In News:

The Government of India discontinued the Medium-Term and Long-Term Government Deposits (MLTGD) under the Gold Monetisation Scheme (GMS) with effect from March 26, 2025. Earlier, the Sovereign Gold Bond (SGB) scheme was also discontinued.

What is the Gold Monetisation Scheme (GMS)?

• Launched: 15th September 2015 (improved version of earlier Gold Deposit Scheme and Gold Metal Loan Scheme).
• Objective:
  • Mobilize idle gold held by households and institutions.
  • Bring privately held gold into the formal economy.
  • Reduce the country's dependence on gold imports.
  • Help lower the Current Account Deficit (CAD).
• Eligibility: Individuals, institutions, and government entities could deposit their idle gold in banks.
• Redemption:
  • Gold is not returned in the same form (e.g., jewellery).
  • Maturity proceeds are redeemed in the form of cash, gold bars, or coins (depending on the type of deposit).

Types of Deposits under GMS (Before Discontinuation of MLTGD):

• Short-Term Bank Deposit (STBD):
  • Tenure: 1–3 years
  • Interest Rate: Variable; decided by banks
  • Redemption: Gold or cash
  • Use: Lending by banks for domestic needs
• Medium-Term Government Deposit (MTGD):
  • Tenure: 5–7 years
  • Interest Rate: 2.25%; decided by Govt. in consultation with RBI
  • Redemption: Cash only
  • Use: Government and RBI reserves
• Long-Term Government Deposit (LTGD):
  • Tenure: 12–15 years
  • Interest Rate: 2.5%; decided by Govt. in consultation with RBI
  • Redemption: Cash only
  • Use: Monetary policy operations and reserves

Note: As of 2025, only the Short-Term Bank Deposit remains operational.

Sovereign Gold Bond (SGB) Scheme – Overview:

• Launched: 2015
• Objective:
  • Reduce demand for physical gold.
  • Promote investment in financial gold instruments.
  • Channel household savings into productive financial assets.
• Key Features:
  • Issued in denominations of 5g, 10g, 50g, and 100g.
  • Tenure: 8 years (with exit option after 5 years).
  • Interest Rate: 2.5% per annum (paid semi-annually).
  • Capital gains tax exemption on maturity.
  • Backed by the Government of India.
• Status: Discontinued as of 2025, alongside MLTGD and LTGD under GMS.

Other Gold-Related Initiative:

• Indian Gold Coin Scheme (2015):
  • First-ever national gold coin with the Ashoka Chakra emblem.
  • Launched alongside GMS and SGB to promote domestically branded gold and reduce reliance on imported gold bars/coins.

In News:

Recently, the NASA’s Parker Solar Probe made another close approach to the Sun, reaching within 6 million km of its surface. It continues to break records as the closest any human-made object has come to the Sun, aiming to improve our understanding of solar activity and space weather.

Key Highlights:

• Background:Launched on August 12, 2018, by NASA from Cape Canaveral, Florida, the Parker Solar Probe is designed for in-situ study of the Sun's outer atmosphere (corona), solar wind, and magnetic field. It was named after physicist Eugene Parker, who first theorized the existence of the solar wind in the late 1950s.
• Mission Objectives:
  • Investigate the structure and dynamics of the solar corona
  • Understand the origin and evolution of solar wind
  • Study energetic particles responsible for solar storms
  • Examine the mechanisms that heat the corona to over a million degrees Celsius while the Sun’s surface remains relatively cooler at ~6,000°C
• Orbital Details & Speed:The Parker Probe moves in a highly elliptical orbit using Venus' gravity for repeated assists to get closer to the Sun. It is the fastest human-made object, reaching speeds of up to 692,000 km/hr. Its closest planned approach is 6.16 million km (3.83 million miles) from the Sun—about seven times closer than any previous spacecraft.
• Heat Protection Technology:To withstand extreme solar radiation, the probe uses an 8-foot-wide, 4.5-inch-thick carbon-carbon composite heat shield capable of resisting temperatures up to 1,377°C. The shield’s sun-facing side is coated with white ceramic paint to reflect sunlight, and its design ensures that just behind the shield, temperatures drop to a manageable 29°C, protecting the onboard instruments.
• Scientific Instruments Onboard:
  • FIELDS – Measures electric and magnetic fields in the corona.
  • ISoIS (Integrated Science Investigation of the Sun) – Studies high-energy solar particles.
  • SWEAP (Solar Wind Electrons, Alphas, and Protons) – Captures data on solar wind particles.
  • WISPR (Wide-Field Imager) – Takes images of the solar corona and heliosphere.
  • Faraday Cup – An external device made of molybdenum alloy (melting point: 2,349°C), measures ion and electron densities in solar wind.
• Key Discoveries:
  • First ‘Touch’ of the Sun (April 2021): The probe crossed the Sun’s Alfvén surface — the boundary where solar wind escapes the Sun’s influence — thus officially entering the solar corona.
  • Magnetic Switchbacks: Detected sudden reversals in the Sun’s magnetic field direction, providing clues about how solar wind accelerates.
  • Dust-Free Zones: Found regions near the Sun unexpectedly devoid of dust, challenging earlier theories about uniform dust distribution in the solar system.
  • Corona Heating Mystery: Parker’s data, especially on Alfvén waves and magnetic switchbacks, may help solve why the corona is vastly hotter than the Sun’s surface
• Challenges Overcome:Contrary to expectations, the Sun’s gravity, not heat, posed a significant challenge. High speeds needed careful navigation to avoid crashing into the Sun. The mission used Earth and Venus flybys to gradually spiral inward for closer approaches rather than the initial, longer route via Jupiter.
• Mission Timeline:The Parker Solar Probe is scheduled to make 24 close passes of the Sun, continuing into the 2030s. Each pass provides new insights into solar activity and its potential impacts on Earth.
• Comparison with India’s Aditya-L1 Mission:While the Parker Solar Probe performs in-situ analysis by flying into the corona, ISRO’s Aditya-L1, launched in 2023, is stationed at the Lagrange Point 1 (L1), 1.5 million km from Earth. Aditya-L1 remotely observes solar flares, coronal mass ejections (CMEs), and magnetic storms using seven payloads, including a coronagraph.

In News:

The world's energy demand grew at 2.2% in 2024, a pace described as "faster than average" by the International Energy Agency (IEA) in its Global Energy Review.

Key Highlights:

Global Energy Demand

• Global energy demand grew by 2.2% in 2024, faster than the average of the past decade.
• Emerging and developing economies accounted for over 80% of the increase, with Asia leading the growth.
• Electricity demand rose 4.3%, nearly double the past decade's average.

Rise of Renewables

• Renewables were the fastest-growing energy source, contributing 38% of global energy growth.
• A record 700 GW of renewable power capacity was added globally in 2024 (22nd consecutive annual record).
• Low-emission sources (renewables + nuclear) accounted for 80% of the increase in electricity generation.

Key Country Contributions:

• China added:340 GW solar and 80 GW wind (≈ two-thirds of global additions).
• India added:30 GW solar, triple the previous year's addition.

Global Renewable Generation (2024):

• Solar: +480 TWh
• Wind: +180 TWh
• Hydropower: +190 TWh (mainly due to favorable weather, not capacity increase)

Coal Trends:

• Coal demand rose 1%, reaching a record high in 2024.
• China derives 60% of its electricity from coal; India, about 75%.
• Coal’s global electricity share dropped to 35% – the lowest since the IEA's inception in 1974.
• The seaborne coal market is shrinking as top consumers are also top producers with domestic-use policies.

Natural Gas Outlook

• Natural gas demand rose 2.7%, hitting a record 115 billion cubic metres in 2024.
• Driven by:
  • China's adoption of LNG trucks
  • Heatwaves increasing power demand
• However, demand fell in late 2024 due to rising LNG spot prices, indicating price sensitivity in Asia.

Crude Oil Demand Slows

• Oil demand grew just 0.8%, mainly from the petrochemical sector.
• Transport-related oil use declined due to:
  • Growth in electric vehicles (EVs) (especially in China)
  • Expansion of LNG trucks and high-speed rail networks

About the International Energy Agency (IEA)

• Founded: 1974 (post-1973 oil crisis) by OECD nations.
• HQ: Paris, France.
• Members: 31 countries (only OECD nations can be full members); India is an association country.
• Mandate: Energy security, sustainability, and global cooperation.
• Key Reports: World Energy Outlook, India Energy Outlook, World Energy Investment Report, Global Energy Review.

In News:

On World Day for Glaciers (March 21, 2025), the United Nations World Water Development Report 2025 revealed that glaciers globally are retreating at an alarming rate, with the Hindu Kush Himalaya (HKH) region witnessing the most severe impact — glacier loss accelerated by 65% between 2011–2020 compared to the previous decade.

Key Facts about Hindu Kush Himalaya (HKH) Region

• Geographical Spread: Extends over 3,500 km across 8 countries — Afghanistan, Bangladesh, Bhutan, China, India, Myanmar, Nepal, and Pakistan.
• Population Impact:
  • 240 million people live in the HKH region.
  • An additional 1.65 billion people downstream depend on its waters for drinking, agriculture, hydropower, and sanitation.
• Glacial Reservoir: Known as the “Third Pole” or “Water Tower of Asia”, the HKH stores more ice than anywhere outside the Arctic and Antarctic.
• River Systems: Source of 10 major river basins, including the Ganges, Indus, Brahmaputra, and Mekong.

Projected Glacier Loss (HKH and Global)

Temperature Rise (°C)                    HKH Glacier Volume Loss by 2100

1.5°C to 2°C                                      30%–50%

Above 2°C                                      ~45% (from 2020 baseline)

• Global Glacier Loss: Mountain glaciers may lose 26%–41% of total mass globally by 2100, affecting 1.1 billion people in mountain regions.

Disaster Risks from Glacier Melt

• Glacial Lake Outburst Floods (GLOFs):
  • Trigger flash floods and landslides.
  • Have caused over 12,000 deaths globally in the past 200 years.
  • In the HKH region alone, GLOFs are linked to over 7,000 deaths in the last 190 years.
  • Risk of GLOFs may triple by 2100.
• Glacial Lakes: Rapid warming is expanding the number and area of glacier-fed lakes, increasing hazard potential.

Cryosphere and Climate Change

• Hydrological Changes: Melting glaciers alter water runoff patterns, with varied impacts across river basins — increasing monsoon runoff in some while reducing dry-season flows in others.
• Hydropower Challenges:
  • Glacial melt initially boosts hydropower potential but may be offset by increased evaporation and reduced glacier mass over time.
  • Many hydropower and cryptocurrency mining projects are unregulated and stress fragile mountain ecosystems.
• Mountain-Based Industries: Lithium mining in the Andes, for instance, uses up to 2,000 m³ of water per tonne, intensifying water stress.

Governance and Cooperation Gaps

• Weak Water Governance: Mountain regions, including the HKH, lack effective transboundary cooperation due to mutual distrust and poor data sharing.
• Transboundary Action Plan (HKH):
  1. Enhance cooperation at all levels.
  2. Prioritize rights and knowledge of mountain people.
  3. Limit global warming to 1.5°C.
  4. Fast-track SDG implementation in mountain areas.
  5. Strengthen ecosystem resilience and biodiversity.
  6. Promote regional data sharing and scientific collaboration.

UN Actions and Global Recognition

• International Year of Glacier Preservation (IYGP): 2025
• Decade of Action on Cryospheric Science: 2025–2034 — to advance global efforts in glacier conservation, data collection, and sustainable development in cryosphere-dependent regions.

In News:

A recent study by the Indian Institute of Science (IISc) has challenged the conventional understanding of monsoon dynamics by highlighting the critical role of cloud band strength in determining the movement and intensity of rainfall during the Indian monsoon season.

Key Findings of the Study:

• Strength Determines Propagation: Only strong equatorial cloud bands are capable of northward movement, initiating wet spells over the Indian subcontinent. Weak cloud bands fail to propagate, contradicting earlier models that assumed uniform northward movement.
• Role of BSISO: The Boreal Summer Intraseasonal Oscillation (BSISO) governs alternating wet and dry spells by transporting cloud bands from the equator to India. The duration and intensity of wet spells are influenced by the size and strength of these cloud bands.
• Air-Sea Interaction: Interaction between the equatorial Indian Ocean’s sea surface and atmosphere significantly influences moisture buildup and wind strength. A stronger ocean-atmosphere coupling enhances moisture transport, intensifying the monsoon.
• Impact of Climate Change:
  • Warmer atmosphere → Increased background moisture.
  • Future wet spells may see 42%–63% more rainfall over India and adjoining seas.
• Improving Forecast Models: These insights will enhance the accuracy of seasonal and sub-seasonal monsoon prediction models, crucial for agriculture and disaster preparedness.

Understanding BSISO (Boreal Summer Intraseasonal Oscillation)

• A dominant monsoon variability pattern active from June to September.
• Modulates ‘active’ (rainy) and ‘break’ (dry) phases of the monsoon.
• Moves cloud activity and convection from the Indian Ocean towards the Western Pacific.
• ENSO link:
  • La Niña enhances BSISO propagation → stronger monsoon.
  • El Niño suppresses it → weaker monsoon.

Key Facts about the Indian Monsoon

Aspect                                     Details

Definition                                “Monsoon” comes from Arabic mausim meaning season.

Southwest Monsoon        June–September; moist winds from Indian Ocean bring ~80% of India’s

                                              annual rainfall.

Northeast Monsoon          October–December; brings rain to Tamil Nadu, coastal Andhra Pradesh.

Key Drivers                              ITCZ shift, Tibetan heating, Tropical Easterly Jet, Somali Jet.

Oceanic Influences           IOD (positive enhances, negative weakens monsoon), ENSO (El Niño

                                             weakens,La Niña strengthens monsoon).

Monsoon Importance     Critical for agriculture, water supply, economy; affects ~50% of India’s

                                             population directly.