offices” to prevent or resolve conflicts.
  • Raises global awareness on humanitarian crises, climate change, peace and security.

• Agenda-setting

• • Can bring threats to international peace before the UNSC under Article 99.
  • Launches global initiatives supporting human rights, gender equality, development and climate action.

• Symbolic

• • Acts as the world’s moral voice promoting multilateralism and peace.

LCA Tejas

Overview

• LCA Tejas is India’s indigenous 4.5-generation, multi-role light combat aircraft.
• Key component of IAF’s fighter modernisation programme.
• Developed by Aeronautical Development Agency (ADA) and produced by HAL under the LCA project.

Historical Evolution

• Conceptualised in the 1980s to replace MiG-21s.
• First flight in 2001; formally inducted into the IAF in 2016.
• Evolved into Tejas Mk-1, Mk-1A and the upcoming Tejas Mk-2.

Key Features

• Design and Structure

• • Lightest and smallest in its class with composite airframe for agility and low weight.
  • Quadruplex fly-by-wire controls enable high maneuverability.

• Avionics

• • Equipped with AESA radar, advanced EW suite, digital flight controls and multi-function displays.
  • Features open architecture mission computer for system upgrades.

• Operational Capabilities

• • Performs air-to-air, air-to-ground and BVR missions.
  • Capable of precision strikes and maritime attack roles.
  • In-flight refuelling enhances operational radius.

• Variants

• • Single-seat fighter for IAF/Navy.
  • Twin-seat trainer.
  • Advanced Mk-1A with superior sensors and survivability.

Significance

• Major milestone for Atmanirbhar Bharat in aerospace and defence.
• Effective and cost-efficient MiG-21 replacement.
• Growing export interest from several Asian and African nations.