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Current Affairs > English > 2019-01-10 > Editorial

Web- WonderWomen

 

The Ministry of Women and Child Development, has launched an online campaign, ‘#www :  Web- WonderWomen.

The Campaign aims to discover and celebrate the exceptional achievements of women, who have been driving positive agenda of social change via social media.

Through the campaign, the Ministry and the Campaign’s Partners aim to recognize the fortitude of Indian women stalwarts from across the globe who have used the power of social media to run positive & niche campaigns to steer a change in society. This Campaign will recognize and acknowledge the efforts of these meritorious Women.

The Campaign invites Entries via Nominations from across the world, as per the laid out criteria. Nominations are now open till 31st January, 2019. Indian-origin women, working or settled anywhere in the world, are eligible for nomination. The shortlisted entries will be open for public voting on Twitter and the finalists will be selected by a specialized panel of judges. Nominations have been invited in a large number of categories including Health, Media, Literature, Art, Sports, Environmental protection, fashion among others.

 

Key words: Web- WonderWomen, Ministry of Women and Child Development

 

 

NATIONAL

 

The Constitution (124th Amendment) Bill, 2019

 

Why in News

Parliament passed the Constitution (124th Amendment) Bill, 2019, allowing 10% quota in employment and education for the general category candidates who belong to the economically weaker sections.

Details

·         Govt clarified that the reservation would be applicable to jobs in both Central and State governments, adding that the legislation gave powers to States to determine the economic criteria for identification of beneficiaries.

 

https://d39gegkjaqduz9.cloudfront.net/TH/2019/01/10/HYD/Hyderabad/TH/5_01/6d79c8e8_2655437_101_mr.jpg

 

 

Key words: Constitution (124th Amendment) Bill, 2019, EWS, Reservation

 

Rasina Dialogue

 

Why in News

4th Edition of Rasina Dialogue, annual multilateral conference on geopolitics organized jointly by Observer Research Foundation and Ministry of External Affairs, held at New Delhi

 

Details

 

External affairs minister said, Terrorism, threat of proliferation of weapons of mass destruction and climate change are the critical challenges that confront the world.

·         No country, big or small, is immune from this existential threat, particularly, terrorism actively supported and sponsored by states. In this digital age, the challenge is even greater, with a greater vulnerability to radicalization.

·         Further drawing attention to the threat of climate change, Developing and under-developed nations are the worst victims of climate change, with neither the capacity nor the resources to meet the crisis.

·         India stands for a democratic and rules-based international order, in which all nations thrive as equals, she said.

Further, India is building sustainable development partnerships that stretched from the Indian Ocean and Pacific Islands to the Caribbean, and from Africa to the Americas, and have expanded “both in geographical reach and sectoral coverage.

 

Key words: Rasina Dialogue, Geopolitics, ORF

 

Economy

Tokenisation of digital transactions

Why in news?

The Reserve Bank of India’s (RBI) decision to allow card payment providers to offer tokenisation services will ensure the safety of digital transactions and reduce chances of fraud.

About

·         Tokenisation involves a process in which a unique token masks sensitive card details like card and CVV number.

·         The token is used to perform card transactions in contactless mode at Point Of Sale (POS) terminals, Quick Response (QR) code payments, etc.

·         Tokenisation is the foundational aspect of taking payment security and safety to the next level by devaluing data and replacing payment credentials with tokens.

·         Tokenisation is expected to increase digital transactions in India.

Modus - Operandi

1)      The way the token will work is like this — the debit or credit card holder will create a code for a particular amount, say ₹500, through an app in the form of a number.

2)      That number will have the amount that can be spent, the merchant type where it can be spent as well as time within which the transaction needs to be completed.

3)      Then the number can be shared with the merchant who will enter it in the mobile, to get the payment for the items sold.

Keywords: Tokenisation, RBI, CVV, Point Of Sale (POS) terminals, Quick Response (QR) code payments.

 

Global Economic Prospects report

Why in news?

India’s GDP is expected to grow at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years, the World Bank has forecast in its Global Economic Prospects report.

·         The Bank attributed the growth to an upswing in consumption and investment.

·         The bank said India will continue to be the fastest growing major economy in the world.

China to slow down

·         China’s economic growth is projected to slow down to 6.2% each in 2019 and 2020 and 6% in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank.

·         In 2018, the Chinese economy is estimated to have grown by 6.5% as against India’s 7.3%.

·         In 2017, China with 6.9% growth was marginally ahead of India’s 6.7%, mainly because of the slowdown in the Indian economy due to demonetisation and implementation of the Goods and Services Tax (GST), the report said.

Keywords: GDP, World Bank, Global Economic Prospects report, Ayhan Kose.

 

Gold Monetisation Scheme

Why in news?

The Reserve Bank of India (RBI) made some changes in the Gold Monetisation Scheme (GMS) by including charitable institutions and the Central government, among others.

Who can avail?

·         Apart from individual and joint depositors, the scheme could now be availed by charitable institutions, the Central government, the State government or any other entity owned by the Central government or the State government.

·         In 2015, the government launched the GMS to mobilise the gold held by households and institutions.

·         GMS allows bank customers to deposit idle gold holdings for a fixed period in return for interest.

Keywords: RBI, Gold Monetisation Scheme (GMS), charitable institutions, the Central government, the State government.

Economy

Private Consumption in India

Why in News?

Domestic private consumption, that accounts for a major portion of India’s gross domestic product (GDP), is expected to develop into a $6 trillion growth opportunity, says a latest study by the World Economic Forum (WEF). Currently it is at $1.5 trillion.

·         This would make India the world’s third-largest economy by 2030.

·         If realised, this would make India’s consumer market, the third-largest in the world, behind the U.S. and China.

·         The potential, however, offers both challenges and opportunities as India would have to address critical societal issues, including skill development and employment of the future workforce, socio-economic inclusion of rural India and creating a healthy and sustainable future for its citizens, as per WEF.

·         With an annual GDP growth rate of 7.5%, India is currently the world’s sixth-largest economy.

·         According to the WEF, the future of consumption in India in 2030 is anchored in rising incomes and a broad-based pattern of growth and benefit sharing.

·         It believes that the growth of the middle class would lift nearly 25 million households out of poverty and further, India would have 700 million millennials and Gen Z consumers, who have grown up in a more open and confident country.

Inclusive approach

·         The study, however, added that the potential would only materialise if business and policy-makers pursue an inclusive approach towards the economic and consumption growth.

·         The study identified three critical societal challenges that need to be addressed.

·         First, with nearly 10-12 million working-age people expected to emerge in India over the next decade, the country faces a huge challenge in providing the workforce with the right skills.

·         Second, India will have to manage socio-economic inclusion of rural India as, by 2030, 40% of Indians will be urban residents.

·         Finally, business and policy-makers will have to take the initiative on improving health and liveability for India’s citizens by providing them with access to affordable healthcare, promoting sustainable development, and seeking solutions to urban congestion.

Keywords – private consumption, India, World Economic Forum.