1. India–Japan Joint Credit Mechanism
Context: India and Japan have recently signed a Memorandum of Cooperation (MoC) to implement a Joint Credit Mechanism (JCM) under Article 6.2 of the Paris Agreement. This mechanism is aimed at advancing carbon credit trading, promoting green investments, and accelerating the adoption of sustainable technologies. The agreement comes at a time when India faces challenges from rising US tariffs on its exports and China’s restrictions on rare earth exports, making this collaboration both an environmental and strategic economic move.
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The JCM was formalised between India’s Ministry of Environment, Forest and Climate Change and the Government of Japan. Alongside, long-term agreements worth nearly ¥10 trillion (about ₹6 trillion) were signed, covering areas such as artificial intelligence, defence, semiconductors, and critical minerals. This strengthens India’s ambition to become a global manufacturing hub while also reinforcing its role as a leader in sustainable innovation. At a time when the US has imposed a 50% tariff on Indian exports and stepped away from the Paris Agreement, Japan’s partnership provides India with an essential strategic cushion.
One of the major backdrops of this agreement is China’s rare earth export ban in April 2025. Elements like samarium, gadolinium, and terbium, crucial for high-tech industries, were restricted, disrupting global supply chains. Although China later relaxed restrictions on India for specific materials, the incident highlighted India’s dependence on China. The government has since been promoting domestic rare earth exploration and processing, but this requires advanced technology and significant environmental safeguards, which will take years to develop fully. Japan’s expertise and investments can provide India with alternative supply chain options, reducing vulnerabilities in the long term.
The carbon trading framework under the JCM is particularly significant. It allows both countries to exchange carbon credits, enabling industries to offset their emissions by funding clean technology projects. This is consistent with Article 6.2 of the Paris Agreement, which encourages voluntary international cooperation to meet climate goals. In the current global scenario, where climate finance remains a contentious issue and technology transfer is slow, bilateral mechanisms like JCM become vital in keeping climate action on track.
The agreement also gains importance in the run-up to COP30 in Belem, Brazil, where discussions will focus on finalising rules for global carbon markets. With only 23 countries having submitted their updated Nationally Determined Contributions (NDCs) so far, India and Japan’s cooperation serves as a model for bilateral climate action, complementing multilateral negotiations. The success of this mechanism could encourage other countries to explore similar bilateral frameworks for emission reductions.
Domestically, India has already taken steps to institutionalise carbon trading through its Carbon Credit Trading Scheme (2023). A National Designated Authority has been set up to regulate and manage trading of carbon credits. By linking its domestic system with Japan’s JCM, India stands to gain technology transfer, foreign investments, and low-carbon solutions. This will not only contribute to India’s Net Zero by 2070 target but also demonstrate how bilateral climate diplomacy can bridge the gaps left by slow multilateral processes.
Conclusion:The India–Japan Joint Credit Mechanism is more than just a climate agreement. It is a strategic partnership that addresses India’s economic vulnerabilities, supply chain challenges, and environmental commitments at the same time. By combining green technology, carbon trading, and rare earth cooperation, the pact offers a pathway for India to balance growth with sustainability. As COP30 approaches, the India–Japan model could emerge as a blueprint for how bilateral climate diplomacy can complement global negotiations, making it a milestone in both environmental governance and strategic international relations.
2. PRATUSH Radiometer: India’s Leap Towards Unlocking the Cosmic Dawn
Context: Recent advancements in space technology have paved the way for PRATUSH, a cutting-edge radiometer designed to study the Cosmic Dawn, the epoch when the first stars and galaxies illuminated the Universe. Developed as a compact system built around a single-board computer (SBC) roughly the size of a credit card, PRATUSH is designed to orbit the far side of the Moon. This radio-quiet zone offers the ideal environment for detecting the faint 21-cm hydrogen line signal that carries vital clues about the Universe’s earliest phase, signals that remain hidden from Earth due to terrestrial interference.
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The Cosmic Dawn represents one of the most significant turning points in cosmic history. It was during this era that the first stars ignited, initiating the reionisation of hydrogen gas and altering the dynamics of cosmic evolution. Studying this period enables scientists to trace the formation of early structures such as stars, galaxies, and clusters. However, Earth-based observations face severe limitations because the signals from hydrogen atoms are extremely faint and are drowned out by radio noise from Earth’s atmosphere and human-made communication systems.
PRATUSH has been envisioned as a future payload that will operate from lunar orbit, particularly on the far side of the Moon. This region is shielded from Earth’s radio emissions and ionospheric distortions, offering an unmatched window into the faint whispers of the early Universe. The instrument is designed to capture the 21-cm hydrogen line signal, a unique radio emission that provides direct insights into the distribution and properties of hydrogen gas before and during the formation of the first stars. Its design integrates an antenna, analog receiver, and digital receiver, all coordinated by a master SBC, ensuring smooth and accurate data collection.
At the core of PRATUSH is the single-board computer (SBC), similar to a Raspberry Pi, serving as the master controller. This unit coordinates the antenna and an FPGA (field-programmable gate array) chip that processes incoming radio data. The SBC also records, calibrates, and stores high-speed data streams, maintaining both efficiency and data integrity. While current versions employ commercial SBCs, future flight models will rely on space-qualified processors capable of withstanding the harsh lunar environment.
The project showcases significant technical innovations. Its minimalist design results in reduced size, weight, and power requirements, all critical parameters for space missions. Laboratory tests have confirmed that PRATUSH achieves extremely low noise levels, even down to a few millikelvins, proving its sensitivity to Cosmic Dawn signals. With planned upgrades in software and hardware, the system promises even greater performance in future iterations, reflecting the broader trend of using low-mass, high-efficiency payloads in advanced space missions.
The scientific significance of PRATUSH is immense. By enabling the detection of signals from the earliest epochs of the Universe, it could uncover insights into how the first stars shaped cosmic evolution, while also opening possibilities for discovering new physics beyond current cosmological models. PRATUSH thus represents how compact and efficient computing technology can enable groundbreaking space observations from the most silent and shielded regions of our Solar System.
Conclusion: The PRATUSH radiometer marks a leap forward in humanity’s quest to study the Cosmic Dawn. By combining advanced computing with innovative radiometer design, it exemplifies how small-scale yet powerful payloads can address some of the biggest questions in cosmology. If successful, PRATUSH will not only enrich our understanding of the Universe’s earliest structures but also highlight India’s growing role in cutting-edge astrophysical research. This mission captures the essence of how technology and science, when aligned, can push the boundaries of cosmic discovery.
3. Semicon India 2025: Powering India’s Chip Revolution
Context: India’s ambition to emerge as a global semiconductor hub received a strong boost with the inauguration of Semicon India 2025 by Prime Minister Narendra Modi on 2nd September at Yashobhoomi, New Delhi. The three-day conference (2nd–4th September) brought together over 20,750 participants, including 2,500 delegates from 48 countries, making it one of the largest gatherings in the sector. The event highlighted India’s expanding role in semiconductor design, manufacturing, and innovation, at a time when the world is seeking alternatives to existing supply chains.
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The focus of Semicon India 2025 was on building a robust and sustainable semiconductor ecosystem. Discussions revolved around semiconductor fabrication plants (fabs), advanced packaging technologies, smart manufacturing, artificial intelligence integration, and research and development. Another important aspect was state-level policy implementation, which is crucial to ensure that semiconductor projects are spread across regions, supported by logistics, skill development, and financial incentives. With global semiconductor demand expected to soar, India is positioning itself as a key link in the global supply chain.
Prime Minister Narendra Modi’s vision is central to this transformation. At the event, he emphasised India’s entry into the ‘Perform’ phase of its semiconductor journey, after the earlier phases of ‘Reform’ and ‘Transform’. This stage prioritises implementation and scaling up of projects across the country. Modi also participated in the CEOs Roundtable on 3rd September, where global industry leaders discussed strategies to accelerate India’s growth in semiconductor technology. His message underlined India’s intent to move from being a consumer of semiconductors to becoming a producer and innovator.
A series of key projects and infrastructure initiatives have been sanctioned. These include four new semiconductor facilities focusing on packaging, silicon carbide, discrete semiconductors, and 3D glass technology. The Micron facility, approved in 2023, is in its final stages of completion. Major fab projects in Gujarat (Dholera and Sanand) and Assam (Jagi Road) are advancing, supported by workforce training and strong logistics frameworks. Together, these projects represent India’s entry into the global semiconductor manufacturing race.
The government has also rolled out policy measures such as the Production Linked Incentive (PLI) scheme, aimed at strengthening the MSME ecosystem by creating upstream and downstream value chains. Complementing this is the Design Linked Incentive (DLI) scheme, which promotes innovation, design, and intellectual property creation within India. By encouraging private sector participation and homegrown startups, the government aims to reduce import dependency and foster a competitive, self-reliant semiconductor base.
The international dimension of the conference was equally significant. With six country roundtables, dedicated country pavilions, and participation from over 50 global technology leaders, India demonstrated its rising importance in the global semiconductor landscape. The event also prioritised startups and workforce development, highlighting the need for skilled manpower to sustain industry growth. This balance of global engagement and local empowerment showcased India’s dual focus on partnerships and self-reliance.
Since its inception in 2022, the Semicon India series has evolved into a flagship platform for semiconductor innovation. From Bengaluru (2022) to Gandhinagar (2023), Greater Noida (2024), and now New Delhi (2025), each edition has expanded in scale and ambition.
Conclusion: Semicon India 2025 marks a defining moment in India’s pursuit of technological leadership. By combining policy incentives, infrastructure expansion, global partnerships, and workforce training, India is laying the foundation for a world-class semiconductor ecosystem. As the global demand for chips grows, India’s ability to integrate design, manufacturing, and innovation will determine its role in shaping the future of technology. This event underlines the government’s resolve to turn India from a semiconductor importer into a semiconductor powerhouse, aligning with the broader goal of Atmanirbhar Bharat and global technological self-reliance.
4. Indore Awarded IGBC Green City Platinum Certification
Context: Indore has once again set a benchmark in urban governance by becoming the first city in Madhya Pradesh and one of only three in India to receive the IGBC Green City Platinum Certification. This recognition, awarded by the Confederation of Indian Industry’s Indian Green Building Council (CII–IGBC), places Indore among the nation’s leaders in sustainable urban planning and environmental management. Known widely for its consistent top ranking in cleanliness, Indore has now added another feather to its cap by excelling in holistic green development.
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The IGBC Green City Certification is one of the most comprehensive sustainability frameworks in the country. It assesses cities on diverse parameters such as water conservation, energy efficiency, solid waste management, green cover expansion, e-governance initiatives, and policy frameworks. The goal of the certification is to encourage cities to integrate eco-friendly strategies into urban growth, ensuring that development aligns with long-term environmental resilience.
Indore’s journey to Platinum certification was rigorous. Over a period of six months, the city underwent a detailed evaluation by IGBC experts. The process required extensive documentation of more than a dozen parameters, ranging from master planning and infrastructure design to resource management and governance practices. Special emphasis was placed on cleanliness drives, air quality monitoring, and overall liveability standards. This comprehensive review ensured that the Platinum rating was reserved only for the most committed and innovative cities.
Among its strengths, Indore has made notable strides in water management through efficient usage and recycling initiatives, helping to conserve precious resources. Its solid waste management system is often cited as a model in India, focusing heavily on segregation at source, recycling, and reduction of landfill
dependency. The city has also leveraged e-governance platforms to improve transparency and ensure greater citizen participation in policymaking and service delivery. In addition, Indore has expanded its urban green cover, with large-scale tree plantation drives and the development of new parks to enhance biodiversity and improve air quality.
The significance of this recognition extends beyond Indore. With this award, Indore joins an elite group of 32 Indian cities and zones that have received IGBC Platinum status, including Rajkot, Pune, and Pimpri Chinchwad. For Madhya Pradesh, this achievement signals a strong commitment to sustainable development goals (SDGs) and highlights the potential of Indian cities to grow while safeguarding the environment. Indore’s success underscores the importance of integrating citizen-driven initiatives with policy-level frameworks to build resilient and liveable urban spaces.
The achievement also reflects the broader role of the Indian Green Building Council (IGBC) in shaping India’s sustainable growth. Since its establishment, IGBC has certified more than 16,300 projects, covering over 14.15 billion square feet of green building space. With nearly 90% of India’s green projects following IGBC’s guidelines, it has emerged as the most credible framework for urban sustainability and eco-friendly construction in the country.
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Indore’s recognition as a Green City Platinum Certified city is not just a testament to its governance excellence but also a symbol of India’s green transition. By excelling in water conservation, waste management, e-governance, and biodiversity enhancement, Indore has demonstrated that sustainable urban growth is both achievable and scalable. As other Indian cities strive to balance rapid urbanisation with environmental responsibility, Indore stands as a living model of clean, green, and future-ready urban development.
5. Air Quality Life Index Report 2025
Context: The Air Quality Life Index (AQLI) 2025 report, released by the Energy Policy Institute at the University of Chicago, highlights that air pollution is the gravest health threat in India today. The findings reveal that toxic air reduces the average Indian life expectancy by 3.5 years, surpassing the combined losses from malnutrition, tobacco use, and unsafe water. With the entire population of 1.4 billion living in areas exceeding the World Health Organization’s (WHO) safe limits for PM2.5, the report underscores the urgency of tackling this silent health crisis.
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The AQLI reveals a stark comparison between air pollution and other health risks. While childhood and maternal malnutrition reduce life expectancy by 1.6 years and tobacco use cuts 1.5 years, toxic air pollution shortens lives by 3.5 years on average. Even unsafe water and poor sanitation, historically considered major threats, account for a life loss of just 8.4 months. This data demonstrates how polluted air has emerged as the single greatest factor undermining health in India, with far-reaching economic and social consequences.
The geographical distribution of this crisis is highly uneven. Northern India continues to remain the most polluted region on Earth. Nearly 544.4 million people, or 38.9% of India’s population, are exposed to extremely high levels of particulate matter. The Delhi-NCR region is the worst affected, where residents face a staggering 8.2-year reduction in life expectancy due to unsafe air. Other severely impacted states include Bihar (5.6 years lost), Haryana (5.3 years), and Uttar Pradesh (5 years). Even under India’s relatively lenient air quality standards, residents of Delhi-NCR would still lose nearly 5 years of life expectancy.
The report also highlights the gap between India’s national standards and the WHO’s global benchmarks. Alarmingly, 46% of Indians live in areas that fail to meet even India’s own PM2.5 standards, which are far less strict than those of the WHO. Meeting India’s national standard could increase life expectancy by 1.5 years, while adhering to the WHO guideline of 5 µg/m³ PM2.5 could further boost life expectancy by up to 9.4 months, even in relatively cleaner regions. These numbers illustrate the immense gains possible through stricter regulatory compliance and enforcement.
The issue is not confined to India alone. South Asia as a whole is the most polluted region globally, with air pollution reducing life expectancy by 3 years on average. In the most affected zones, such as the Indo-Gangetic Plain, the loss exceeds 8 years. Despite a brief decline in 2022, PM2.5 levels in South Asia rose by 2.8% in 2023, showing the persistent and worsening nature of the crisis. This makes coordinated regional action critical for improving air quality and safeguarding public health.
The AQLI 2025 report concludes with a strong call for policy and public action. It stresses that without bold and systemic interventions, millions of Indians will continue to lose healthy life years. Solutions must include strict emission control, investment in cleaner technologies, and enhanced air quality monitoring systems. Equally important is public awareness and citizen participation, which can push governments and industries towards adopting sustainable practices. Cleaner air not only protects health but also boosts economic productivity and reduces healthcare costs, making it a priority for national development.
Conclusion
The AQLI 2025 findings serve as a stark reminder that air pollution is more than an environmental issue, it is a national health emergency. With every Indian living under unsafe air quality, urgent measures are required to bridge the gap between policy and implementation. If India can enforce stricter standards, invest in technology, and mobilise public action, millions of life years can be saved. The report reinforces that cleaner air is not only a pathway to better health but also a cornerstone of sustainable growth and human well-being.
6. SEBI’s Revised Rules for Intraday Index Options
Context: In September 2025, the Securities and Exchange Board of India (SEBI) introduced a revised framework to monitor intraday trading positions in index options. Effective from October 1, 2025, these rules aim to enhance transparency, strengthen risk management in derivatives trading, and bring more discipline into the stock market ecosystem. With a new intraday position limit of ₹5,000 crore per entity and gross intraday position limit of ₹10,000 crore, SEBI is ensuring that excessive speculative risks are curbed without discouraging genuine trading activity.
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The revised framework lays down intraday monitoring rules, with strict compliance expected from market participants. While the monitoring provisions come into effect from October 1, 2025, the penalty framework for expiry-day breaches will be applicable from December 6, 2025. This phased implementation gives exchanges and traders time to align with the new compliance requirements.
SEBI has capped the intraday net position limit at ₹5,000 crore per entity in index options, measured on a Future-Equivalent (FutEq) basis after offsetting longs and shorts. Similarly, the gross intraday position limit, which accounts for all buy and sell trades without netting has been capped at ₹10,000 crore per entity. These limits are in line with existing end-of-day position limits, ensuring consistency in regulatory supervision.
To improve oversight, SEBI has directed all stock exchanges to conduct a minimum of four random intraday checks on traders’ positions during trading sessions. One of these checks must occur between 2:45 pm and 3:30 pm, a period of peak activity, ensuring that compliance is monitored when trading volumes are highest. Position values will be computed using the index price at the time of the snapshot, making it difficult to conceal excessive exposures.
The framework also introduces strict penalty provisions. Entities breaching the new limits will face scrutiny by exchanges, which may include explanations for trades, reviews of underlying index stocks, and additional surveillance measures. Particularly, violations on contract expiry days could attract heavy penalties or require additional surveillance deposits, a move aimed at preventing sharp volatility during derivative settlements.
Another critical reform is the requirement for Market Infrastructure Institutions (MIIs), including stock exchanges and clearing corporations, to publish a Standard Operating Procedure (SOP) for participants. This SOP must be submitted to SEBI within 15 days and communicated to traders before the framework takes effect. Such clarity in operating procedures will improve transparency and ensure uniform compliance standards across the market.
The move aligns with SEBI’s broader mandate to safeguard investors and maintain market stability. Since its establishment in 1992 as a statutory body, SEBI has consistently worked to strengthen regulatory oversight in capital markets. By tightening intraday monitoring, it seeks to strike a balance between allowing robust market participation and curbing systemic risks that could threaten investor confidence.
Conclusion: The revised SEBI rules for intraday index options represent a proactive step in strengthening market transparency and investor protection. By setting clear limits, introducing random intraday checks, and enforcing penalties for violations, SEBI is addressing the risks of excessive speculation while encouraging fair trading practices. These reforms reflect India’s growing maturity in managing its capital markets and underline SEBI’s role as a vigilant regulator ensuring stability, discipline, and long-term growth in the financial ecosystem.
