In News:

The Securities and Exchange Board of India (SEBI) has introduced a new regulatory framework to monitor intraday positions in equity index derivatives, effective October 1, 2025. The move is aimed at mitigating systemic risks, ensuring orderly market functioning, and curbing speculative excesses, especially on expiry days.

Key Features of the Framework

• Net Intraday Position Cap: ?5,000 crore per entity in index options (compared to the existing end-of-day limit of ?1,500 crore).
• Gross Intraday Position Cap: Restricted to ?10,000 crore, the same as the current end-of-day limit. This applies separately to long and short positions.
• Applicability: Framework applies only to index options, which dominate India’s derivatives market.
• Objectives:
  • Prevent creation of outsized intraday exposures.
  • Provide predictability and operational clarity.
  • Strike a balance between ease of trading and robust risk management.
  • Facilitate market-making activity on all trading days while ensuring discipline on expiry days.

Understanding Derivatives

Derivatives are financial contracts whose value is derived from an underlying asset, such as stocks, indices, commodities, or currencies. They allow investors to speculate on price movements, hedge against risks, or enhance returns.

Types of Equity Derivatives

• Futures Contracts: Obligates buyer and seller to transact an equity asset at a predetermined price on a future date (e.g., Nifty and Sensex futures).
• Options: Provides the right, but not obligation, to buy (call) or sell (put) an underlying asset at a set price before or on expiry.
• Forwards: Similar to futures but non-standardised and over-the-counter (not exchange-traded).
• Swaps: Involves exchange of cash flows linked to equity returns; used for hedging or investments.

Significance of Equity Derivatives in Markets

• Leverage: Small upfront margin allows control over large positions, magnifying gains (and risks).
• Hedging: Protects portfolios from adverse price fluctuations.
• Arbitrage Opportunities: Exploit price mismatches across markets.
• Diversification: Enhances portfolio risk-spread.
• Liquidity: High trading volumes ensure ease of entry and exit.
• Income Generation: Writing options or structured strategies provide additional returns.
• Cost Efficiency: Lower transaction costs compared to direct investment in underlying assets.

Why SEBI’s Move Matters

• Risk Containment: Prevents destabilisation of markets due to oversized speculative positions.
• Systemic Stability: Reduces chances of flash crashes or manipulative trades, especially during contract expiries.
• Market Discipline: Introduces quantitative caps that align with global best practices.
• Investor Confidence: Ensures orderly trading, which is crucial for attracting both institutional and retail investors.

In News:

India crossed a significant milestone in its journey towards technological self-reliance in space electronics with the unveiling of the Vikram 3201, the nation’s first fully indigenous 32-bit microprocessor for rockets and satellites. The processor was showcased at the Semicon India 2025 conference, symbolising the country’s growing semiconductor capabilities and its commitment to Atmanirbhar Bharat.

Development and Collaboration

• Designed by: Vikram Sarabhai Space Centre (VSSC), ISRO
• Fabricated at: Semiconductor Laboratory (SCL), Chandigarh
• Launched by: Ministry of Electronics & Information Technology at Semicon India 2025
• Marks the first indigenously designed and fabricated processor of this scale for launch vehicle avionics.

Why the Processor Matters

• Unlike consumer processors (used in laptops or mobiles), the Vikram 3201 is space-grade, built to handle the navigation, control, and mission management of launch vehicles.
• Space electronics must withstand radiation, extreme vibration, and temperature fluctuations (–55°C to +125°C).
• With this chip, India reduces reliance on foreign processors, securing autonomy for critical missions and reducing supply-chain vulnerabilities.

Key Features

• Upgrade over Vikram 1601 (a 16-bit processor used since 2009).
• 32-bit architecture – enables faster, more precise data handling.
• 64-bit floating-point operations – ensures accurate trajectory and guidance calculations.
• Ada programming language support – widely used in aerospace for safety-critical systems.
• On-chip 1553B bus interfaces – allows seamless communication between avionics modules.
• Fabricated with 180 nm CMOS technology at SCL – reliable for aerospace-grade use.
• Military-grade resilience – rigorously tested for launch stresses and in-orbit functioning.

Testing and Validation

• Successfully tested on PSLV-C60 mission, where it powered the Mission Management Computer on the PSLV Orbital Experimental Module (POEM-4).
• Its in-orbit validation has given ISRO confidence for wider deployment in future missions.

Ecosystem and Complementary Developments

• ISRO has developed a complete software ecosystem: Ada compilers, assemblers, linkers, simulators, and Integrated Development Environments. A C-compiler is also under development.
• Alongside Vikram 3201, ISRO introduced:
  • Kalpana 3201 – a 32-bit SPARC V8 RISC microprocessor with open-source compatibility.
  • Reconfigurable Data Acquisition Systems (RDAS) – two variants.
  • Relay Driver IC.
  • Multi-Channel Low Drop-out Regulator IC.
• Together, these reduce dependency on imported avionics components.

Strategic Significance

• Technological Sovereignty: Eliminates dependency on foreign space-grade processors.
• Atmanirbhar Bharat: Strengthens indigenous capability in high-end semiconductor manufacturing.
• Semiconductor Push: Part of India’s broader semiconductor strategy, with five fabrication units under construction and incentives under the Design-Linked Incentive (DLI) scheme.
• Global Context: Space-grade processors are niche, not mass-produced, making indigenous capability a strategic advantage.

In News:

Scientists at the Raman Research Institute (RRI), Bengaluru, with support from the Department of Science and Technology (DST) and collaboration with ISRO, have proposed a pioneering lunar mission called PRATUSH (Probing ReionizATion of the Universe using Signal from Hydrogen). This futuristic radiometer aims to detect faint 21-cm radio signals from hydrogen atoms, which hold imprints of the Cosmic Dawn—the epoch when the first stars and galaxies formed, fundamentally shaping the Universe.

The Science of the Cosmic Dawn

• The Cosmic Dawn marks the birth of the first stars and galaxies, initiating the reionization of the Universe.
• Detecting the 21-cm hydrogen signal is crucial to study this epoch, but the signal is extremely faint, buried under strong terrestrial radio interference.
• The far side of the Moon—a naturally radio-quiet zone—offers the ideal site for such observations, free from Earth’s radio noise and ionospheric distortions.

About PRATUSH Payload

• Type: Radiometer telescope for low-frequency radio astronomy.
• Orbit: Preferred circumlunar orbit around the far side of the Moon.
• Core Components:
  • Wideband frequency-independent antenna (30–250 MHz).
  • Self-calibratable analog receiver.
  • Digital correlator with 100 kHz spectral resolution.
• Mission Strategy:
  • Continuous observation of large sky regions.
  • Recording beam-averaged radio spectra at high spectral resolution.
  • Nominal lifetime: Two years, ensuring high signal-to-noise ratio with broad sky coverage.

Role of Single-Board Computer (SBC)

At the heart of PRATUSH lies a compact Single-Board Computer (SBC), initially modeled on a Raspberry Pi, designed to overcome stringent size, weight, and power (SWaP) constraints of space missions.

Functions of SBC:

• Master controller of the radiometer system.
• Coordinates antenna, analog receiver, and Field Programmable Gate Array (FPGA) for digital processing.
• Records, stores, and calibrates high-speed data streams.
• Performs preliminary data processing onboard.

Performance:

• Laboratory tests collected 352 hours of reference data, reducing receiver noise to just a few millikelvins, confirming its sensitivity to the Cosmic Dawn signal.
• Next-generation space-grade SBCs will replace commercial models for flight.

Significance of PRATUSH

• Scientific Breakthrough:
  • May unlock how the first stars sculpted the Universe.
  • Potential to discover new physics related to early cosmic evolution.
• Technological Innovation:
  • Demonstrates the effectiveness of low-power, miniaturized controllers in deep-space astronomy.
  • Showcases India’s ability to design low-mass, high-capability payloads.
• Strategic Value:
  • Strengthens India’s presence in lunar science and radio astronomy.
  • Enhances collaboration between RRI, DST, and ISRO.
• Global Impact:
  • Contributes to humanity’s collective effort to detect the Universe’s earliest signals.
  • Positions India as a frontrunner in next-generation space astrophysics.

In News:

• India has taken a significant step towards strengthening its bioeconomy with the launch of High-Performance Biomanufacturing Platforms by the Department of Biotechnology (DBT) and the Biotechnology Industry Research Assistance Council (BIRAC) under the BioE3 Policy (Biotechnology for Environment, Economy & Employment).
• The initiative aims to provide world-class infrastructure, tools, and expertise to start-ups, SMEs, industry, and academia, enabling the transition of bio-based innovations from laboratories to production scale.

Key Features of the Platforms

• National Network: 21 bio-enablers comprising advanced biofoundries and biomanufacturing hubs.
• Focus Areas:
  • Microbial strains & smart proteins
  • Probiotics & bio-based chemicals
  • Next-generation cell therapies & mRNA medicines
  • Marine bio-innovations
  • Sustainable biofuels
• Support System: Offers integrated facilities for R&D, innovation, and commercialization.
• Alignment: Consistent with Atmanirbhar Bharat vision and India’s climate commitments.

Objectives

• Economic: Position India as a global bioeconomy leader and build a multi-trillion-dollar bioeconomy by 2047.
• Strategic: Reduce dependence on imports by strengthening indigenous capabilities.
• Social: Generate employment, build capacity, and support youth-led innovations.
• Environmental: Promote green growth and sustainable production systems.

Significance of the Initiative

• Economic Potential
  • India now accounts for ~20% of global biomanufacturing capacity.
  • Bio-industrial sector contributes 47.2%, bio-farmers 35.2%, bio-services 9.4%, and bio-agri8.1% to the bioeconomy.
  • Reinforces India’s status as the world’s fourth-largest economy and a rising biotech powerhouse.
• Employment and Innovation
  • Creates an enabling ecosystem for start-ups and SMEs, boosting entrepreneurship.
  • Generates skilled jobs in cutting-edge sectors like synthetic biology, bioenergy, and therapeutics.
• Strategic Autonomy
  • Enhances self-reliance in critical biomanufacturing domains such as vaccines, smart proteins, and biofuels.
  • Reduces vulnerability to global supply chain disruptions.
• Sustainability and Viksit Bharat 2047
  • Supports green growth through bio-based, low-carbon solutions.
  • Anchors India’s long-term development vision of Viksit Bharat by 2047.

In News:

The Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY), launched in March 2020 as a COVID-19 relief measure, has evolved into one of the world’s largest food security initiatives.

Implemented under the National Food Security Act (NFSA), 2013, the scheme provides free rice and wheat to eligible households through the Public Distribution System (PDS). While it has ensured nutritional security for ~81 crore people, the soaring food subsidy bill (?2.03 lakh crore in FY26) has prompted the Union government to initiate a review for fiscal sustainability.

Key Features of PMGKAY

• Coverage: ~81.35 crore beneficiaries (75% rural, 50% urban population).
• Entitlements:
  • Antyodaya Anna Yojana (AAY): 35 kg per family per month.
  • Priority Households (PHH): 5 kg per person per month.
• Annual Distribution: 56–58 million tonnes of foodgrains.
• Mode of Delivery: ~5.4 lakh fair price shops (FPSs).
• Cost: Entirely free of cost since January 2023 (earlier, NFSA beneficiaries paid nominal prices).
• Transparency Measures: 83% Aadhaar-based e-KYC completed; 204 million household ration cards seeded.

Current Review and Concerns

• Rising Subsidy Burden
  • Food subsidy bill has crossed ?2 lakh crore in FY26, widening the fiscal strain.
  • Gap between economic cost (procurement, storage, transportation) and issue prices has grown, since prices were never revised after NFSA’s enactment.
• Ineligible Beneficiaries
  • About 10% of the 800 million listed beneficiaries were found in government databases (taxpayers, vehicle owners, company directors, etc.).
  • Several beneficiaries did not lift their share of grains for months.
  • States like Rajasthan, Odisha, and Madhya Pradesh have started removing ineligible ration cards.
• Re-verification Drive
  • States asked to reverify ration cards issued a decade ago to weed out ineligible households and add new ones.
  • Field verification and inter-ministerial data convergence with CBDT, CBIC, MCA, Road Transport, and PM-Kisan databases are being carried out.
• Equity Concerns
  • In some cases, single-member AAY households received 35 kg/month, raising questions on fairness.
  • Conversely, deserving families remain excluded due to outdated lists.

Reform Measures Underway

• Database Cleansing: Aadhaar-based authentication to ensure rightful targeting.
• Infrastructure Creation: ?1.25 lakh crore project for modern grain storage in cooperatives and integration of PACS godowns into the supply chain.
• Policy Options:
  • Introducing a partial cost-sharing model for better-off sections.
  • Rationalising coverage to focus more on nutritional outcomes (shift to nutri-cereals).
  • Savings redirected towards agri-R&D, irrigation, and value chain efficiency.