10 June 2023 : The Hindu Editorial
The Hindu Editorial
10-June-2023
Daily Current Affairs For UPSC ,The Hindu Editorial Summary
1. The necessity of electricity distribution companies.
Topic: GS3 – Power sector.
Context:
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The Electricity Act 2003 in India aimed to dismantle State Electricity Boards and separate generation, transmission, and distribution into separate companies.
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Private investment in electricity generation has increased rapidly, leading to competitive procurement through long-term power purchase agreements (PPAs)
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Issue:
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Renewable power in India has seen impressive growth due to private investment, resulting in one of the cheapest rates for solar power in the world.
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The U.K. model of full deregulation and competition was considered but found unsuitable for India due to potential price shocks and affordability concerns.
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Distribution Licensees (Discoms) have the responsibility of supplying electricity to meet consumer demand and enter long-term power purchase contracts.
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Open access allows consumers with a load of 1 MW and above to choose their electricity supplier, but the reduction of cross-subsidies remains unimplemented.
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Power exchanges facilitate trading and optimal utilization of generating capacity, but prices can be volatile and necessitate price caps.
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The problems with Discoms are political-economic in nature, including the inability to determine cost reflective tariffs and governance issues.
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Investment in generating capacity relies on long-term PPAs with Discoms, and their role is crucial for the energy transition and reliability of power supply.
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Lessons should be learned from the U.K.’s experience, and the consequences of eliminating Discoms’ centrality should be carefully considered.
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2. Price stability is a public good and must remain a non-negotiable goal
Topic: GS3 – Indian economy – inflation.
Context:
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The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has extended the pause in monetary tightening while focusing on the withdrawal of accommodation.
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Issue:
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The MPC’s primary objective is to achieve price stability, with a target of 4% Consumer Price Index (CPI) inflation.
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Inflation has remained above or close to the upper tolerance band of 6% for most of the period since January 2021.
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Headline inflation has eased in March and April but remains above the target, and the RBI projects it to continue to be above the target in 2023-24.
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Upside risks to inflation projections include factors such as rainfall distribution, geopolitical tensions, commodity prices, and global financial market volatility.
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The RBI believes that macroeconomic fundamentals have strengthened, but the increase in credit costs has impacted investment and consumption activity.
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The focus on price stability is crucial, considering income inequality and high levels of unemployment.
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Price stability is seen as a public good, and achieving durable disinflation is a non-negotiable goal.
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3. A pragmatic approach, for better India-Nepal ties
Topic: GS2 – International relations.
Context:
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The recent bilateral visit of Nepal’s Prime Minister, Pushpa Kamal Dahal Prachanda, to India has re-energized bilateral relations between the two countries.
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Despite challenges to Nepal’s democracy, governance, and stability, a pragmatic approach and mutual sensitivity have been shown by both leaders.
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Issue:
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The visit has highlighted priorities for economic integration, such as hydropower projects, infrastructure, tourism circuits, and improved connectivity.
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Bilateral cooperation on multiple fronts, including the power sector and digital financial connectivity, has been emphasized.
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Both sides have shown sensitivity in resolving border issues and have prioritized economic integration, including hydropower projects, infrastructure, tourism, and connectivity.
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High-level commitment to bilateral cooperation on multiple fronts, particularly in the power sector, is necessary for post-pandemic recovery and prosperity in the sub-region.
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The challenge for Nepal is to depoliticize cooperation with India, improve governance and democracy, and address corruption.
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India should address the perception in Nepal that it is not a foreign policy priority and involve parties across the political spectrum in major developments.
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Despite opposition criticism, a focus on development can lead to India meeting Nepal’s needs and expectations.
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For Enquiry
10 June 2023 : The Hindu Editorial
10 June 2023 : Daily Current Affairs
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