Context

French security forces are intensifying efforts to regain control over New Caledonia, a French Pacific archipelago, amid ongoing and deadly unrest.

About New Caledonia

New Caledonia is a French overseas territory in the Pacific. It enjoys a large degree of autonomy but depends heavily on France for matters like defense and education.

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  • British explorer James Cook named the island New Caledonia in 1774 after the Latin name for Scotland.
  • New CaledoniaIt was annexed by France in 1853 and New Caledonia became a French overseas territory in 1946.
  • Geographical Overview: It includes the island of New Caledonia where the capital, Noumea, is located,  the Loyalty Islands; the Belep Islands; and the Ile des Pins. 
    • The Loyalty Islands account for more than one-tenth of New Caledonia’s total land area and about one-tenth of the population. 
    • In contrast to the island of New Caledonia, these islands are raised coral plateaus.
  • UNESCO World Heritage site: New Caledonia’s lagoons, with their diverse reefs and associated ecosystems, were designated a UNESCO World Heritage site in 2008.
  • Relief: Rugged mountain ranges, consisting principally of metamorphic rock formations, divide the island into an east coast, which in many places descends precipitously to the sea, and a west coast, which slopes more gradually and contains basically flat but undulating land.
  • New CaledoniaDrainage: Diahot River is the longest river in New Caledonia.
  • Ethnicity:  Melanesians make up more than two-fifths of the population and Europeans about one-third. 
  • Their differing cultures have given rise to two distinct ways of life, known as kanak and caldoche:
    • The kanak identity is based on clan membership, a network of family alliances and specific land rights. 
    • The caldoche way of life is integrated into a cash economy.
  • Resources: It is rich in resources and accounts for around 10% of the world’s nickel reserve, according to the Australian Trade and Investment Commission.
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Context

Understanding succession rights within the legal framework of India pose significant challenges for non-resident Indians (NRIs) married to foreign nationals. 

  • Legal Complexities of Financial Entitlements of Children and Spouses: Questions regarding the financial entitlements of children and spouses of NRIs whose marriages were not solemnized in India frequently emerge
Non-Resident Indian (NRI): An Indian citizen who is ordinarily residing outside India and holds an Indian Passport.

Overseas Citizen of India (OCI): A Person registered as an Overseas Citizen of India (OCI) Cardholder under the Citizenship Act, 1955.

Succession Rights in India

Succession is currently governed by the Indian Succession Act (ISA), 1925, the Hindu Succession Act (HSA), 1956; and the uncodified Muslim personal law.

  • Hindu Inheritance law is governed by the Hindu Succession Act, 1956. This Act does not apply to any property succession, which is regulated by the Indian Succession Act, 1925

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Property Inheritance Under Hindu Law: It is divided into the following:

  • Testamentary Succession: The property is distributed when an individual dies by making a will.
  • Intestate Succession: It involves the distribution of property by the Operation of Law when an individual dies without making a will.

Legal Provisions for NRIs’ Marriage and Inheritance Rights

  • Marriage Registration Requirements for NRIs: According to Legal experts,  couples involving NRIs who marry abroad don’t need to register their marriage in India, provided it is duly registered in the country where they wed. 
    • A marriage certificate from India is unnecessary for their spouses’ and children’s inheritance rights.
  • Entitlements in Divorce or Death: Even if such a couple divorces or if one of the spouses dies, the surviving spouse and their children are entitled to receive properties in India through will or succession.
    • Even children born out of live-in relationships or adopted by Indians abroad are entitled to succession in India. 
  • Inheritance rights Regardless of Residential status:  They are entitled to inheritance in India regardless of whether both parties are resident Indians or NRIs, or one is a foreign citizen married to an NRI.
Foreign Marriage Act, 1969: Under this, diplomatic or consular officers are appointed as marriage officers, and after registration of the marriage, they issue a certificate of marriage, which is proof of valid marriage in India.
  • Foreign Spouse Entitlement: The foreigner spouse is also entitled to inherit the assets of a late NRI spouse in India as being a foreigner does not exclude them from the line of succession. Succession Laws for NRIs: The laws of succession do not bar anyone from receiving property in India through succession, which includes NRIs and their next of kin.
    • A child born out of such a wedlock is automatically entitled to receive properties in India through succession. 
    • A marriage that is duly registered abroad as per local laws is valid in India for claiming succession.
    • NRIs have two options to make this process smoother: 
      • They can either register their marriage under the civil laws of the country they got married in and obtain an apostille, or 
      • They can register their marriage under the Foreign Marriage Act.
Hindu Marriage Act, 1955: It amends and codifies the law relating to marriage among Hindus. 

Special Marriage Act (SMA), 1954: It has the provision for civil marriage for people of India and all Indian nationals in foreign countries, irrespective of religion or faith followed by either party.

Legal Steps for Succession Rights in India

  • NRIs marrying foreign citizens in India must register their marriage under the Special Marriage Act. 
    • In such marriages, succession rights are governed by the Indian Succession Act, 1925, rather than the personal laws of the Indian spouse.
    • However, if both parties are Hindus, despite being from different countries, the Hindu Succession Act, 1956, and its 2005 amendment apply.

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Registration of Marriage of Non-Resident Indian Bill, 2019:

  • It would require NRIs to register their marriages in India within 30 days of the marriage, whether solemnized within India or abroad. Non-compliance would attract penalties.
  • This bill aims to protect women from being deserted by their NRI spouses.
  • Need for OCI Card: For an NRI who is an Indian citizen, no further action is needed to safeguard succession rights in India post-marriage. 
  • However, NRIs who are citizens of another country must process an Overseas Citizen of India (OCI) card for faster processing of their rights under personal succession laws based on their religion.
  • Need for Marriage Certificate: Beyond succession, a marriage certificate is crucial for obtaining visas, passports, insurance, bank accounts and other documents for foreign spouses and children in India.
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Context

The Global Land Outlook Thematic Report on Rangelands and Pastoralists, was prepared by the UN Convention to Combat Desertification (UNCCD). The report was prepared and released by the UN Convention on Combating Desertification (UNCCD)

  • The year 2026,is declared as the  International Year of Rangelands and Pastoralists (IYRP), by the United Nations General Assembly.

About Rangelands

  • Area: They cover approximately 80 million sq km, which is 54 percent of the earth’s land surface. 
    • Only 12% or 9.5 million sq. km are categorized as  protected rangelands worldwide.
  • Importance: 
    • 33% of global biodiversity hotspots found in rangelands
    • 24% of  proportion of world languages found in rangelands
  • Nature of Vegetation: Rangelands are  characterized by low vegetation and comprises grasslands, steppes (shortgrass prairies), desert shrublands, shrub woodlands, savannas, chaparrals,mountain pastures, plateaus and tundra.
  • Rangelands are distinct from pastureland as they are composed of native vegetation, rather than cultivation by human societies.
    • They are generally confined to areas of marginal or submarginal agricultural land or to areas that are entirely unsuited to permanent cultivation.
  • Development: Rangelands are developed under conditions of periodic disturbance ie.  drought, fire, grazing, weed incursions, outbreaks of insect pests, disease, and human activities.
    • These disturbances often help maintain the rangeland ecosystem’s  biological diversity and soil health over long periods of time.

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Findings of the Global Land Outlook Thematic Report on Rangelands and Pastoralists

  • Degradation of Rangelands: Almost half of the world’s rangelands i.e. 50%  are degraded and accounts for  one sixth of global food production and represent nearly one third of the planet’s carbon reservoir.
    • Symptoms of degradation: Diminished soil fertility and nutrients, erosion, salinization, alkalinization, and soil compaction inhibiting plant growth, increasingly contributing  to drought, precipitation fluctuations, and biodiversity loss both above and below the ground.
    • Reason of Degradation:
      • It is due to climate change, population growth, excessive grazing, abandonment (end of maintenance by pastoralists) and growing farmlands 
      • Land use change: Converting pastures to cropland and other land use changes due to population growth and urban expansion, and rapidly rising food, fibre and fuel demands.
      • Weak governance: Poorly implemented policies and regulations leading to overexploitation and lack of investment in rangeland communities and sustainable production models.
      • The Greening Problem: Rangelands are often the go through land for greening activities like afforestation and renewable energy production.
        • Less than 5 percent of India’s grasslands fall within protected areas, and the total grassland area declined from 18 to 12 million hectares between 2005 and 2015
        • Example: Wind energy and solar plants in the habitat of the Great Indian Bustard in India.
  • Pastoralism In India:

    • India has some 46 distinct pastoralist identities and they  distinguish themselves from farmers by not owning land.
    •  They  use their herds or flocks to harvest “waste” biomass, grazing on harvested fields, in the forest or on uncultivated land. 
      • They include transhumance (seasonal migrations, such as between lowlands and mountains), nomadic and semi-nomadic movements, and village-based herding. 
    • Pastoralists Economy: They  contribute to the economy through livestock rearing and milk production with the livestock sector contributing 4 percent of national gross domestic product and 26 per cent of agricultural gross domestic product. 
      • The country also accounts for 20 per cent of the world’s livestock population.
    • Community: They  are estimated to be around 20 million or more in population making up 1% of total and include prominent groups such as Maldharis, Van Gujjars, Rabaris,etc
    • Marginalization:  Pastoralists in India are considered as marginalized community with little influence on policy decisions, thus needs better recognition of their rights and access to markets 
    • Rights and welfare Initiatives: 
      • The Forest Rights Act 2006:  It has given pastoralists grazing rights across states in the country.
      • Legal victory:  The Van Gujjars community won the  grazing rights and received land titles in the Rajaji National Park, following the high court judgment.
      • Welfare schemes:  Schemes by the government providing assistance to pastoralists under the National Livestock Mission, Animal Husbandry Infrastructure Development Fund and the Rashtriya Gokul Mission on sustainable dairy production for bettering their socio-economic status. 
  • Key Recommendations:

    • Integrated Management Plans: The climate change mitigation and adaptation strategies should combine with the sustainable rangeland management plans to increase carbon sequestration while enhancing the  pastoralist and rangeland communities’ resilience.
    • Limit Land use change: Reduce rangeland conversion and other land use changes especially on indigenous and communal lands that diminish the diversity and multifunctionality of rangelands, 
    • Conservation Measures: Rangeland conservation measures need to be adopted , within and outside protected areas, to support biodiversity and improve the health, productivity, and resilience of extensive livestock production systems.
    • Pastoralism: Adopt and support pastoralism-based strategies and practices to mitigate harms to rangeland health.
    • Policy Intervention: Promote supportive policies, full people’s participation and flexible management and governance systems to boost rangeland  and pastoralist services.

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About  United Nations Convention to Combat Desertification UNCCD

  • Establishment: It is an international agreement on good land stewardship established in 1994 to protect and restore our land and ensure a safer, just, and more sustainable future.  
  • Objective: The UNCCD is the only legally binding framework set up to address desertification and the effects of drought and promotes  practices that avoid, reduce and reverse land degradation and are the driving force behind Sustainable Development Goal 15 and Land Degradation Neutrality.
  • Membership: The Convention is party to 197 member countries
  • Permanent  secretariat: It  is located in Bonn, Germany. 
  • Principles: The Convention is  based on the principles of participation, partnership and decentralization 
  • Flagship Initiatives: 
    • The UNCCD 2018-2030 Strategic Framework: It is a comprehensive global commitment to achieve Land Degradation Neutrality (LDN) with  129 countries  have set up  their voluntary national LDN target already.
    • The Drought Initiative launched in 2018.

 

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Context

The Drugs Controller General of India (DCGI) has directed all medical device license holders and manufacturers to report any adverse events related to life-saving medical equipment on the government’s Materiovigilance Programme of India (MvPI) platform. 

  • Objective: To mitigate risks and safeguard public health by ensuring the safety and performance of medical devices through post-market surveillance (PMS).

What is a Medical Device?

A medical device is any tool or item made by a manufacturer for use in humans, either alone or combined with others.

  • It includes instruments, machines, implants, reagents for testing, software, and similar items.

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Global Postmarketing Surveillance Approaches

  • United States of America (USA): FDA regulates all food, pharmaceuticals, vaccines, and medical devices. 
    • Before entering into the market, medical devices must be authorized  and approved by the FDA.  
  • Canada: Canada regulates licensing for modified devices .
    • This  licensing checks  compliance criteria during the Pre Marketing phase. 
  • Japan:  Pharmaceutical and Medical Device Agency supervises all medical devices that fall under certain rules.
    • The agency gives certification, ensures quality , and provides license. 
  • Australia: Sponsors are required to submit records of medical devices to the Therapeutic Goods Administration (TGA) at time of introducing any product in the market. 
    • Records include batch number and ingredient information.
  • United Kingdom (UK): UK maintains all databases and schemes for monitoring and reporting adverse events. 
  • Europe:  National Competency Authority (NCA) oversees all medical devices and handles all complaints from manufacturers directly. 
  • These devices are meant for specific medical purposes, such as diagnosing, treating, or preventing diseases, managing injuries, supporting bodily functions, controlling conception, and more.

Types of Medical Devices:

  • Instruments and Apparatuses: Includes tools and equipment.
  • Implements and Machines: Various devices and machines.
  • Appliances and Implants: Devices used in or on the body.
  • Reagents for In-Vitro Use: Substances used for testing outside the body.
  • Calibrators and Software: Tools for measurement and data management.
  • Materials and Related Articles: Any other similar items.

About Materiovigilance Programme of India (MvPI)

Materiovigilance Programme of India is a national initiative to monitor the safety of medical devices in India.

  • Nodal Ministry: 

    • Ministry Of Health and Family Welfare
Pharmacovigilance

  • It is also known as “drug safety”.
  • It focuses on collection, detection, assessment, monitoring, and prevention of all adverse effects associated with the pharmaceutical products.
  • It works like regulatory agencies within industry. 
  • Significance:

    • Comprehensive Reporting: MvPI is crucial for the systematic reporting of adverse events related to medical devices, including in-vitro diagnostic devices.
    • Coordinated Analysis: The program facilitates coordinated analysis of the reported data to understand the frequency and severity of risks.
    • Risk Mitigation: By identifying and addressing potential risks, MvPI helps in implementing measures to mitigate these risks.

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  • Recommendations for License Holders:

    • Mandatory Reporting: All medical device license holders should use the MvPI platform to report any adverse events or serious adverse events associated with their devices.
    • Enhanced Compliance: The recommendation highlights the crucial need to adhere to MvPI guidelines to guarantee the safety of medical devices and safeguard public health.
  • Regulatory Framework:

Materiovigilance Programme of India

    • Governing Acts: Medical devices, including in-vitro diagnostic devices, are regulated under 
      • The Drugs and Cosmetics Act, 1940
      • The Medical Devices Rules, 2017.
    • Licensing Requirements: A license or approval is necessary for the import or manufacture of medical devices for the Indian market.

Challenges in Regulating Medical Devices in India

  • High Dependence on Imports: India gets about 80% of its medical devices from other countries due to which India is very dependent on imports.
  • Weak Domestic Manufacturing:
    • Regulation Issues: There is no strong system in place to regulate medical device manufacturing.
    • Limited Local Production: India produces limited components needed for medical devices within the country. 
    • Lack of Skilled Workers: A lack of skilled professionals also hinders the growth of a local manufacturing ecosystem.
  • Dominance of Multinational Companies: Big international companies have the capacity to supply medical devices, which increases India’s reliance on imports.

About Post-Market Surveillance (PMS)

Post-Market Surveillance allows for ongoing evaluation of medical device performance in real-world use, going beyond pre-market testing.

  • It helps identify new potential risks or adverse events associated with the devices.

Role of Post-Market Surveillance (PMS) for Medical Devices in India

  • Ensures Safety and Performance: PMS has a significant role in guaranteeing the ongoing safety and effectiveness of medical devices after they enter the market.
  • Identifies and Addresses Risks: Through PMS, potential risks or adverse events associated with the devices can be detected and addressed.
  • Enables Timely Reporting: Timely reporting of adverse events is essential for PMS. This allows for:
    • Identifying unforeseen risks.
    • Analyzing how often known risks occur.
  • Informs Corrective Actions: Based on PMS data, both manufacturers and regulatory bodies can take necessary actions to mitigate risks and safeguard public health.
  • Utilizes MvPI Platform: The Materiovigilance Programme of India (MvPI) serves as a key platform for reporting adverse events related to medical devices.

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Context

World Economic Forum’s 2024 Travel and Tourism Development Index (TTDI) rankings have been released recently.

Travel and Tourism Development Index (TTDI)

The Travel and Tourism Development Index (TTDI) focuses on 119 economies based on factors and policies contributing to a sustainable and resilient development of the travel and tourism sector. 

  • The rankings reflect each country’s ability to develop and sustain its travel and tourism industry.

Key Highlights from the 2024 Travel and Tourism Development Index

  • Global Ranking: The top 10 economies in the 2024 Travel and Tourism Development Index include the United States, Spain, Japan, France, Australia, Germany, the United Kingdom, China, Italy, and Switzerland. 
    • These countries benefit from favorable business environments, robust transport and tourism infrastructure, and high concentration of natural and cultural resources. 
    • West Asia outpaced other regions, with tourist arrivals 20% above 2019 levels, while Europe, Africa, and the Americas have recovered to around 90% of their pre-pandemic levels.
  • Travel and Tourism Development IndexRecovery to Pre-Pandemic Levels: Globally, the travel and tourism industry, which historically accounted for 10% of global GDP, is on a path to recovery post-pandemic. 
  • International Tourist Arrivals: It is projected to reach 88% of 2019 levels in 2023 and are likely to return to pre-pandemic levels by 2024. 
  • Uneven Recovery: The recovery is uneven, especially in areas affected by conflicts and natural disasters like forest fires. 
  • Environmental Challenges Threaten Global Travel and Tourism Sector:Issues such as biodiversity loss, climate-related extreme weather events, and pollution pose significant risks to tourism resources and infrastructure. 
    • The sector, which accounted for 5.8% of global water use and 5-8% of global material extraction in 2019, is under increasing pressure to adopt more sustainable practices.

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India-Specific Findings

  •  India dropped ten places to 39th in the World Economic Forum’s 2024 Travel and Tourism Development Index (TTDI) rankings compared to 2019.
  • India’s Score Falls Below Emerging-Market Peers: India’s score of 4.25 on an overall index scale of 1 to 7 where 1 is the worst and 7 is the best—was lower than that of its emerging-market peers, including China and Brazil.
  • India Records Steepest Ranking Decline: Among the world’s top 10 economies, India experienced the steepest decline in the rankings, followed by the UK, which dropped three places since 2019 to seventh position. 
    • In contrast, India received high marks for price competitiveness and the availability of cultural and natural resources, enhancing its appeal to tourists. 
  • Reasons for Decline in Ranking: This decline is primarily due to insufficient healthcare access, inadequate tourism infrastructure, and a lack of skilled workers in the sector.

Challenges Highlighted by 2024 Travel and Tourism Development Index

  •  Human Resource and Hygiene Issues: Poorly skilled human resources and inadequate hygiene are hindering the growth of travel and tourism. 
    • Before the pandemic halted travel, India welcomed approximately 10.93 million international tourists in FY20.
  • Decrease in Government Funding: There has been a consistent reduction in government funding for overseas tourism promotions, decreasing from ₹524 crore in 2021-22 to ₹341 crore in FY23, and further down to ₹167 crore for FY24. 
    • In contrast, there has been a substantial increase in funds allocated for the development of pilgrimage destinations, rising by 66% from ₹150 crore in FY23 to ₹250 crore in FY24.
  • Decline in Overseas Promotion Spending: Over the years, spending has been reduced on promoting India as a destination overseas, which is how most countries get high-spending in-bound tourists. 
    • There is no advertising for the country abroad, including roadshows or familiarization trips for tour operators and print and electronic media. 
    • India has allocated just ₹3 crore for overseas tourism promotion this fiscal year. In 2022, India closed all 20 of its tourism offices abroad, assigning the responsibility to local Indian embassies in these countries.

Suggestions for India

  • Overhaul of Tourism Policies: The report calls for revamping tourism policies to create a more conducive environment for both domestic and international travelers.
  • Enhancing India’s Travel and Tourism Potential: India needs to improve its infrastructure, policy conditions, and sustainability to enhance its future rankings and fully leverage its travel and tourism potential.
    • The embassies overseas need to be mobilized to make tourism a key focus area and the Ministry of tourism should focus on marketing India.

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Services Exports from India Scheme (SEIS): 

  • To promote exports in services.
  • Rewards (duty credit scrips) to exports of services.
  • Scripts are transferable and can be used to pay certain central duties & taxes
  • Streamlining regulations and incentivising investment in the tourism sector can significantly boost India’s attractiveness as a destination, since it currently lags on tourism policies, air transport, and tourist service infrastructure.
    • Changes should also be made to the Services Exports from India Scheme (SEIS), which will help small and medium companies operating in the travel space to expand their businesses through financial rewards to these service providers by way of duty credit scrips based on a percentage of their net foreign exchange earnings. 
    • These scripts can be used to pay various duties, such as customs and excise, which can lower operational costs. 
  • Leveraging Private Sector: The government should encourage the private sector to spend on promoting India with schemes such as SEIS. 
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Context

Recently, Sri Lankan golden-backed frog rediscovered after two centuries in the Koundinya wildlife sanctuary, Andhra Pradesh.

Sri Lankan Golden-backed Frog Rediscovered in Andhra Pradesh’s Koundinya Wildlife Sanctuary After Two Centuries

  • Researchers from the Zoological Survey of India, in partnership with the Andhra Pradesh Biodiversity Board, rediscovered the rare species of Sri Lankan wetland frog, sighted in the Palamaner forest range of the Koundinya Wildlife Sanctuary in the Chittoor district, Andhra Pradesh.
  • Significance: The rediscovery provides evidence of a historic land bridge between India and Sri Lanka during the late Pleistocene period or the Ice Age
  • With this finding, the number of freshwater frog species in India rises to 20.

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About Golden-Backed Frog

  • Scientific Name: Hylarana gracilis
  • Golden-backed FrogIt is a species of frog belonging to the Ranidae Family.
  • Habitat: It is endemic to the Western Ghats of Karnataka and Kerala, thrives above the Palghat Gap. 
    • These thumb-sized frogs inhabit evergreen and semi-evergreen forests, preferring areas near streams, ponds, and other water bodies.
  • Diet: Primarily insectivorous.
  • Threats: Habitat loss and fragmentation, pollution of water bodies, and the introduction of non-native species.

Kaundinya Wildlife Sanctuary

  • It covers an area of 35,760 ha in Kuppam and Palmaner Ranges of Chittoor district, Andhra Pradesh. 
  • It is the only Sanctuary in Andhra Pradesh known for harboring a population of Asian elephants
    • This sanctuary is part of Project Elephant, a nationwide elephant conservation initiative undertaken by the Government of India.
  • Vegetation : 
    • The Sanctuary has Dry Deciduous forests, with thorny scrub interspersed with trees providing a good habitat for Asian Elephants. 
    • These forests have small ponds, tanks and the Kaundinya and Kaigal tributaries of Palar River, which provide the main sources of water for the animals.
  • Fauna : Sloth Bear, Leopard, Cheetal, Sambar, Porcupine , Wild Boar, Jungle Cat, Golden Jackal, and Slender Loris.
  • Flora : Plants like Albizia amara, Ficus glomerata, Zizyphus xylocarpus, Gymnosporia Montana, etc; make this a green panoramic place
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Context

Indian Renewable Energy Development Agency (IREDA) is planning to launch a follow-on public offering (FPO) amid rising financing opportunities in the energy transition space and to bolster the company’s growth.

IREDA Plans Follow-On Public Offering (FPO) to Boost Growth amid Rising Renewable Energy Opportunities

  • Recently, the company set up a wholly-owned subsidiary IREDA Global Green Energy Finance IFSC Ltd, at the International Financial Services Centre (IFSC), GIFT City, Gujarat. 
  • Last month it also got the Navratna status.
  • Ireda launched its Initial Public Offering (IPO) in December 2023.
  • The net worth of the Ireda grew 44.2% over the last financial year to reach Rs 8,559.43 crore, as of March 31, 2024. 
  • It is aiming to raise Rs 24,200 crore in this financial year.
  • It is currently the only public sector NBFC focused on the green energy sector.

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About Follow on Public Offering (FPO)

IREDA

  • Refers: FPO is the way by which a company that is already listed on a stock exchange can raise funds from the public. 
    • FPOs are also known as secondary offerings.
  • Types of FPO: Depending on how ownership is being given to new subscribers, FPO is classified into two types- a Diluted FPO or a Non-Diluted FPO.

Reasons for the Company to Bring its Public Offering (FPO)

  • For Expansion: A company can use FPO to raise funds to finance its expansion plans and future projects.
  • To Reduce Debt: If a company is overleveraged, it can decide to reduce its debt using the funds raised through FPO.
    • However, these two needs will be met only when the raised funds are coming in hands of the company. This happens in the case of Diluted FPO. 
  • Increase the Public Shareholding: One of the primary reasons for having a Non-diluted FPO is when a company wants to increase the public shareholding in the company. A higher public shareholding facilitates greater public participation, which in turn leads to better price discovery of the shares.
    • In the case of Non-diluted FPO, the funds raised are distributed to the existing shareholders selling their shares.

Difference between Follow on Public Offering (FPO) and Initial Public Offering (IPO):

  • FPO must be sounding similar to an Initial Public Offering (IPO), however, they are different.
  • When a company raises funds from the public for the first time and then gets listed it is called an IPO. Whereas when a company that is already listed on the exchange raises funds from the public it is called FPO. It means, FPO comes after an IPO.
  • Compared to FPO, the risk factors involved while investing in an IPO are far higher. 

 

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Context

Recently,  the Reserve Bank of India (RBI) has responded to tight liquidity conditions in the banking system by announcing a significant reduction in the government’s treasury bill sales and introducing a new selection of bonds for the Centre’s buyback operations.

Treasury Bills

  • About: T-Bills are financial instruments in the money market, representing short-term debt issued by the Government of India.
  • Tenure of Treasury Bills: Currently, they are issued in three durations, 91 days, 182 days, and 364 days.
  • Features of T-Bills: These securities are zero coupon bonds, meaning they do not pay interest. Instead, they are issued at a discount and redeemed at face value upon maturity.
  • Issuance of Treasury Bills: Treasury bills were introduced in India in 1917 and are issued through auctions conducted by the Reserve Bank of India (RBI) at regular intervals.
  • Ownership of T-Bills: Individuals, trusts, institutions, and banks can purchase T-Bills, although they are typically held by financial institutions.
  • Role of T-Bills: Treasury bills play a crucial role in the financial market beyond being investment instruments. Banks use T-Bills as collateral to obtain funds from the RBI under repo agreements and to meet their Statutory Liquidity Ratio (SLR) requirements.

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Bond Buyback

Bond buyback is the process through which the central and state governments repurchase their existing securities from holders before the maturity date.

  • Aim: Bond buybacks are liability management tools frequently used in government securities markets to manage refinancing and liquidity risks.

Objectives of Bond Buyback:

  • Reduction in Cost: Purchasing high-coupon securities to minimize interest expenses.
  • Enhancing Liquidity: Removing illiquid securities to boost liquidity in the government securities (G-Secs) market.
  • Liquidity Injection: Adding liquidity to the financial system.

Benefits of Bond Buyback:

  • Boost in Banking Liquidity: Banks, being major holders of government bonds, receive cash from the government when they sell bonds, thereby augmenting liquidity in the banking system.
  • Assistance During Liquidity Shortages: This cash influx can be crucial during times of liquidity deficits for banks, aiding in stabilizing the financial system.

Disadvantages of Bond Buyback:

  • Capital Allocation Concerns: Buybacks entail deploying funds to repurchase shares, prompting investors to question why companies aren’t investing in business growth instead. 
    • This can lead to the perception that companies are not maximizing their capital effectively.
  • Growth Constraints and Investor Disinterest: It May appear to stifle growth and turn off investors.
  • Impact on Share Price: It May lead to drop in share price 

Bonds

A bond is a financial instrument that symbolizes a loan provided by an investor to an entity, usually a corporation or government.

  • Features:
    • Interest Rate Options: Bonds may feature fixed or variable interest rates, offering investors predictable or adjustable returns.
    • Term of Investment: Bonds come with a specified maturity date, marking when the principal amount is reimbursed to the investor.

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Context

Recently, the Chief Prosecutor of the world’s top war crimes court International Criminal Court (ICC) sought arrest warrants for Israeli and Hamas leaders, including Israeli Prime Minister Benjamin Netanyahu, over actions taken during their seven-month war.

About Israel-Hamas War 

  • Israel and the Palestinian group Hamas have been at war since 7th October 2023. 
  • It began when Hamas gunmen launched an unprecedented attack on Israel from Gaza.
  • Israel launched its war in response to 7 cross-border attacks by Hamas that killed some 1,200 people, mostly civilians, and took 250 others hostage
  • The Israeli offensive has killed over 35,000 Palestinians, at least half of them women and children.

Why ICC Seeking Arrest Warrants for Israeli and Hamas leaders?

  • Condition for Requesting Warrant:  A panel of three judges will decide whether to issue the arrest warrants and allow a case to proceed. The judges typically take two months to make such decisions.
  • Implication for Israel:  Israel is not a member of the court, so even if the arrest warrants are issued, Israeli leader’s do not face any immediate risk of prosecution
    • But the threat of arrest could make it difficult for the Israeli leaders to travel abroad
  • Response of Israel & US: Both condemned the prosecutor’s accusations against them were a “disgrace,” and an attack on the Israeli military and all of Israel.
    • Israel said it fights with “one of the strictest” moral codes and has a robust judiciary capable of investigating itself.
  • Response of Hamas: Hamas also denounced the ICC prosecutor’s actions, saying the request to arrest its leaders “equates the victim with the executioner.
  • Local Demonstration in Israel to End the War : Netanyahu has come under heavy pressure at home to end the war. 
    • Thousands of Israelis have joined weekly demonstrations calling on the government to reach a deal to bring home Israeli hostages in Hamas captivity, fearing that time is running out.

Arrest Warrants for Israeli and Hamas leaders

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Reason Behind world’s top war court to sought arrest warrants

Arrest Warrants for Israeli and Hamas leaders

  • Humanitarian Crisis : The Israeli offensive has also triggered a humanitarian crisis in Gaza, displacing roughly 80% of the population and leaving hundreds of thousands of people on the brink of starvation.
  • Against the civilian population : The effects of the use of starvation as a method of warfare, together with other attacks and collective punishment against the civilian population of Gaza are acute, visible and widely known. 
    • They include malnutrition, dehydration, profound suffering and an increasing number of deaths among the Palestinian population, including babies, other children, and women.
  • Impediment to Deliver Humanitarian Aid : The United Nations and other aid agencies have repeatedly accused Israel of hindering aid deliveries throughout the war.
    • Their aid workers have repeatedly come under Israeli fire, and 
    • The ongoing fighting and a security vacuum have impeded deliveries.

The Rome Statute of the International Criminal Court

  • It is the treaty that established the International Criminal Court (ICC)
    • It is a permanent court of last resort to prosecute individuals responsible for the world’s most heinous atrocities — war crimes, crimes against humanity, genocide and the crime of aggression. 
      • It intervenes only when national authorities cannot or will not prosecute.
      • It is Headquartered at Hague, Netherland
  • It  was adopted in July 1998 and entered into force in July 2002. 
  • The ICC is independent of the United Nations (UN), but is endorsed by the UN General Assembly. 
  • It also maintains a cooperation agreement with the UN. Unlike the International Court of Justice (ICJ), which is an organ of the UN, the ICC does not prosecute states.
  • The ICC is an intergovernmental organization with 123 member states
    • Dozens of countries don’t accept the court’s jurisdiction over war crimes, genocide and other crimes. They include Israel, the United States, Russia,Qatar and China.
    • India is not a member state of the ICC, and has never signed its core treaty, the ‘Rome Statute’. 
    • The ICC accepted “The State of Palestine” as a member in 2015, a year after the Palestinians accepted the court’s jurisdiction. 
  • In 2020, then U.S. President Donald Trump authorized economic and travel sanctions on the ICC prosecutor and another senior prosecutor.
    • The ICC staff were looking into U.S. and allies’ troops for possible war crimes in Afghanistan. Biden lifted the sanctions in 2021. 
  • Last year, the court issued a warrant for Russian President Vladimir Putin on charges of responsibility for the abductions of children from Ukraine
    • Russia responded by issuing its own arrest warrants for ICC prosecutors and  judges.
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Context

A recent study published in Communications Earth and Environment journal suggests that the River Nile made the construction of Egypt’s pyramids possible.

Nile River’s Role in Pyramids’ Construction

Egypt's Pyramids

  • Effort in Moving the Great Pyramid Blocks: Scholars estimate that the Great Pyramid of Giza contains roughly 2.3 million individual blocks of stone, each weighing 2.3 metric tonnes on average.
  • Pyramid Location: The majority of Egypt’s pyramids are concentrated within a 50-kilometer stretch of desert between Giza and the village of Lisht, located several kilometers away from the Nile River.

Key Highlights from the Study

  • Extinct Nile Branch Transporting Heavy Material: The study identified segments of a major extinct branch of the Nile, which runs adjacent to the pyramids and could have been used to move heavy material around.
  • Mapping of River Branch: The team utilized radar satellite imagery, historical maps, geophysical surveys, and sediment coring—a method employed by archaeologists to extract evidence from samples—to map the river branch. 
    • This branch, likely buried by sandstorms and a significant drought thousands of years ago, was mapped by their efforts.

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Great Pyramid of Giza: 

  • About: Ancient Egyptian pyramid, is the largest of the three Pyramids of Giza, located on a rocky plateau on the west bank of the Nile River in northern Egypt
  • Construction: It was built by Khufu (Cheops), the second king of Egypt’s 4th dynasty (c. 2543–c. 2436 BCE), and was completed in the early 25th century BCE. 
  • The Pyramids of Giza are often collectively considered one of the Seven Wonders of the World, and they are the last of the wonders still standing.
  • Insights into Pyramid Construction: Locating the actual river branch and having the data that shows there was a waterway that could be used for the transportation of heavier blocks, equipment, people, etc helps in explaining pyramid construction.
  • Ahramat and Significance: The Nile branch, referred to as the Ahramat by researchers, extended approximately 64 km, with a width ranging from 200 to 700 meters and a depth of 2 to 8 meters. 
    • The study indicates that several causeways of the pyramids led to the inlets linked to the channel, suggesting they may have functioned as riverine harbors.
  • Harnessing the River’s Power: Utilizing “the river’s energy to transport these heavy blocks rather than relying solely on human labor, significantly reduces the effort required.
    • This clarifies the dense concentration of pyramids between Giza and Lisht in the challenging Sahara desert. 
  • Precision in Pyramid Design: Conceptualizing the pyramids required advanced understanding of mathematics and architecture. 
    • For instance, each side of Giza’s Great pyramid has a precise and consistent gradient of 52 degrees — a testament to both the planning of the architects, and the execution of the workers.
  • Organized Worker Settlements: These workers lived in massive, highly organized settlements adjacent to the pyramids.
  • The remains of bakeries and piles of animal bones show that the workers were well fed for their labor and the entire enterprise was governed by a centralized authority.

Conclusion

The site holds deeper significance whose construction, decoration, and presence of the structures offer insight into “every facet of life in ancient Egypt.”

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Context

Recently, a giant outdoor hoarding/billboard collapsed in Ghatkopar, Mumbai in a widespread dust storm leaving at least 16 people dead and over 70 people injured. 

Recent Incident of Hoarding Collapse

Outdoor Advertisements

  • Just days after this incident, a hoarding collapsed on on the Pune-Solapur highway, following rain, injuring an animal. 
  • In May 2023, in Pune, an unauthorized hoarding collapsed leaving five people dead. 
  • In June 2023, three workers were crushed when the huge hoarding that they were erecting collapsed at Thekkalur near Karumathampatti in Coimbatore district, Tamil Nadu.

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Reasons Behind Such Hoarding Accidents

  • Violations of Dimensions: Although the policies provide for maximum dimensions for hoardings, many cities have billboards that are well beyond permissible sizes. 
    • A hoarding nine times the permissible size was allowed to remain until it collapsed indicates a lack of oversight on the part of the BMC. 
    • A review of outdoor advertisement policies across different cities in India shows that these policies have very little to offer with respect to time-bound action against illegal hoardings.
  • Lack of Proactiveness: Information gathered from Mumbai’s observatories indicates that there were dangerous wind speeds at the time when the billboard collapsed. 
    • The authorities ignored the earlier incidents and did not learn a lesson from similar incidents in Pune (2017) and Pimpri-Chinchwad (April 2023).
  • Lack of Enforcement: Policies and guidelines lay down safety requirements for outdoor advertising infrastructure, but periodic enforcement of these standards continues to be overlooked. 
    • Outdoor AdvertisementsThere are two key issues that hinder the enforcement of advertising regulations by city corporations: 
      • The lack of transparency and intermittent enforcement.
      • There is no public database of permits for hoardings, indicating a lack of transparency in enforcement.
  • Extreme Weather: The Mumbai hoarding collapse highlights the vulnerability of weak infrastructure to extreme weather events, such as cyclones and dust storms.
    • Climate change is intensifying cyclones in the Arabian Sea, increasing the frequency and severity of such incidents.
    • As per the Centre for Climate Change Research, a 20%-40% increase in cyclone intensity in the Arabian Sea over the past four decades.
  • Others: 
    • There is a lack of manpower in municipalities to enumerate unlicensed hoardings, periodically inspect authorised billboards, and act against unstable or illegal ones. 
    • Many leaders, especially political leaders, encourage their larger-than-life projections on flex banners and illuminated cut-outs.
      • All these made enforcing legal and all-weather structural stability requirements of billboards being ignored.
      • Also, the legacy-style hoardings with inadequate foundations coexist with modern displays, particularly along highways and urban roads. 

About Outdoor Advertisements

  • Refers: Outdoor advertising is the publicizing of a business’s products and services to attract consumers’ attention when they are outdoors. 
    • This is also known as out-of-home (OOH) advertising. 
    • It is an effective strategy that organizations use to market their businesses to existing and potential customers.
  • Classification: There are many different types of Outdoor advertising and they can be broadly classified into four main categories:
    • Hoardings: These are also known as billboards, are generally located in high traffic areas such as along highways or near shopping malls to attract the attention of the highest number of drivers and pedestrians.
      • It is effective at creating and boosting brand awareness as the ad is always visible 24×7.
      • Its cost in India has no standard pricing and purely depends on the location and size.
    • Street Furniture Advertising: This type of outdoor advertising is known as street-level urban media, it is placed at eye level for foot traffic and can be really attention grabbing for pedestrians as well as commuters.
      • It includes news racks, mall kiosks, ATM kiosks, park benches and telephone booths. 
      • They are also fairly inexpensive and allow the advertisers a good scope to get creative with their ads.
    • Transit Advertising: It refers to all kinds of advertising placed inside or on modes of public transportation such as bus shelter, airports, petrol pumps, train branding and train stations.
      • It is one of the least expensive ways to advertise.
    • Alternative/non-traditional Outdoor Advertising: There are also a lot of ever-growing alternate/non-traditional outdoor media options such as walking billboards, pole kiosks, hot-air balloons, sailboats and mall advertising.
  • Favorable Factors: Rapid development seen in infrastructure, including upcoming airports, smart city projects, malls, metros, bus shelters, public conveniences, and coffee shops, along with increased advertising opportunities in Tier II and III cities is the major driver of the outdoor advertising market in India. 
    • During events like Diwali, IPL, elections, etc., the demand for outdoor media publicity increases as organizers try to get people’s attention to the event. 
      • Any event or festival, which is not a part of the yearly predictability and plan, is more beneficial such as general body elections which come once in five years.
  • Outdoor AdvertisementsSignificance: The advertising industry is one of the most important segments of the media and entertainment industries. Among its types, outdoor advertisements have been one of the fastest-growing segments in the advertising space of India. 
    • Outdoor advertising in India has a rich history dating back to the days of hand-painted billboards and painted signs on the sides of buildings. 
    • Over the years, the outdoor advertising sector has transformed into a sophisticated and diverse industry with different types of outdoor advertising in India being evolved.
  • Challenges: The Indian outdoor advertising market faces challenges such as a lack of strong monitoring systems, the unorganized nature of the media, a lack of solid research to prove the effectiveness of outdoor advertising, a lack of transparency, and enormous market fragmentation.

Enforcement Mechanisms in India

  • Issue of License: Local bodies issue licenses for advertisement hoardings, requiring approval from an executive authority.
  • The Mumbai Municipal Corporation Act (MMC) of 1888: The MMC Act, 1888, specifically Section 328A, mandates written permission from the Municipal Commissioner for such structures.
    • The 2018 Policy Guidelines for Display of Advertisements require structural stability certification from a registered engineer for hoardings.
  • The Delhi Outdoor Advertising Policy, 2017: It requires that the owners of non-compliant advertisements be asked to remove the structure within a specified time, failing which they are to be removed by the municipal authority. 

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About the Bureau of Indian Standards (BIS): 

  • Setting Up: Set up under the Bureau of Indian Standards Act, 2016, it came into effect on 12 October 2017. The Act was originally enacted in 1986.
    • The BIS was formerly called the Indian Standards Institution (ISI), set up under the Resolution of the Department of Industries and registered under the Societies Registration Act, 1860.
  • Composition: The BIS consists of 25 members drawn from Central or State Governments, industry, scientific and research institutions, and consumer groups.
    • The Minister in charge of the Ministry or Department having administrative control of the BIS is the ex-officio President of the BIS.
  • Headquarters: The Headquarters of BIS is located in New Delhi, with regional offices at Kolkata, Chennai, Mumbai, Chandigarh, and Delhi.
    • It also allows the suo motu removal of unauthorised devices that pose a hazard to road traffic.
  • The Bruhat Bengaluru Mahanagara Palike Advertisement Rules, 2021: It is a more comprehensive enforcement regime but they were withdrawn after public backlash. 
    • The rules vested the Chief Commissioner with the power to remove unauthorised hoardings, and constituted an Advertisement Regulatory Committee to monitor compliance enforcement and the removal of unauthorised advertisements.
  • The Tamil Nadu Urban Local Bodies Rules, 2023: It requires the municipal officials concerned to review the licensing of hoardings every three months and submit quarterly reports to the chief administrative officer of the urban local body.
  • Technical Standards and Oversight: The Bureau of Indian Standards (BIS) provides specifications for wind loads on hoardings under IS875, Part 3.
    • It includes formulas for calculating force coefficients for wind-facing structures.

Issues with Urban Governance in India

  • Power Devolution: The 74th Amendment Act, 1992 requires state governments to devolve 18 functions, including land use regulation, to municipalities. 
    • But several studies, including a 2021 Niti Aayog report revealed that no state government has delegated all 18 functions to civic bodies. 
  • Overlapping of Jurisdictions: Urban local bodies are often constricted due to overlapping jurisdictions with other state agencies, leading to confusion and shifting of accountability. 
    • Example: There is much confusion amongst the city’s municipality, DDA and PWD over road maintenance. 
      • Fire accidents in most cities are followed by government agencies passing the buck to each other – much like the BMC and GRP evading responsibility for the Ghatkopar tragedy. 
  • Holding of Regular Civic Election: One of the fundamental purposes of the 74th Amendment Act was that citizens would turn to corporators the “first-mile” representatives to cater to civic needs. But the term of the BMC’s elected members expired about two years ago. 
    • Bengaluru, currently facing a severe water crisis does not have elected corporators. 
    • The failure of the state governments to hold civic body elections goes against the Supreme Court’s unequivocal directions in the Suresh Mahajan case (2022). 
      • The Supreme Court ordered that the State government and State Election Commissions (SEC) are obliged to ensure that a newly elected body is installed in all municipalities before the expiry of the five-year term of the outgoing council.

Way Forward

  • Role by Municipal Authorities: Municipal authorities need to actively recognise their role in the removal of illegal outdoor advertisements and assume responsibility for the identification of unauthorised advertising structures. 
    • Municipal bodies need to institute proactive enforcement mechanisms, instead of taking action only in response to either court orders or harrowing incidents.
    • The apathetic attitude of officials that compounds people’s problems needs to be changed. 
  • Appointment of Inter-departmental Bodies: Through the appointment of inter-departmental bodies, it could check on unauthorised hoardings by undertaking periodic zone-wise or ward-wise inspection of outdoor advertisements to ensure that they meet the standards laid down in law. 
  • Mandatory Inspection: The periodic inspections should be mandatory rather than a discretionary power of the municipal authority. Appointment of inter-departmental bodies will help in achieving this mandatory periodic inspection.
  • Relevant Personnel: Such enforcement and monitoring bodies may include relevant personnel from the traffic department along with zonal- or ward-level officers of the corporations and departmental safety engineers.
  • Identification & Enforcement: The unauthorised hoardings include not only durable installations but also unauthorised banners and flexes, which, despite being temporary, also pose a significant safety risk. 
    • For transparency, advertisement policies must expressly state the process through which complaints against illegal advertisements may be raised and the action to be undertaken. 
    • For intermittent enforcement, there is a need for a mechanism which ensures the prompt removal of unauthorised hoardings.
  • Specify the Course of Action: City-level policies or bye-laws must also specify the course of action to be taken by corporation officials subsequent to the identification of unauthorised hoardings. 
    • Action must also be taken against officials who fail to remove illegal structures despite complaints.
  • Use of Technology: Compliance may be monitored through the effective deployment of technology, such as the embossing of QR codes on all authorised hoardings.
    • Corporations must also look towards creating platforms and mechanisms through which citizens may report violations.
    • The digital boards display different advertisers to use the same screens to show messages.
  • Documentation: International studies have pointed to billboards being dangerous distractions on roads as they affect a driver’s response time, vehicle lateral control and situational awareness. Hence, accidents caused by such distractions must be documented in the annual Road Accidents in India report.
  • Sustainability: Environmental consciousness is influencing outdoor advertising. There is a need to explore more eco-friendly materials, energy-efficient lighting, and sustainable practices to minimize the environmental impact of their outdoor campaigns.
    • For setting up a billboard, a proper study needs to be carried out to understand if the structure will be able to bear the wind-load when hoardings are erected on them.
    • Cities need to reassess the safety of large outdoor structures in light of increasing extreme weather events.

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Context

The Prime Minister offered prayers at the Meenakshi Amman Temple of Madurai.

  • The Thoda tribal community gifted a handmade shawl from Nilgiris to PM.
  • A replica of the Jallikattu Bull presented  as a mark of thanks to remove the ban on Jallikattu.

Meenakshi Amman Temple of Madurai

  • Meenakshi Temple Location: Arulmigu Meenakshi Sundareswarar Temple is a historic Hindu temple located on the southern bank of the Vaigai River, Madurai in Tamil Nadu.
  • Presiding deity: The temple is dedicated to goddess Meenakshi, a form of Shakti/Parvati  and her consort Shiva in the form of Sundareshwarar.

Meenakshi Amman Temple

  • Meenakshi Amman Temple Historical Importance:

    • Sangam: The early Sangam texts implies the existence of the Temple in Madurai by the mid-6th century AD which served as the Sangam of scholars, or a place where scholars meet.
    • Text source: The Temple finds its mention in the Tamil text Tiruvilayadalpuranam and the Sanskrit text Halasya Mahatmya.
    • Paadal Petra Sthalams: The Temple is one of the Paadal Petra Sthalams (They are the  275 temples of Shiva that are revered in the verses of Tamil Saiva Nayanars of the 6th-9th century CE)
    • Pancha Sabhai (five courts): The Meenakshi temple is one of the Pancha Sabhai where  Shiva performed the  cosmic dance. This massive Nataraja sculpture is enclosed in a huge silver altar and hence called “Velli Ambalam” (silver abode).

 

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  • Madurai Meenakshi Temple Built by: 

    • Meenakshi Amman Temple was built by Pandyan Emperor Sadayavarman Kulasekaran I (1190 CE–1205 CE).
    • Invasion: In the early 14th century, the armies of Delhi Sultanate led by Commander Malik Kafur plundered the temple
    • Rebuilt: It was rebuilt, repaired and renovated first by the Vijaynagar Empire  and the expanded in the 16- 17th century by  Hindu Nayaka dynasty ruler Vishwanatha Nayak and further by  Tirumala Nayaka (1623-55 AD).
  • Madurai Meenakshi Temple Features: 

Meenakshi Amman Temple

    • It is built in the Dravida style Architecture:
      • Covered  porches on temples (Vimanas): Two principal sanctuaries sit at the center of the temple complex dedicated to both the deities. A gold finial visible only from a high vantage point, caps each of these sanctuaries.

 

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        • Tall Entry Gate Towers (Gopurams):

          • The Meenakshi temple complex has 14 gopurams in total with 4 nine-storey gopurams (outer),1 seven-storey gopuram (Chittirai), 5 five-storey gopurams, 2 three-storey, and 2 one-storey gold-gilded sanctum towers.
          • The Southern gopura: It  is the  tallest at 51.9 metres (170 ft) containing more than 1500 figures that are repaired and repainted every twelve years

Meenakshi Amman Temple

      • Sculpted Pillared Halls: 

        • Aayirankaal  Mandapam (1000-pillared hall): Each pillar is sculpted with the pictures of gods, demons, animals etc
        • Musical pillars: The outermost corridor situates the musical pillars carved out of stones. When it is tapped, each pillar produces a different musical note.
        • Other main  halls include Ashta Shakthi Mandapam (Hall of eight goddesses; Kilikoondu-mandapam, Golu-mandapam and Pudu-mandapam.
      • Porthamarai Kulam Golden Lotus Tank: It is a  water tank or reservoir at the  south end of the complex for ritual bathing.

 

Also Read: Famous Temples In India

 

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