Daily Current Affairs and News Analysis 13-03-2025

Seagrasses are declining globally at 1-2% annually, with nearly 5% of species endangered. Human activities are the primary cause.

Seagrasses are vital ecosystems: they sequester carbon 35 times faster than rainforests, support diverse marine life (including endangered species), protect coastlines, and contribute significantly to fisheries.

Threats include pollution, coastal development, climate change, and weak enforcement of existing laws.

India has extensive seagrass meadows, but conservation efforts are insufficient. A recent study in Tamil Nadu showed significant seagrass loss.

Conservation strategies needed: Integrating seagrass conservation into national biodiversity plans, expanding marine protected areas, recognizing seagrass in climate strategies, and promoting global cooperation for assessment and intervention.

Successful restoration projects exist globally, demonstrating the potential for recovery with improved water quality, establishing marine protected areas, and community involvement. India has also had some success in seagrass restoration projects.

Urgent action is required to halt seagrass decline and protect this critical ecosystem. Stronger enforcement of existing laws and increased funding for conservation and restoration efforts are vital.

Chagos Archipelago Dispute: A long-standing territorial dispute between Mauritius and the UK over the Chagos Archipelago, a group of islands in the Indian Ocean, including the strategically important Diego Garcia island.

UK’s Actions: The UK retained control of Chagos after granting Mauritius independence in 1968, creating the British Indian Ocean Territory (BIOT). In 1966, a secret agreement with the US led to the construction of a joint military base on Diego Garcia, resulting in the forceful deportation of the native Chagossian population.

International Pressure: The UN General Assembly and the International Court of Justice (ICJ) ruled against the UK’s continued administration of Chagos, urging its return to Mauritius.

2024 Agreement: A deal was reached where the UK recognized Mauritius’ sovereignty over the entire archipelago but retained control of Diego Garcia’s military base for 99 years.

Controversy: The agreement faces criticism for excluding Chagossians from negotiations, concerns over the management of resettlement funds, and speculation that it indirectly benefits China by ceding influence to Mauritius.

India’s Support: India publicly supports Mauritius’ claim over Chagos, aligning with its stance on decolonization and strengthening bilateral ties with Mauritius.

Strategic Importance: Diego Garcia’s location makes it a crucial military base for the US and UK, impacting regional power dynamics in the Indian Ocean.

Massive environmental concerns: The Rs 80,000 crore project threatens 130 sq km of rainforest, impacting biodiversity and potentially exceeding 10 million trees felled. The Galathea Bay Wildlife Sanctuary, crucial for sea turtle nesting, is threatened. Coral reefs face damage from industrial activities.

Inadequate compensatory afforestation: Replacing lost Nicobar forests with land in Haryana and Madhya Pradesh fails to replicate biodiversity.

Legal and ethical violations: The project potentially violates Supreme Court orders on deforestation in tribal reserves and lacks proper tribal consultation, disregarding the Shompen community’s rights. Transparency is lacking, with environmental clearance details withheld.

Strategic contradiction: The government’s stance is contradictory, with security concerns cited by one ministry while another promotes tourism, raising questions about project rationale and priorities.

Cost escalation and unplanned additions: The project’s cost has increased significantly with the addition of cruise terminals and ship-repair facilities, further straining the environment.

Strategic and economic significance (counterpoint): The project aims to bolster India’s strategic position in the Indo-Pacific, reduce reliance on foreign ports, and boost the economy through tourism and trade. A new airport improves defense deployment.

High environmental mitigation cost: A ₹9162.22 crore, 30-year plan to mitigate environmental damage is proposed but its efficacy remains uncertain, especially given the irreversible nature of deforestation and habitat loss. Sea turtles might be permanently impacted.

MPLADS Funds Decline: Central government funding for the 17th Lok Sabha (2019-2024) MPLADS scheme decreased by 65.2% compared to the previous Lok Sabha, primarily due to Covid-19 pandemic funding freezes.

2019-2024 Funding: ₹4,510 crore was released.

Past Lok Sabha Funding: ₹14,023 crore (14th Lok Sabha), ₹12,945 crore (16th Lok Sabha).

High Utilization, Still Unspent: Despite high utilization rates (98% in 17th Lok Sabha), significant unspent funds remained (₹760 crore).

Funding by State: Uttar Pradesh, Maharashtra, and West Bengal received the most funds, while Delhi, Haryana, and Punjab received the least.

Funding Sectors: Infrastructure (₹1,679 crore), public facilities (₹1,128 crore), and education (₹364 crore) received the largest portions of the funds.

MP Perspective (DMK MP P Wilson): MPLADS is crucial but insufficient funds exist to address all needs.

PRS Legislative Research Perspective (Chakshu Roy): Government, not MPs, should handle development. The MPLADS scheme itself is a fundamental issue.

Recession is a significant decline in economic activity spread across the economy, lasting from a few months to over a year.

It’s the opposite of an expansionary phase, where GDP increases. A recession occurs when GDP contracts for a sustained period.

There’s no universally agreed-upon definition of recession duration.

The National Bureau of Economic Research (NBER) considers factors beyond GDP, such as employment and consumption, to determine a recession. It assesses the depth, diffusion, and duration of the decline.

A “technical recession” is commonly defined

Recent US economic indicators—stock market plunges, tariff uncertainty, and pessimistic consumer sentiment—have fueled recession concerns, though some dispute the likelihood.

The NBER’s approach to defining a recession is more nuanced than simply looking at two consecutive quarters of negative GDP growth. It involves a broader analysis of economic activity.

Overseas Citizen of India (OCI) cards, introduced in 2005, grant certain privileges to foreign nationals of Indian origin without conferring full citizenship.

Eligibility criteria include being a citizen of India at or after 26 January 1950, or descendants of such citizens, subject to exclusions for those with Pakistani, Bangladeshi, or other specified country citizenship lineage. Spouses of Indian citizens or OCI cardholders are also eligible under certain conditions.

Benefits include a lifelong multiple-entry visa, the right to live and work in India indefinitely, and economic parity with NRIs in many areas (excluding agricultural land ownership). Exemption from FRRO registration is also a benefit.

Restrictions include no voting rights, ineligibility for most government positions, and prohibition on purchasing agricultural or plantation land.

OCI is not dual citizenship; cardholders retain their foreign citizenship. The card can be revoked for violating Indian laws or acting against India’s interests.

The recent gifting of an OCI card to the Mauritian Prime Minister highlights its use as a symbol of diplomatic relations.

India’s venture capital (VC) market saw a significant surge in 2024, with funding reaching $13.7 billion—a 1.4x increase from 2023.

This resurgence is attributed to several regulatory changes: removal of angel tax, reduced long-term capital gains (LTCG) tax rates, streamlined NCLT processes, and simplified FVCI registrations.

Venture capital is private equity financing for high-growth startups and small businesses. It’s crucial for innovation and economic development.

VC investments are inherently high-risk, high-reward propositions, offering substantial returns if the startup thrives.

VCs gain an equity stake in the company and often provide mentorship and strategic guidance beyond funding.

Funding occurs at various stages: seed, early-stage, and expansion.

SEBI regulates VC funds in India under the AIF Regulations, 2012.

The news highlights the positive impact of regulatory reforms on attracting VC investments in India’s startup ecosystem. This signifies increased confidence in the Indian market and its potential for growth.

Prime Minister Modi chaired his first NBWL meeting after more than a decade, highlighting the board’s recent inactivity.

The NBWL, established in 2003, is India’s apex body for wildlife policy, conservation, and establishing protected areas. It’s a statutory body with 47

A standing committee handles project appraisals near protected areas; its decisions are recommendatory, subject to the environment ministry’s override.

The NBWL has faced criticism for clearing controversial projects impacting wildlife habitats, including the Ken Betwa river linking project and Vedanta’s oil exploration project. The denotification of Galathea Bay Sanctuary also drew flak.

Reconstitution of the NBWL after the BJP’s 2014 win was criticized for alleged power dilution, reducing non-governmental representation on the board and its standing committee.

The long gap between full board meetings (last one in 2012) and the reduced non-governmental representation in the standing committee raises concerns about the effectiveness of wildlife conservation efforts.