About Western Sahara:

• Western Sahara is a vast, sparsely-populated desert region in Northwest Africa.
• It is part of the Maghreb region of North and West Africa.
• Bordering Countries: It shares its land borders with Morocco and Algeria to the north and northeast respectively, and Mauritania to the east and south.
• Water Body: It also has a long coast with the Atlantic Ocean in the West and Northwest.
• It is a region rich in phosphates and other minerals and has a lucrative fishing industry on its Atlantic coast.

United Nations Mission for the Referendum in Western Sahara (MINURSO)

• It was established in 1991 to support the settlement proposals and ceasefire reached by Morocco and Frente Polisario.
• Since the establishment of the Mission, MINURSO headquarters has been located in Laayoune, the main city in Western Sahara. 
• Focus: It contributes to peace and stability in Western Sahara by monitoring, investigating and reporting on the ongoing situation, and working with the parties to reduce tensions as they arise.

About National Programme for Dairy Development:

• It is a Central Sector Scheme implemented by the Department of Animal Husbandry and Dairying (DAHD), Government of India.
• It was launched in 2014 and has been restructured/ realigned in July 2021 for implementation from 2021-22 to 2025-26 to strengthen dairy infrastructure and dairy cooperative systems.
• It aims to enhance quality of milk and milk products and increase share of organized procurement, processing, value addition and marketing. 
• Nodal Ministry: Ministry of Fisheries, Animal Husbandry & Dairying
• Components of National Programme for Dairy Development
  • Component A: It focuses on strengthening of infrastructure for quality milk testing equipment as well as primary chilling facilities for State Cooperative Dairy Federations/ District Cooperative Milk Producers’ Union/SHGs/Milk Producer Companies/Farmer Producer Organizations.
  • Component ‘B’: It aims to increase sale of milk and dairy products by increasing farmer’s access to organized market, upgrading dairy processing facilities and marketing infrastructure and enhancing the capacity of producer owned institutions.

About Tawang Monastery:   

• Location: It is located in the mountains of the eastern Himalayan range in Arunachal Pradesh.
• It is also known as Gaden Namgyal Lhatse which means "the divine paradise of complete victory".
• It was founded in the 17th century by Merak Lama Lodre Gyatso.
• It is a magnificent example of Mahayana Buddhism and is the largest monastery in India.
• It is an important centre of monastic learning, religious practice and cultural continuity.
• Structure:
  • The most imposing building of the monastery is the assembly hall known as Dukhang.
  • The Dukhang is a three-storeyed assembly hall located on the northern side of the courtyard. It houses the temple and the Labrang, the establishment associated with the abbot.
  • The inner walls of the Dukhang are painted with murals of various divinities and saints. The altar occupies the entire northern wall of the hall.
  • On the left of the alter is the silver casket wrapped in silk containing the Thangkas of Goddess Sri Devi (Palden Lhamo) the principal deity of the monastery, which was given to Merak Lama by the 5th Dalai Lama.
  • A colossal richly gilded statue of Lord Buddha occupies the middle of the northern side.
  • It is seated on a lotus throne flanked by his two Principal attendants Maudgalyayana and Sariputra, each with a staff and begging bowl in hand. 

About Liberalised Remittance Scheme:

• LRS is a scheme administered under the FEMA, 1999 framework and RBI directions.
• It was introduced on February 4, 2004.
• Remittance Limit: Under LRS, all resident individuals, including minors, are allowed to freely remit up to USD $250,000 per financial year (April–March). 
• This can be for any permissible current or capital account transaction, or a combination of both.
• Eligibility: Only individual Indian residents, including minors, are permitted to remit funds under LRS.
• Frequency of Remittances: There is no restriction on the frequency or number of transactions during a financial year. 
• Types of transactions permitted:
  • Opening of a foreign currency account abroad with a bank;
  • Acquisition of immovable property abroad, overseas direct investment (ODI), and overseas portfolio investment (OPI);
  • Extending loans, including loans in Indian Rupees to non-resident Indians (NRIs) who are relatives as defined in the Companies Act, 2013;
  • Private visits abroad (excluding Nepal and Bhutan); 
  • Maintenance of relatives abroad; Medical treatment abroad; Pursuing studies abroad;
• Types of transactions not permitted: 
  • Remittance for purposes specifically prohibited, such as buying lottery tickets or restricted items.
  • Remittance for buying Foreign Currency Convertible Bonds (FCCBs) issued by Indian companies in the overseas secondary market.
  • Sending money for trading in foreign exchange abroad.
  • Sending money to individuals and entities identified as posing a significant risk of terrorism.
  • Sending money to countries identified as “non-cooperative countries and territories” by the Financial Action Task Force (FATF).

About Olive Ridley Turtle:

• It is the smallest and most abundant of all sea turtles found in the world.
• It gets its name from the olive green colouration of its carapace (shell). 
• It is best known for its unique mass nesting, called Arribada, where thousands of females come together on the same beach to lay eggs.
• Distribution of Olive Ridley Turtle
  • They are mainly found in the warm waters of the Pacific, Atlantic, and Indian oceans.
  • Odisha’s Gahirmatha Marine Sanctuary is known as the world’s largest rookery (a colony of breeding animals) of sea turtles.
• Features of Olive Ridley Turtle
  • They are solitary, preferring the open ocean.
  • Diet: They are omnivorous, meaning they feed on both plants and animals.
  • These turtles spend their entire lives in the ocean, and migrate thousands of kilometers between feeding and mating grounds in the course of a year.
• Conservation Status of Olive Ridley Turtle
  • IUCN Red List: Vulnerable
  • CITES: Appendix I
  • Wildlife Protection Act, 1972: Schedule 1.

Why in the News?

• Binance, one of the world's largest cryptocurrency exchanges, suffered a cyberattack on October 29, resulting in estimated losses of approximately $6.3 billion and raising concerns about cybersecurity and investor protection in the cryptocurrency sector.

What’s in Today’s Article?

• Binance Cyberattack (Background, How It Happened, Recovery of Assets, Implications & Key Challenges)

Understanding the Binance Cyberattack

• Binance is a major global cryptocurrency exchange that facilitates the trading and transfer of digital assets.
• The recent cyberattack exposed vulnerabilities in its operational security infrastructure and resulted in the unauthorised withdrawal of cryptocurrency assets.
• Binance has temporarily paused deposits and withdrawals while conducting security checks. Deposits were subsequently restored.
• The exchange later estimated the losses at approximately $6.3 billion and initiated efforts to freeze and recover the stolen assets.

How the Hack Took Place

• According to Binance's initial investigation, the attack may have involved a compromised laptop belonging to a DevOps engineer.
• The attacker allegedly used access to a service container to submit unauthorised withdrawal transactions.
• Binance's co-CEO maintained that the incident was complex and did not involve the misuse of a single engineer's permissions or a simple one-click vulnerability.
• The company subsequently disclosed additional points of breach. However, it stated that there was no evidence of cryptocurrency wallet private keys being leaked.

Recovery of Stolen Cryptocurrency Assets

• Following the attack, Binance collaborated with industry partners and blockchain companies to freeze the stolen assets.
• Approximately $3 billion worth of assets were reported to have been frozen on-chain.
• Two major stablecoin issuers also participated in the recovery effort:

• Tether: Its CEO reported that the company had frozen more than 1.567 billion USDT.
• Circle: Its CEO announced that the company had frozen more than 800 million USDC.

• Stablecoins are cryptocurrencies designed to maintain a relatively stable value, generally by being pegged to an asset such as the US dollar.
• Binance also committed to covering the stolen funds through its Secure Asset Fund for Users (SAFU) and corporate treasury. The company stated that approximately $5 billion of the affected assets were already available in the exact token assets involved, while the remaining amount was being acquired through market and over-the-counter (OTC) channels.

Implications for the Cryptocurrency Sector

• The Binance hack has raised concerns about the security, transparency and regulatory oversight of cryptocurrency exchanges.
• Cybersecurity and Operational Vulnerabilities
  • The alleged compromise of an employee's laptop highlights the risks associated with internal access privileges, endpoint security and third-party or operational infrastructure.
  • Even when private keys remain secure, vulnerabilities in connected systems can expose exchanges to large-scale financial losses.
• Market Volatility
  • Major cryptocurrency hacks often trigger investor anxiety and uncertainty. Following the incident, Bitcoin, Ethereum's Ether and Binance-linked BNB experienced noticeable, although not drastic, price declines.
  • Such reactions demonstrate how security incidents involving major exchanges can affect confidence across the wider digital-asset market.
• Investor Protection and Regulatory Oversight
  • Cryptocurrency markets operate under varying regulatory frameworks across jurisdictions. Investors may have limited legal protections and face difficulties recovering funds when exchanges experience cyberattacks or operational failures.
  • The incident also adds to Binance's existing regulatory challenges. In 2023, the US Treasury announced historic settlements with the exchange over failures to prevent and report suspicious transactions involving terrorist organisations, ransomware attackers, money launderers and other sanctioned or criminal actors.
  • A cyberattack resulting in billions of dollars in losses could further complicate the exchange's regulatory and operational environment.

Key Challenges in Cryptocurrency Security

• The incident highlights several structural concerns affecting the digital-asset ecosystem:
  • Centralised vulnerabilities: Large exchanges hold and process substantial volumes of digital assets, making them attractive targets for cybercriminals.
  • Insider and access risks: Compromised employee devices and excessive access privileges can create entry points for attackers.
  • Cross-border investigations: Cryptocurrency transactions can move rapidly across international jurisdictions, complicating the tracing and recovery of stolen assets.
  • Regulatory fragmentation: Differences in national laws and enforcement mechanisms create gaps in oversight.
  • Limited investor recourse: Investors may face uncertainty over compensation, liability and dispute resolution following major security incidents.

Way Forward

• Strengthening cryptocurrency security requires coordinated action by exchanges, regulators, technology providers and law enforcement agencies.
• Stronger access controls: Exchanges should adopt multi-factor authentication, least-privilege access and continuous monitoring of employee devices and systems.
• Independent security audits: Regular penetration testing, vulnerability assessments and third-party audits can help identify weaknesses before they are exploited.
• Transaction monitoring: Exchanges should strengthen real-time detection of unusual withdrawals and suspicious blockchain activity.
• Regulatory cooperation: Cross-border information-sharing and coordinated investigations are essential for tracing stolen digital assets.
• Investor safeguards: Exchanges should maintain transparent asset-reserve disclosures, robust recovery mechanisms and clear compensation policies.
• Incident transparency: Timely disclosure of breaches and detailed technical investigations can help restore investor confidence and improve industry-wide security standards.

Context:

• The Ministry of Steel has released the Draft National Steel Policy: Vision 2047, which aims to make India a globally competitive steel producer and increase steel exports to 45 million tonnes (Mt).
• However, the policy raises a fundamental question: Does India's steel industry derive its competitiveness from efficiency and productivity or from excessive government protection?
• Therefore, India must gradually dismantle protectionist measures, improve mining policy and enhance industrial efficiency to achieve genuine global competitiveness by 2047.

India's Steel Industry - Growth and Profitability:

• Impressive production growth:
  • India has emerged as the world's 2nd-largest steel producer, with production reaching 170 Mt.
  • Its share in global steel production has increased from less than 5% in 2000. However, India remains significantly behind China, which produces 961 Mt.
• High profitability:
  • The average EBITDA-to-sales ratio of the Indian steel industry during 2000–2025 was approximately 15%, around 3–4 percentage points higher than the rest of Indian manufacturing.
  • The profitability of India's three largest steel firms was also 3–4 percentage points higher than that of their major global counterparts during 2015–2024.
  • But, high profitability may reflect protection and policy advantages rather than superior efficiency.

Sources of Protection and Their Economic Costs:

• Cheap domestic iron ore:
  • A 30% export duty on iron ore containing more than 58% iron keeps domestic prices approximately 30–40% below global prices.
  • This effectively transfers value from mineral resources and mining regions to steel manufacturers.
  • Low domestic prices reduce incentives for exploration and mining, leading to economic losses in mineral-rich regions.
• High import tariffs and non-tariff barriers:
  • A 7.5% import tariff, combined with an 11.5% safeguard duty, results in an effective duty of approximately 18%. Comparable tariffs in ASEAN countries are only 3–4%.
  • Quality Control Orders (QCOs) cover 228 steel products, restricting imports and competition.
  • The Gauba Committee reportedly recommended removing 122 products from the QCO list, but only 59 have been suspended so far.
• Higher costs for downstream industries:
  • Domestic steel manufacturers sell hot-rolled coils at a 6–7% premium over Japan, despite Japan being a high-cost producer.
  • This increases input costs for -
    • Construction: Steel accounts for approximately 15% of total project costs.
    • Automobiles: Steel and related products constitute roughly 5% of raw material costs.
    • MSMEs: Higher input costs weaken the competitiveness of smaller industries, particularly export-oriented enterprises.
  • Thus, protection for the steel industry imposes an indirect cost on the broader manufacturing ecosystem.

Impact of Removing Protection - Examined Through Two Alternative Scenarios:

• Policy change (Alternative 1): Reduce tariffs, lowering domestic steel prices by 6%.
  • Impact: Profitability of the largest private sector steel firm reduces by 25%, that of the largest public sector firm drops by 50%, and the fastest-growing large private firm drops by 40%.
• Policy change (Alternative 2): Remove iron ore export duties and purchase ore at global prices.
  • Impact: Profitability of the largest private firm reduces to approx. 7%, that of the fastest-growing private firm drops by 95%, and that of the largest public-sector firm becomes negative.
• The findings indicate that the industry's profitability is highly dependent on policy support.
• Genuine competitiveness requires firms to survive through productivity, innovation and cost efficiency rather than protection.

Reforms for Global Competitiveness:

• Calibrated liberalisation to strengthen export competitiveness:
  • Reduce import duties over five years to ASEAN levels.
  • Remove unnecessary QCOs, particularly those identified by the Gauba Committee.
  • Introduce greater competition to encourage productivity, innovation and cost reduction.
  • Lessons from other industries:
    • Pharmaceutical and automobile component tariffs declined from approximately 40% in 2000 to 10–15% in 2023.
    • India's share in global automobile component exports increased from 0.2% in 2003 to 1.5% in 2024.
    • Its pharmaceutical export share increased from 0.7% to 2%.
• Consider strategic privatisation:
• The profitability gap between private and public-sector steel firms suggests potential efficiency and governance problems in public-sector enterprises.
• Market-share trends since 2000 - SAIL (declined from 30% to 10%), JSW Steel (increased from 1% to 12%), and Tata Steel (maintained approx. 11–13%).
• Privatisation of selected SAIL plants could improve efficiency, corporate governance and fiscal outcomes while retaining strategic oversight.
• Remove iron ore export duty:
  • Abolish the 30% export duty on high-grade iron ore. Allow domestic miners to realise international prices.
  • Encourage exploration, investment and efficient resource allocation. Expose steelmakers to global input prices, encouraging productivity improvements.
• Overhaul mining policy:
  • India has explored only around 10% of its obvious geological potential.
  • The existing mining regime discourages exploration because discoveries must be surrendered for future auctions, with discoverers receiving limited incentives.
  • Suggested reforms -
    • Adopt exploration-friendly policies followed by Australia and other mineral-rich countries.
    • Provide adequate incentives and predictable rights to mining explorers.
    • Accelerate new mine development.
    • Increase mining's contribution to GDP and improve resource utilisation.

Conclusion:

• India's steel industry has achieved remarkable growth since Jamsetji Tata established the foundations of modern steel production in 1912, overcoming colonial scepticism about India's industrial capabilities.
• The Draft National Steel Policy: Vision 2047 must build upon this legacy by promoting efficiency, technological innovation, competitive input markets and export orientation.
• A phased transition from protection-led profitability to productivity-led competitiveness is essential for sustainable industrial growth.

Context

• India’s transition towards renewable energy is transforming its economy, energy security, and environmental sustainability.
• Solar power is reaching households, farmers, and businesses, reducing electricity expenses and creating employment opportunities.
• With solar capacity increasing from 2.8 GW in 2014 to approximately 171 GW, India is advancing towards Viksit Bharat by 2047 and its target of 500 GW of non-fossil fuel capacity by 2030.

Achievements in India’s Solar Energy Revolution

• Expansion of Rooftop Solar
  • The PM Surya Ghar Muft Bijli Yojana has enabled over 65 lakh households to adopt rooftop solar, with more than 21 lakh receiving zero electricity bills.
  • This reduces household expenses and encourages citizens to become energy producers rather than merely consumers, while promoting technical knowledge and entrepreneurship.
• Falling Solar Power Costs
  • Solar electricity costs have declined from approximately ₹8–₹10 per unit in 2014 to as low as ₹2.15.
  • Technological improvements, economies of scale, and government initiatives such as PM-KUSUM have strengthened affordability and expanded adoption.
• Progress Towards Renewable Energy Targets
  • India has achieved its earlier target of obtaining 50% of installed electricity capacity from non-fossil sources ahead of schedule.
  • However, installed capacity alone does not guarantee reliable electricity; effective storage, transmission, and grid management remain essential.

The Next Phase: Expanding Solar Energy Infrastructure

• PM-KUSUM 2.0 and Agricultural Solarisation
  • More than 30 lakh standalone solar pumps have reportedly been installed under PM-KUSUM.
  • Agricultural solarisation reduces dependence on conventional electricity and diesel.
  • Agri-photovoltaics, which combines farming with solar generation, can improve land-use efficiency and diversify farmers’ incomes.
• Rooftop Solar and Green Transmission Corridors
  • India must expand rooftop installations, strengthen Green Energy Corridors, and digitise electricity networks.
  • Cooperation between the Union government, States, and private companies is necessary to integrate renewable power efficiently.

Four Pillars of India’s Renewable Energy Expansion

• Capital and Investment
  • Achieving 500 GW of non-fossil capacity requires approximately $220 billion in investment.
  • Private enterprises, institutional investors, and foreign investors must complement public funding.
  • Making rooftop installations and solar pumps bankable assets can attract long-term capital.
• Domestic Manufacturing
  • Production-linked incentives have strengthened solar module manufacturing, with capacity exceeding 225 GW.
  • India must expand domestic production of solar cells, wafers, and polysilicon to reduce import dependence.
  • The National Green Hydrogen Mission, targeting five million tonnes of annual production by 2030, can further promote industrial decarbonisation.
• Energy Storage and Grid Modernisation
  • India may require 236 GWh of battery storage by 2031–32. Batteries, pumped-storage hydropower, and smart grids can balance intermittent solar generation.
  • Modern transmission infrastructure is essential for delivering renewable electricity reliably.
• Human Capital and Green Employment
  • Rooftop solar generates employment for engineers, electricians, installers, and maintenance workers.
  • It can create green jobs for youth, expand rural employment, and increase women's participation.
  • Vocational training, apprenticeships, and recognised qualifications are necessary to develop a skilled workforce.

India's International Leadership in Renewable Energy

• G20 and BRICS Cooperation
  • India has promoted renewable energy cooperation through the G20 and BRICS.
  • Initiatives supporting solar photovoltaics, smart grids, and storage can encourage technology sharing, investment, and manufacturing partnerships, particularly among developing countries.
• International Solar Alliance
  • The International Solar Alliance (ISA), launched by India and France in 2015, promotes global solar deployment.
  • Its training programmes, centres of excellence, and Africa Solar Facility support skills development and investment mobilisation, particularly across developing economies.

Bharat Renewable Energy Summit and Global Cooperation

• The Bharat Renewable Energy Summit and Expo 2026, scheduled for November 2–5, provides a platform for cooperation on solar power, green hydrogen, and energy storage.
• Solar irrigation, reliable electricity, and reduced fuel-import dependence can strengthen developing countries' energy and food security.
• This reflects Vasudhaiva Kutumbakam, the principle of the world as one family.

Challenges and the Way Forward

• India faces challenges involving financing, import dependence, inadequate storage, transmission constraints, and uneven rooftop solar adoption.
• Financially sustainable distribution companies, predictable policies, and stronger domestic supply chains are essential.
• Affordable financing, environmental safeguards, and responsible water management must accompany expansion.

Conclusion

• India's solar transformation is creating economic opportunities while strengthening energy security and reducing electricity costs.
• Achieving its renewable energy ambitions requires investment, manufacturing, storage, infrastructure, and skilled human resources.
• By combining domestic innovation with international cooperation, India can advance towards Viksit Bharat by 2047 and contribute to a sustainable global energy future.