1. National Strategy for Financial Education 2020-2025:
Context: Reserve Bank of India (RBI) has launched the National Strategy for Financial Education (NSFE) to be implemented for the period of next five years i.e. 2020 to 2025.
Aim – aim of achieving a financially aware and empowered India.
National Strategy for Financial Education 2020-2025- Key Points:
- The RBI came up with 5-Core Actions approach with this second national strategy.
- The five Cs highlighted by NSFE 2020-25 are Capacity, Content, Communication, Community, and Collaboration.
- Here, content refers to the curriculum in schools; where the term “Capacity” is used for developing capacity in intermediaries involved in financial services.
- Communication and Community are used to create a community led model for financial literacy using communication strategy.
- Lastly, Collaboration is used to enhance the partnership/collaboration among various stakeholders.
The strategy also suggested adopting robust monitoring and framework to evaluate to the progress made.
This is the second national strategy; the first NSFE was launched in 2013. NSFE 2020-25 has been launched with an aim of achieving a financially aware and empowered India.
The NSFE 2020-2025 intends to support the vision of the Government of India and the financial sector regulated by empowering various sections of the population to develop adequate knowledge skills and attitudes and behaviours which are needed to manage their money better and to plan for the future.
National Centre for Financial Education:
- The first NSFE was launched by National Centre for Financial Education. It is a Section 8 (Non-Profit) company that is promoted by the Reserve Bank of India, Pension Fund Regulatory and Development Authority (PFRDA) and Insurance Regulatory and Development Authority of India (IRDAI).
- Its key objective is to promote Financial Education across India for all sections of society as per National Strategy for Financial Education of Financial Stability and Development Council.
2. ASEAN-India Network of Think Tanks (AINTT):
Context: ASEAN-India Network of Think Tanks (AINTT), sixth-round table conference between India and AINTT.
- The External Affairs Minister emphasised on the following during the conference:
- The concerns of the global supply chains should be mitigated with diversification and resilience.
- A Model of Cooperation shall be enforced to boost the supply chain between India and ASEAN countries
- India intends to expand Indo-Pacific initiative.
- ASEAN is Association of Southeast Asian Nations.
- It was established to promote social and political stability in the post-colonial states of Asia-Pacific regions.
- The motto of ASEAN is One Vision, One Identity, One Community.
- The member nations of ASEAN are Indonesia, Malaysia, Philippines, Singapore, Thailand, Brunei, Laos, Vietnam, Myanmar and Cambodia.
- The sixteenth India-ASEAN Summit was held in November 2019 in Bangkok, Thailand. Along with the summit, the other summits such as 14th East Asia Summit, 35th ASEAN Summit and 3rd meeting of RCEP were also held.
- During the summit, India and Myanmar agreed to improve physical connectivity. This is to be achieved by building roads, rail and air connectivity. India is also boosting its transport infrastructure within the borders to achieve this. For Instance, the tallest pier bridge being constructed in Manipur
3. 12th MedTech Global Summit:
Context: Addressing the Inaugural Session of CII’s 12th MedTech Global Summit Charting the MedTech route to AtmaNirbhar Bharat, Shri Gowda said that to strengthen country’s drug security, the Government is committed to build Atmanirbharta in the pharma sector.
The Union Cabinet has approved a scheme for promotion of bulk drug parks with a financial assistance of Rs. 3,000 crore for the next five years.
- Government has launched schemes for development of three Bulk Drug Parks and four Medical Device Parks across the country. Apart from increasing Central assistance for development of common infrastructure facilities in the parks, Union Government will also extend Production Linked Incentive (PLI) to manufacturers of bulk drugs and medical devices in these parks along with the lauch of two schemes.
- Pradhan Mantri Bhartiya Janaushadhi Pariyojna for low-cost medicines and
- Ayushman Bharat Yojna for cashless healthcare for poor citizens.
- Government will give grants-in-aid to States with a maximum limit of Rs. 1,000 crore per bulk drug park.
- The park will have common facilities such as solvent recovery plant, distillation plant, power and steam units, common effluent treatment plant etc.
- The bulk drugs parks scheme is expected to reduce the manufacturing cost of bulk drugs in the country.
- It will also bring down the dependency on other countries for such drugs.
- It will also lead to significant additional employment generation
4. Supply Chain Resilience Initiative:
First proposed by Japan, The initiative aims to reduce the dependency in China.Japan is to be joined by India and Australia. It is a direct response to companies that are concerned about Chinese political behaviour and disruption to supply chain.
How SCRI helps
- Will attract foreign direct investment in the Indo-Pacific region. It also aims to turn the region to an economic powerhouse.
- Also, it aims to build partner relationship between the countries in the region.
- The idea of SCRI has been thrown open to the ASEAN countries as well.
- With the initiative creating a rigid supply chain in the region, the resilience across Indo-Pacific is to improve. The businesses now have started seeing India as a “hub for supply chains”.
- Hence, Indian Government appears to have taken the call to become the part of global supply chain and emerge as an alternative to China.
Their geographic locations value the triangular approach to Indo-Pacific Diplomacy. The following are the key highlights of the trio’s steps in the Indo-Pacific countering China’s actions
- India and Japan are building their new partnerships in the areas of security, political and economic cooperation.
- There is convergence between Japan’s Free and Open Indo-Pacific Strategy and India’s Act East Policy
- India and Australia conduct anti-submarine warfare exercises. They have also established strong people-to-people links
- Australia and Japan have joint ventures that identify India as key third partner, especially those related to Indo-Pacific Region.
5. Considering to raise the legal age of marriage:
Context: Prime Minister Narendra Modi on Independence Day speech declared that the government is considering to raise the legal age of marriage for girls which is currently 18 to 21 bring it on par with that of men.
About the committee:
- Government appointed a committee to look into the issue of raising the legal age of marriage.
- Committee was formed to ensure daughters are no longer suffering from malnutrition and they married off at right age.
- Appropriate decisions on legal age of marriage will be taken after the committee submit its report.
- The committee formed was established by Finance Minister
Need for raising legal age:
- Link between early marriage and increased levels of anaemia and nutritional deficiencies among girls and women resulting in menstrual deaths.
- Newly married women or girls are under immense societal pressure to have a child immediately after marriage.
- Low levels of knowledge and information on sexual and reproductive health and unplanned pregnancies.
- To keep population in check.
- Improve educational level.
- Among girls gender parity.
- May lead to an increase in number of child marriage cases as the proposal seeks to bring women aged 18 to 21 years into the bracket.
- If marriage age increased to 21 it would lead to more confusion among status of girls and women who are currently under 21 years.
- For fertility rate is already declining.
- Poverty of mother plays greatest role with respect to undernourishment of mother and child during pregnancy this is not acknowledge.
- Break the intergenerational cycle of undernourishment through a range of institutional reforms that are existing and provide nutritional programmes for girls and women.
- Can also consider the issue of delaying age of pregnancy.
- Improve the current systems like enforcing marriage limit rather than increasing the limit of marriage.
- Strength on ground Vigilance system and Child Protection schemes implemented by government.
- Ensure registration of births and marriages.
- Invest in social behavioral communication interventions to address regressive socio cultural barriers that have any impact on decisions related to marriage in childbirth.
6. National recruitment agency:
- National recruitment agency will be a society registered under the societies Registration Act 1860
- It will be headed by a chairman of the rank of the secretary of the Government of India
- It will have representatives of the ministry of Railways Ministry of Finance or department of financial services the SSC RRB and IBPS.
- It is envision that the NRA would be a specialist body bringing the state of art technology and best practices to the feel of Central Government recruitment.
7. Priority for locals in employment :
Context: Madhya Pradesh Chief Minister very recently said only those domicile in Madhya Pradesh are eligible for government jobs.
- This denotes certain mainstreaming of nativism, focus on local sentiments
- M.P is not the first state to do so as similar moves were done by states like Karnataka, Gujarat, Andhra Pradesh, Haryana, Telangana to introduce various types of domicile eligibility for jobs had Limited outcomes.
Disadvantages of the Move:
- These measures raise artificial barriers against The Grain of National Integration which includes market integration.
- Migrant population fulfill a market demand created by gaps in skills and preferences.
- This is one reason why Government orders and even loss of the past in several places that mandated quota for locals in employment when not enforced.
8. Swachh survekshan 2020 ranking:
- Indore has been ranked first for the fourth time in a row as the cleanest city in the country
- Among the cities with over one lakh population Indore is ranked number one.
- Smaller cities with population under 1 Lakh top 3 cities include karad, Sasvad and Lonavala, all three from Maharashtra.
- Chhattisgarh was ranked the cleanest state out of those with over 100 cities
- Jharkhand was the cleanest among those with fewer than hundred urban local bodies.
9. New constitution in Sri Lanka:
Context: Sri Lanka to draft new constitution and presidential power step to be restored
What is 19th amendment:
- In 2015, changes were made to the Sri Lankan constitution allowing amendments in 19th Constitutional Amendment.
- 19th amendment to Sri Lanka constitution.
- 19 amendment was passed in 2015 under the joint political leadership of both Mr Sirisena and Mr Wickremesinghe.
- The 19th amendment restricted the powers of the president on the 1978 constitution (the original) as well as 18th amendment passed in 2010 among the presidential powers taken away by the 19 amendment, which is valid is one pertaining to the president power over the PM.
- The 19th amendment created a dual executive.
- The 19th amendment also made the Prime Minister’s position secure from the arbitrary actions of the president does the office of the PM Falls vacant only under Limited circumstances.
- The constitution of the democratic socialist Republic of Sri Lanka has been the constitution of the island nation of Sri Lanka since its original promulgation by the nation State Assembly on 7 September 1978 as of May 2015 it has been formally amended 19 times.
10. Indian Akshay Urja day 20 August:
Indian Akshay Urja day is celebrated on 20 August annually to raise awareness about the development of renewable energy in India.
Objective of Akshay Urja Diwas is to make people aware that they have to think about renewable energy Akshay Urja apart from traditional energy
It was established in 2004 to support renewable energy development programmes and promote its use instead of traditional sources of energy.
Energy such as biogas solar energy wind energy hydroelectric power are few examples of Akshay Urja.
Top 7 renewable energy sources in 2020
1. Solar energy
2. Wind energy
3. Hydrogen energy
4. Ocean energy
6. Geothermal power
As of 2019 35% of total power production comes from renewable energy, 13 % of the total comes from large hydro projects, 10% from wind power which is fourth largest in the world and 8% is from biomass.
Nationally determined contributions as per Paris Accord
As a part of nationally determined contributions as per the Paris Accord on climate change, India has made a pledge that by 2030, 40 % of our installed power generation capacity shall be from non fossil fuel sources and also by 2030 reduce emission intensity of GDP by 33 to 35% from 2005 levels.
11. Pradhan Mantri Street Vendors Atma Nirbhar Scheme or PM Swa-Nidhi:
Context: Madhya Pradesh is leading state in implementation of Pradhan Mantri Street Vendors Atma Nirbhar Scheme
Pm Swa- Nidhi is a central sector scheme to facilitate Street vendors affordable working capital loan for resuming their livelihood activities.
Under the scheme financial assistance of rupees 10,000 is being provided without any interest from bank for a period of one year to Street vendors across the country so that they can resume their businesses in the post nationwide lock-down period.
The interest on the loan amount of 7% will be borne by the central government.
Further the street vendors who will timely repay the loan amount will be eligible for a loan of rupees 20000 find the next under the scheme