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Current Affairs - 02 May 2018

General Affairs 

High Court Questions New Panchayat Poll Date Set By Bengal Election Body
  • There is a question mark yet again over the date set by the West Bengal State Election Commission (SEC) for panchayat polls. And raising that question is the Calcutta High Court.

    Last week, the commission had notified May 14 as the poll date. But Justice Subrata Talukdar observed the SEC's "homework" on security arrangements was unsatisfactory, that it had not informed the division bench about those arrangements. So as of now, May 14 can only be a "proposed poll date" and not final.

    The final call will be taken by the division bench headed by the chief justice of Calcutta High Court on May 4. The SEC has to submit all reports on security arrangements to the court first.  

    While the lawyer representing the state election commission stated that the body had done everything legally required, opposition parties had gone to court questioning security arrangements.

    The opposition BJP has pointed out that in 2013, panchayat polls were held in five phases. This year, too, the SEC had originally announced a three phase poll on May 1, 3 and 5. So why a one-day poll now? "Not possible without central forces," said a BJP leader. "Especially after 34 per cent of seats have already won by the Trinamool without contest."

    The CPM said the court had ordered "meaningful" discussions between Opposition parties and the SEC. But the talks had been perfunctory, the party claimed, and the court pointed that out to the SEC.

    "The opposition wanted polls on May 14 cancelled or stayed. But nothing of the kind happened. The date is there but yes subject to the court's approval," said Trinamool lawmaker and lawyer Kalyan Banerjee.

    Trouble over panchayat polls erupted almost immediately after filing of nominations began April 2. The opposition claimed their candidates could not file nominations because of Trinamool terror tactics. The SEC announced an additional nomination filing day but then rolled back its own order.

    The court ordered that an additional nomination filing day must be given. It was April 23. But one person was killed in violence even on that day.

    The state government insisted that polls be held before Ramzan. The SEC then announced May 14 as polling date but has not announced a counting day yet.

    Meanwhile, after withdrawal of nominations ended on Saturday and 34.2 per cent seats were found to have been won by Trinamool unopposed, the Opposition was back in court over security concerns in a one-day poll situation.

Days After PM Modi-Xi Meet, Soldiers' Families Attend Event Across Border
  • In a clear sign of Indian and Chinese armies working to de-escalate tensions, family members of Indian Army personnel on Tuesday attended an event to mark Labour Day at the Chushul-Moldo meeting point, on the Chinese side.

    A Special Border Personnel Meeting was also held on the occasion at the meeting point in Ladakh region of Jammu and Kashmir. The latest effort comes after the informal summit between Prime Minister Narendra Modi and Chinese President Xi Jinping last week in Wuhan.

    According to sources in the army, ''Such meetings indicate the upward trend of relations between the two great nations and building of trust between the two armies deployed on the border."

    "Troops and families of both armies were part of of the celebrations which were conducted in an atmosphere of bonhomie and friendship," an official was quoted by news agency IANS as saying.

    indian army family
    Family members of Indian Army officials attended an event to mark Labour Day

    Special cultural programmes were also organised by the two armies. The official said the two armies also exchanged gifts at Wacha border post in Kibithu in Arunachal Pradesh.

    The official said during the meeting the two sides discussed ways to bring down tension along the disputed borders. News agency PTI quoted sources as saying that both sides were also working on setting up a long-delayed hotline between the Indian Army's Director General of Military Operations or DGMO and the Chinese officer holding a similar position.

    In the meeting at Wuhan, PM Modi and President Jinping decided to issue "strategic guidance" to the militaries to strengthen communication and build trust and understanding between the border guarding forces of the two countries.

    The ties between the two countries had soured after a military stand-off that lasted for 73 days between the two armies at Doklam in Sikkim sector last year.

Class 10, 12 Students Failing Exams Are Up. Yogi Adityanath Government Has A Theory
  • The number of students in Uttar Pradesh who failed Class 10 and Class 12 finals has increased since last year - in 150 schools, not a single student has passed - but for the state's Yogi Adityanath government, it is a good sign. The poor show has been credited to the UP board's resolve to make it very difficult for students to cheat.

    Chief Minister Yogi Adityanath had said in February that 10 lakh students had opted out of the state board examination after his government decided to crack down on cheating. According to the government, CCTVs were installed in all examination centres and a special task force (STF) of the police created to help conduct free and fair exams.

    The tight screening and anti-copying measures implemented by the government, which had vowed to ensure there was no copying this year, appeared to have reflected on the results of students who wrote the exam.

    The pass percentage in the state board's Class X exam dropped from last year's 81.2 per cent to 75.16 per cent. The drop was sharper in Class 12 where the proportion of students who cleared the exam reduced by 10 percentage points, from last year's 82.6 to 72.43 per cent.

    Chief Minister Yogi Adityanath later boasted that 72 per cent students had cleared the "cheating-less" board examination.

    UP's education board officials have also linked the zero per cent pass results from 150 schools where all students failed - 98 of them in Class 10 and 52 in Class 12 - to the stringent steps taken by the board to come down heavily on cheating.

    There are, however, indications that the shocking results might have something to do with poor education standards in these institutions as well.

    The state board has not shared the details about these 150 schools but last year too, nearly 180 schools had delivered similar zero per cent results.

    This compares poorly with states such as Telangana and Andhra Pradesh where this year, only 21 and 17 schools have delivered a zero pass percentage report, respectively.

    But this isn't the first time that Uttar Pradesh's pass percentage has dipped due to stringent steps to check cheating. The last time that a government had cracked down on cheating was in 2008 when then Chief Minister Mayawati was in power. Only 40 per cent had passed the class 10 exam while 65 per cent of 65 per cent students had then cleared in class 12.

Government Issues Clarifications On Air India Stake Sale
  • The government today came out with a set of clarifications on the proposed strategic disinvestment in Air India and said individuals other than the airline's employees would not be allowed to bid.

    It had issued preliminary information memorandum on March 28 for the proposed sale of up to 76 per cent stake in Air India along with management control to private entities.

    The disinvestment would include profit-making Air India Express and joint venture AISATS, an equal joint venture between the national carrier and Singapore-based SATS Ltd.

    The government has put out clarifications for 160 questions from interested bidders on the disinvestment of Air India and its two subsidiaries -- Air India Express and AISATS.

    According to the 19-page document released today, the government has clarified that "individuals (other than employees) are not allowed to bid".

    Clarifications have been provided on various other aspects, including those related to slots, bilateral rights and employee rights.

    "Details of existing slots and code share agreements will be provided at RFP (Request for Proposal) stage. It is expected that there will not be any impact of disinvestment on existing slots and bilateral rights.

    "Bidders are advised to undertake their own assessment for the impact of disinvestment process on the existing code share agreement," the government said.

    This was in response to queries on whether privatisation would impact renewal of existing slots and bilateral flying rights.

    For more than 50 queries, the government has said details would be provided at the time of RFP stage.

    To a query related to staff, the government said, "employee concerns are being suitably addressed".

    "Grounded aircraft are assets of Air India. Successful bidder/ Air India post strategic disinvestment can deal with them/ dispose as deemed fit subject to the terms and conditions of the Shareholders' Agreement," it said.

    As per the information memorandum, issued in March, the government would retain 24 per cent stake in the national carrier, the winning bidder would be required to stay invested in the airline for at least three years.

    In the set of clarifications, it has been emphasised that "it is a considered decision by Government of India to retain 24 per cent stake".

Telecom Panel Approves In-Flight Connectivity In Indian Airspace
  • The Telecom Commission has approved in-flight connectivity facilitating both voice and data calls in Indian airspace, Telecom Secretary Aruna Sundararajan said in New Delhi.

    "Almost all recommendations by the Telecom Regulatory Authority of India on this have been accepted. We are expediting the process (to start) and within three months it should be ready," she told reporters after the meeting on Tuesday.

    In January, the Telecom regulator or TRAI had recommended allowing mobile phone calls and Internet services like Wi-Fi on domestic and international flights in India. "The authority recommends that both, Internet and Mobile Communication on Aircraft (MCA) service should be permitted as In-Flight Connectivity (IFC) in the Indian airspace," TRAI had said in its recommendations on 'In-Flight Connectivity' (IFC).

    "The operation of MCA services should be permitted with minimum height restriction of 3,000 meters in Indian airspace for its compatibility with terrestrial mobile networks," Trai had recommended.

Business Affairs

DISHA can serve as the model for data protection regulations and Privacy Act
  • An India Today investigation showed that data harvesting to manipulate voters is perhaps even more brazen in India than the case of UK-based Cambridge Analytica. Meanwhile, every app being downloaded in mobile devices today is collecting user data constantly. And despite the comprehensive White Paper brought out by the Justice Srikrishna committee on a data protection framework for India, the draft for a comprehensive law that can protect the data and privacy of Indian citizens is still not ready.

    But while the draft for the overarching data protection and privacy law is taking time, the Ministry of Health and Welfare have prepared a clear and relatively short Digital Information Security in Healthcare Act (DISHA) draft in end-March and invited comments. Unlike the Srikrishna committee white paper, this one takes a far more cut and dried view of protection of health records and data of individuals.

    The purpose of DISHA is to regulate the generation, collection, storage, analysis, transmission and ownership of patient health data and personally identifiable information. It calls for the creation of a central regulator called National Electronic Health Authority, and of state regulators called State Electronic Health Authorities. It also calls for the setting up of Health Information Exchanges by the government.

    The great thing about DISHA is that it is very clear both about who owns the data (the patient does) and about what it be used for and who it can be shared with. It explicitly states that a patient's data can only be used for treating him - and that too with his consent (in the case of a minor, the legal guardian can give proxy consent, but once the minor reaches majority, he owns the data, can access and correct it or can even withdraw it).

    More importantly, even the entities that can collect digital health data (DHD) like clinics or diagnostic centers have specific obligations under the draft Act.  And the DHD which is stored or transmitted has to be done only on a need to know basis. DHD can be collected, stored and analysed only for these purposes

    (a) To advance the delivery of patient centered medical care;

    (b) To provide appropriate information to help guide medical decisions at the time and place of treatment;

    (c) To improve the coordination of care and information among hospitals, laboratories, medical professionals, and other 
    entities through an effective infrastructure for the secure and authorised exchange of digital health data;

    (d) To improve public health activities and facilitate the early identification and rapid response to public health threats and 
    emergencies, including bioterror events and infectious disease outbreaks;

    (e) To facilitate health and clinical research and health care quality;

    (f) To promote early detection, prevention, and management of chronic diseases;

    (g) To carry out public health research, review and analysis, and policy formulation;

    (h) To undertake academic research and other related purposes. Even in these, personally identifiable data can be used only for the first three points. For all others, only de-identified and aggregated DHD can be used.

    The Act provides for strict punishment in case the data is not securely kept or if it is misused in any way. It also makes it mandatory for the collection to happen only after taking a patient's approval.

    The major problem with the Act is that it does not take into account the proliferation of fitness and other wearable devices that are also collecting health data and transmitting it. Nor does it take into account the hundreds of personal health and fitness apps that are being launched every day. The Act in its present form cannot regulate them.

    Still, in every other respect, DISHA is very clear cut and can serve as the model for even the overall data protection regulations and Privacy Act as long as it also takes into account other devices that collect digital health data.

Do-or-die situation for Sunil Mittal as he fights toughest battle with Mukesh Ambani's Reliance Jio
  • Telecom tycoon Sunil Mittal, Chairman of Bharti Airtel, is fighting one of the toughest battles of his life. The telecom sector has been upturned since the entry of Mukesh Ambani-controlled Reliance Jio which is offering disruptive prices --  it has shaken the once-sturdy business models of telcos like Airtel and Vodafone. So far, Jio seems to be moving one step ahead of its competitors. The competitors have not just misjudged Jio's capability to rake in a large subscriber base in such a short time but have also undervalued its strength to keep the tariffs war going. Whenever Airtel (or any major operator) begins to feel that the worst is over, Jio fires another salvo that makes their survival even more challenging.

    Indeed, Mittal, 60,  is pushed to the wall by Jio and the regulator TRAI. His notable supporters are far and few between - except Goldman Sachs that's still betting its money on him - at this point, but it doesn't matter as long as consumers are not leaving him for Jio. In the fourth quarter of 2018/19, Airtel added plenty of voice and data customers - 13.9 million voice and 15.2 million data subscribers. 

    The data customers are critical for telcos; they contribute more to the revenues than voice-only customers. The telco claims that nearly 90 per cent of its total subcribers (304 million) have 4G SIMs but the number of data customers is actually much lower - at 86 million - than Jio's 186.6 million.

    The data customers are primarily acquired from the churn in the existing 4G customer base, or people shifting from 2G to 4G. The limited potential to poach data subcribers from each other has turned the focus of telcos to upgrades. Airtel, for instance, has Project Jump where it focuses on upgrading subscribers from 2G to 4G, and offers free data for the first month. In the analyst call last week, Airtel's CEO for India and South Asia Gopal Vittal had said that "when people move from 2G to 4G, the ARPU [average revenue per user] doubles. 4G is a critical game for us to win."

    Airtel has lined up big investments to scale up its 4G network across the country - about Rs 25,000 crore in 2018/19 - to serve new and existing data subscribers. A chunk of this investment will be utilised in ramping up LTE services and expanding the network in India. "LTE is not fully deployed in the country. There's significant amount of upside in terms of the creation of capacity," Vittal had said.

    Customer upgrades and retaining its existing subscribers - even if it requires offering tariffs at absurdly low levels - seem to be the two-pronged strategy for Mittal. But that's not the only top priority for him. His tower company - Bharti Infratel, in which Airtel owns 53.51 per cent stake - has recently proposed merger with bigger Indus Towers.

    The merger will see Vodafone and Airtel jointly owning 66.6 per cent in the combined entity (valued at Rs 64,270 crore), and negotiate as a block to sell their stake in this valued asset. Consolidating the towers business could generate resources for Mittal that can be used to pare debt and to expand network. Airtel's net debt is ballooning at a fast clip - from Rs 91,714 crore in December 2017 to Rs 95,228 crore in March 2018.

    With Jio turning things upside down, Mittal's seat-of-the-pants approach to counter competition comes with significant downside risk, and perhaps making a comeback would not be an option. It's not certain that his bets will pay off in the long run. But this is a do-or-die situation for Mittal, and Airtel, a telco that he has nurtured for nearly 23 years.

    Mittal's plan will be subjected to several imponderables. First and foremost, Airtel's long-term survival depends hugely on the future upside in its APRUs. Airtel has seen sharp deterioration of about Rs 70 in its ARPUs over the past two years. If ARPUs keep falling at the current pace, Airtel might not see the end of this battle. So far, Airtel has no clarity on when the ARPUs will bottom out.

    The other big area of concern is the regulatory environment becoming even stricter. The reduction in mobile-to-mobile IUC (interconnect usage charges) rates - from 14 paisa to 6 paisa - and termination charges for international incoming calls has badly hit operators like Airtel. What's more worrying is that telecom regulator TRAI is talking about slashing the IUC rates for all types of domestic calls to zero by 2020. A significant part of Airtel's current revenue comes from IUC charges. Airtel and other operators have recently got relief from telecom tribunal TDSAT on TRAI's telecom tariff order (which is going to hurt incumbents) but that's not going to put the matter to rest.

    In the face of troubles, Mittal has fought his battle with courage so far. As the fight gets uglier and prolonged, his chances of coming out as winner will start to wear off.

Kotak Mahindra merger talk with Axis Bank: Uday Kotak says ready for 'inorganic, sensible growth'
  • A day after the Kotak Mahindra Bank Board re-designated Uday Kotak as the Managing Director and Chief Executive Officer (CEO), Uday refused to directly say anything on issue of merger talk with Axis Bank but indicated he was open for "inorganic growth". According to a CNBC TV 18 report, on rumours surrounding Axis Bank, Uday Kotak said he was "open to looking at inorganic growth as long as it is sensible".

    The lender, embroiled in various controversies due to corporate bad loans, asset quality, and credit expenses, reported its first ever loss of Rs 2,188.74 crore since listing for the quarter ending March 31. Its CEO Shikha Sharma last month decided to cut short her fourth tenure till December 31. Kotak Mahindra Bank, on the other hand, posted 27 per cent rise in its profit, which makes the lender the best fit for seeking expansion.

    On April 12, the Japanese brokerage firm Nomura in its report had said it was the perfect time for Kotak Bank to bid for Axis Bank. "With a very short time left in the CEO's term at Axis Bank, RBI's pressure on Axis Bank's management and with an asset quality clean-up exercise continuing, we believe this is the best opportunity for Kotak Bank to acquire or merge with Axis Bank," Nomura said in its report.

    Apart from Kotak Mahindra, other private lenders, and state-owned insurance group LIC, have also reportedly shown interest in buying a stake in the bank. LIC and the government, through the Specified Undertaking of the Unit Trust of India (SUUTI), already own 14.49 per cent and 12.02 per cent stake in the lender, respectively.

    Experts suggest it doesn't make sense for the government to push for a merger in the private banking space, which controls around 15 per cent of the deposits as well as advances in the sector. Axis Bank any day is a much better bank than any public sector bank, they suggest.

    However, Kotak Bank has already proved its mettle after a big merger with southern bank ING Vysya, which was almost equal to its balance sheet size, and had a very good portfolio of SME, Agri and MNC clients. It remains to be seen how Kotak Bank cash in on Axis Bank's strengths if it gets a bigger piece of the pie.

Domestic logistics sector likely to have a robust 2018: CBRE report
  • India's logistics sector is poised for a strong 2018, real estate consultancy CBRE said in a new report, the 2018 Asia Pacific Real Estate Market Outlook. Leasing activity jumped 70 per cent to 17 million sq. ft. in 2017, the firm said.  Demand for warehousing space is now expected to be 20 million sq. ft. this year with both new and existing occupiers expanding their operations. The Indian logistics sector totals about $260 billion today.

    Three highlights from the report: 

    1. Demand drivers: Third party logistics (3PL), e-commerce, FMCG, retail, engineering and manufacturing companies are driving transaction activity. The report says that the "government's impetus to formalise the sector by granting infrastructure status as well as the implementation of the GST have also propelled investments and supply creation".  Bangalore, Delhi-NCR and Mumbai accounted for more than 50 per cent of the warehousing space demand. However, smaller cities are rising in importance - the share of Hyderabad, Chennai, Kolkata and Pune in overall transacted space grew from 25 per cent in 2016 to 49 per cent in 2017.

    2. Big and automated: Occupiers now prefer large warehouses that lends themselves better to automation. The report states that the Indian market for warehouse automation is projected to grow 10-12% to $3.49 billion by 2020. "Deployment of IoT would revolutionise operations by creating smart warehouses that improve supply chain efficiencies." 

    3. Investments: Warehousing is emerging as an attractive asset class for investors and PE players. Joint ventures, mergers and acquisitions are rife. Investor companies include Ascendas-Singbridge, Morgan Stanley, and Warburg Pincus among others.  "Leading real estate developers have also initiated land acquisitions across major cities for developing warehousing facilities. They are strengthening the supply pipeline by investing in quality warehousing space. This supply pipeline will start getting operational from mid2018 onwards," the report states.

Reliance Industries' best yet to come, say brokerages
  • Reliance Industries' petrochemical division has overtaken oil refining to become the largest earnings contributor segment for the company, brokerage firms said applauding the firm's robust earnings in FY18, saying the best is yet to come.

    In comments on RIL's January-March and 2017-18 fiscal year earning statement, HSBC said strong petchem performance was offset by telecom arm Jio earning lower-than-expected average revenue per user.

    RIL's Q4 earnings were driven by strong petchem performance that came from higher volumes from new paraxylene, refinery offshore caracker (ROGC) and downstream units, and higher margins from polypropylene, polyester and fiber intermediate products.

    Jio subscriber net additions remain strong at 26.5 million during the quarter but results a miss due to lower-than-expected average revenue per user at Rs 137, it said adding refining margins dipped to $11 per barrel due to lower throughput and adverse Brent-Dubai differential.

    Goldman Sachs said, "The key driver of growth was the petrochemical division, which grew 10 per cent quarter-on-quarter, and is now the largest segment earnings contributor, overtaking refining."

    Refining margins missing forecasts were offset by strong growth momentum from the retail business. Revenues from Jio were in-line with estimates with higher subscribers offsetting lower average revenue per user (ARPU), it said.

    "With the shares continuing to do well investors may wonder whether earnings momentum has already played out and shares are fully valued. However, we believe the best is yet to come," it said.

    Goldman said it expects pre-tax profit or EBITDA to further grow by 35 per cent in the year to March 31, 2019 after growth of 40 per cent in 2017-18 fiscal. Growth will largely be driven by the petchem business reaching full earnings power in the coming quarter while growth momentum from Jio and retail will continue, it said.

    With earnings power of new projects evident during FY19, RIL is expected to generate USD 6 billion in free cash flow as capex in both the core business and the wireless business is largely done.

    "We expect management to use free cash flow to pare down leverage, which has increased versus history," it said.

    Citi said RIL's 3 of the 4 downstream expansions have now fully stabilised and ramped up. "Phase 1 of petcoke gasification is currently under stabilisation, while phase 2 of the gasifiers is under commissioning," it said adding as Jio's first stage of 4G coverage nears completion, the focus has shifted to Fiber to the home (FTTH) and enterprise (commercial launch shortly, but will be gradual.

    Morgan Stanley said with new projects all underway, earnings have begun to fire on most cylinders with a downstream upcycle and crude price tailwinds. "RIL's energy earnings remain amongst the most stable of global peers and continue to anchor growth, while retail/telecom rapidly raise domestic leadership."

    While Q4 petrochemical segment earnings reflected the impact of full downstream chemical integration, rising polyester spreads and cheap ethane feedstock, oil refining was good but can be better, it said.

    On telecom earnings, it said RIL has cited traction of higher-priced plans with lower-end subscribers (Jiophone), as data usage remains largely at par with other users.

    "Is there an end to investments? This has been a key investor question, and we see some anecdotal evidence of capex intensity falling: 1) energy capex appears largely behind as petcoke gasifiers have started operations; and 2) telecom capex (60 per cent of total in F18) on mobility is mostly done, with a focus on rolling broadband/wireline services starting this quarter," it added.

    BofAML said Q4 petchem EBITDA of Rs 7,700 crore exceeded that of refining (Rs 6400 crore).

    It said at the analyst meet, Reliance reiterated that Jio is a digital services business (not just telecom), for which they need to acquire customers and that Jio cannot be short - term focused (having invested $35 billion). Jio are likely to launch their Fiber to Home services over the coming weeks (in phases).

    Kotak Securities said expected growth trajectory to slow down until Jio picks up, given near full utilization of petchem projects, limited upside to downstream margins and likely subdued contribution from gasifiers.

    CLSA said while Jio's revenue missed forecast by 1-2 per cent as higher subscribers were offset by lower average per user revenue, it was another stellar quarter for retail with revenue more than doubling, pre-tax profit nearly tripling.

    Deutsche Bank said over the next six months, the commissioning of projects in its energy business and ramp-up of monetisation at Jio should maintain the outperformance.

    The contribution from expansions and robust downstream margins should drive RIL's EBITDA growth of 24 per cent CAGR over FY18-20.

    Nomura said as FY19 will see full benefits of several key projects like ROGC (refinery off-gas cracker) and downstream, PX, ethane imports etc, the profitability should further improve.

    The much awaited Petcoke gasification is also nearing commercial start. As per management, the phase-1 of four gasifiers in domestic tariff area (DTA) refinery are under-stabilization / optimisation, and commercial production is likely to start soon. The phase-2 of six gasifiers in special economic zone (SEZ) refinery are also mechanically complete, and should commission over next 6 months.

    UBS said although the petchem, retail and Jio performance was slightly better than expected, investors may question continuation of $3.2 billion in quarterly capital expenditure and increase in net debt which could lead to weakness in the share price.

    BNP said RIL was very firm about the strategy going forward on Jio, which continues to be focused on customer acquisition and is open to further tariff cuts based on the actions of the incumbents. However, pricing does remain an important determinant for the long term success of the business.

    General Awareness

    Central Institute of Higher Tibetan Studies (CIHTS)
    • Context: Prime Minister of India recently honoured the Central Institute of Higher Tibetan Studies (CIHTS) as part of celebrations to mark Buddha Purnima. The PM also highlighted ₹360 crore allocation made for the development of the Buddhist circuit.

      About CIHTS:

      CIHTS is a centrally funded institute that was started in 1967 following a discussion between Dalai Lama and Prime Minister Jawaharlal Nehru in the early 1960s.
      It was started with a view to educating the young Tibetan Diaspora and those from the Himalayan border regions of India, who have religion, culture and language in common with Tibet.
      Originally the Central Institute of Higher Tibetan Studies (CIHTS), began to function as a constituent wing of the Sampurnananda Sanskrit University, and eventually emerged as an autonomous body in 1977 under the Ministry of Culture.
      It is located at Sarnath, Varanasi.

      What’s important?

      For Prelims: CIHTS and Buddhist circuit.

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