Resolution to repeal Article 370 approved
Union Minister for Home Affairs, Shri Amit Shah, introduced two bills and two resolutions regarding Jammu & Kashmir (J&K) in Lok Sabha. These are as follows:
Constitution (Application to Jammu & Kashmir) Order, 2019 {Ref. Article 370(1) of Constitution of India} – issued by President of India to supersede the 1954 order related to Article 370.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21164-resolution-to-repeal-article-370-approved
#Resolution #Article370 #India #AmitShah #JammuKashmir #Pakistan
Consumer Protection Bill 2019 gets Parliamentary nod
The Parliament on 7 August 2019 gave its nod to the landmark Consumer Protection Bill, 2019 which aims to protect the rights of consumers by establishing authorities for timely and effective administration and settlement of consumers’ dispute.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21163-consumer-protection-bill-2019-gets-parliamentary-nod
#Consumer #Protection #Bill2019 #Parliamentary #CCPA #LokSabha
Eviction Bill 2019
The Upper house on 6 August 2019 passed a Bill for speedy eviction of unauthorised occupants from government residential accommodations, with Union Minister of Housing and Urban Affairs Hardeep Singh Puri saying the legislation will have a deterrent effect.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21162-eviction-bill-2019
#EvictionBill2019 #HardeepSinghPuri #PPEAct #RajyaSabha #Amendment
Bill to increase number of SC judges
Parliament on 7 August 2019 passed a bill which seeks to increase the number of Supreme Court judges from the present 30 to 33 with a view to reducing pendency of cases. Moving "The Supreme Court (Number of Judges) Amendment Bill, 2019" for consideration and return, Law Minister Ravi Shankar Prasad said.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21161-bill-to-increase-number-of-sc-judges
#SC #CJI #Amendment #NarendraModi #Parliament #RanjanGogoi
Moon, Mercury may contain more water ice than thought
The Moon and Mercury, the closest planet to the Sun, may contain significantly more water ice than previously thought, according to a new analysis of data from NASA spacecraft.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21160-moon-mercury-may-contain-more-water-ice-than-thought
#Moon #NASA #telescopic #LRO #spacecraft #planet
Union Minister for Home Affairs, Shri Amit Shah, introduced two bills and two resolutions regarding Jammu & Kashmir (J&K) in Lok Sabha. These are as follows:
Constitution (Application to Jammu & Kashmir) Order, 2019 {Ref. Article 370(1) of Constitution of India} – issued by President of India to supersede the 1954 order related to Article 370.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21164-resolution-to-repeal-article-370-approved
#Resolution #Article370 #India #AmitShah #JammuKashmir #Pakistan
Consumer Protection Bill 2019 gets Parliamentary nod
The Parliament on 7 August 2019 gave its nod to the landmark Consumer Protection Bill, 2019 which aims to protect the rights of consumers by establishing authorities for timely and effective administration and settlement of consumers’ dispute.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21163-consumer-protection-bill-2019-gets-parliamentary-nod
#Consumer #Protection #Bill2019 #Parliamentary #CCPA #LokSabha
Eviction Bill 2019
The Upper house on 6 August 2019 passed a Bill for speedy eviction of unauthorised occupants from government residential accommodations, with Union Minister of Housing and Urban Affairs Hardeep Singh Puri saying the legislation will have a deterrent effect.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21162-eviction-bill-2019
#EvictionBill2019 #HardeepSinghPuri #PPEAct #RajyaSabha #Amendment
Bill to increase number of SC judges
Parliament on 7 August 2019 passed a bill which seeks to increase the number of Supreme Court judges from the present 30 to 33 with a view to reducing pendency of cases. Moving "The Supreme Court (Number of Judges) Amendment Bill, 2019" for consideration and return, Law Minister Ravi Shankar Prasad said.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21161-bill-to-increase-number-of-sc-judges
#SC #CJI #Amendment #NarendraModi #Parliament #RanjanGogoi
Moon, Mercury may contain more water ice than thought
The Moon and Mercury, the closest planet to the Sun, may contain significantly more water ice than previously thought, according to a new analysis of data from NASA spacecraft.
Read More: https://www.ksgindia.com/index.php/study-material/news-for-aspirants/21160-moon-mercury-may-contain-more-water-ice-than-thought
#Moon #NASA #telescopic #LRO #spacecraft #planet
Ksgindia
Resolution to repeal Article 370 approved - KSG India | Khan Study Group
KSG India - Khan Study Group - India's Best IAS Coaching Center for General Studies and CSAT in Delhi, Jaipur, Bhopal, Indore, Patna and Bengaluru.
Today's Headlines - 19 August 2023
New non-poor emerging in India
GS Paper - 3 (Economy)
Prime Minister Narendra Modi said in his Independence Day address that in the first five-year term of his government, “13.5 crore of my fellow poor brothers and sisters have broken free from the chains of poverty and entered the new middle class”. The 13.5-crore number cited by the PM appears in the second National Multidimensional Poverty Index report that was published by Niti Aayog on 17 July 2023 (Some highlights in chart). The first such report was published in 2021.
What is the Multidimensional Poverty Index (MPI)?
The national MPI measures deprivations across the three dimensions of health and nutrition, education, and standard of living.
Within health, it tracks three variables: nutrition, child and adolescent mortality, and maternal health.
In education, it tracks two variables: years of schooling, and school attendance. And in standard of living, it tracks seven variables such as sanitation, drinking water, bank account, etc.
The index is based on the methodology used by the Oxford Poverty and Human Development Initiative (OPHI) and United Nations Development Programme (UNDP) to construct the Global MPI. OPHI and UNDP are technical partners in the formulation of the national index.
But India’s MPI is not exactly the same as the Global MPI. For instance, India’s MPI has 12 variables, while the Global MPI has 10. The two additional variables in India’s MPI are maternal health and bank account.
How does this reduce poverty?
It must be noted that this is a multidimensional poverty index and, as such, is not comparable to India’s traditional and official way of estimating poverty.
However, the Global MPI 2023 report, which too was released in July, states that 415 million people in India moved out of poverty between 2005-06 and 2019-21.
The Global MPI pegs India’s poverty ratio at 16.4% as against 14.96% in Niti Aayog’s MPI. This difference is on account of the two additional metrics, and some differences in definitions.
Does the reduction in poverty add to India’s middle class?
There is no official definition of the middle class in India. It is, therefore, difficult to say whether those who escape poverty necessarily join the middle class, or to what extent.
Estimates of India’s middle class provided by private research organisations peg the middle class at income levels that are considerably higher than those of the people who are coming out of poverty.
For instance, in a report, ‘The rise of India’s middle class’, published in July, People Research on India’s Consumer Economy (PRICE) divided all households into four categories: Destitutes, Aspirers, Middle Class and Rich. “…Households which are classified as Middle Class have an annual income in the range of Rs 5 lakh to Rs 30 lakh (at 2020-21 prices),” the report said. Destitute households were those with an annual income less than Rs 1.25 lakh.
According to PRICE’s survey, as of 2021, out of a population of 1,416 million, 196 million Indians were categorised as ‘Destitutes’, 432 million were the ‘Middle Class’, and 732 million were ‘Aspirers’.
#upsc #news #headline #nonpoor #emerging #india #economy #primeminister #Narendramodi #Independenceday #poverty #middle #nitiaayog #multidimensional #poverty #MPI #index #nutrition #education #bankaccount #OPHI #UNDP #methodology #oxford #sanitation #middle #class #india #research #consumer #destitude #population #price #survey #annualincome #middleclass #aspires #UNDP #technical #MPI
New non-poor emerging in India
GS Paper - 3 (Economy)
Prime Minister Narendra Modi said in his Independence Day address that in the first five-year term of his government, “13.5 crore of my fellow poor brothers and sisters have broken free from the chains of poverty and entered the new middle class”. The 13.5-crore number cited by the PM appears in the second National Multidimensional Poverty Index report that was published by Niti Aayog on 17 July 2023 (Some highlights in chart). The first such report was published in 2021.
What is the Multidimensional Poverty Index (MPI)?
The national MPI measures deprivations across the three dimensions of health and nutrition, education, and standard of living.
Within health, it tracks three variables: nutrition, child and adolescent mortality, and maternal health.
In education, it tracks two variables: years of schooling, and school attendance. And in standard of living, it tracks seven variables such as sanitation, drinking water, bank account, etc.
The index is based on the methodology used by the Oxford Poverty and Human Development Initiative (OPHI) and United Nations Development Programme (UNDP) to construct the Global MPI. OPHI and UNDP are technical partners in the formulation of the national index.
But India’s MPI is not exactly the same as the Global MPI. For instance, India’s MPI has 12 variables, while the Global MPI has 10. The two additional variables in India’s MPI are maternal health and bank account.
How does this reduce poverty?
It must be noted that this is a multidimensional poverty index and, as such, is not comparable to India’s traditional and official way of estimating poverty.
However, the Global MPI 2023 report, which too was released in July, states that 415 million people in India moved out of poverty between 2005-06 and 2019-21.
The Global MPI pegs India’s poverty ratio at 16.4% as against 14.96% in Niti Aayog’s MPI. This difference is on account of the two additional metrics, and some differences in definitions.
Does the reduction in poverty add to India’s middle class?
There is no official definition of the middle class in India. It is, therefore, difficult to say whether those who escape poverty necessarily join the middle class, or to what extent.
Estimates of India’s middle class provided by private research organisations peg the middle class at income levels that are considerably higher than those of the people who are coming out of poverty.
For instance, in a report, ‘The rise of India’s middle class’, published in July, People Research on India’s Consumer Economy (PRICE) divided all households into four categories: Destitutes, Aspirers, Middle Class and Rich. “…Households which are classified as Middle Class have an annual income in the range of Rs 5 lakh to Rs 30 lakh (at 2020-21 prices),” the report said. Destitute households were those with an annual income less than Rs 1.25 lakh.
According to PRICE’s survey, as of 2021, out of a population of 1,416 million, 196 million Indians were categorised as ‘Destitutes’, 432 million were the ‘Middle Class’, and 732 million were ‘Aspirers’.
#upsc #news #headline #nonpoor #emerging #india #economy #primeminister #Narendramodi #Independenceday #poverty #middle #nitiaayog #multidimensional #poverty #MPI #index #nutrition #education #bankaccount #OPHI #UNDP #methodology #oxford #sanitation #middle #class #india #research #consumer #destitude #population #price #survey #annualincome #middleclass #aspires #UNDP #technical #MPI
Today's Headlines - 10 September 2023
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance
Self Regulatory Organisation for fintechs
GS Paper - 3 (Economy)
Reserve Bank of India (RBI) Governor Shaktikanta Das has asked fintech entities to form a Self-Regulatory Organisation (SRO). An SRO can help in establishing codes of conduct for its members that foster transparency, fair competition, and consumer protection. It can act as a watchdog and encourage members to adopt responsible and ethical practices. It can provide a link between the regulator and market participants through a less formal set-up.
What is an SRO?
An SRO is a non-governmental organisation that sets and enforces rules and standards relating to the conduct of entities in the industry (members) with the aim of protecting the customer and promoting ethics, equality, and professionalism. SROs typically collaborate with all stakeholders in framing rules and regulations.
Their self-regulatory processes are administered through impartial mechanisms such that members operate in a disciplined environment and accept penal actions by the SRO.
An SRO is expected to address concerns beyond the narrow self-interests of the industry, such as to protect workers, customers or other participants in the ecosystem.
Regulations, standards, and dispute resolution and enforcement by an SRO get legitimacy not just by mutual agreement of its members, but also by the efficiency with which self-regulation is perceived to be administered.
Such regulations supplement, but do not replace, applicable laws or regulations, according to the Reserve Bank of India.
What is the need for an SRO?
As regulators continue to contemplate, implement, and refine regulations for the orderly development of the fintech sector, SROs could play a pivotal role in the fintech industry by promoting responsible practices and maintaining ethical standards.
There have been many instances where a few fintech players were involved in unethical practices such as charging exorbitant higher interest rates and harassment of borrowers for recovering loans.
What are the benefits of an SRO?
SROs are widely considered experts in their fields and so have in-depth knowledge of the markets they operate in. This is helpful to their members as they can be called in to participate in deliberations and learn more about the nuances of the industry.
Formation of SROs ensures member organisations follow a certain standard of conduct that helps promote ethical ways of doing business, which can lead to enhanced confidence in the ecosystem.
They can serve as a watchdog to guard against unprofessional practices within an industry or profession.
What are the functions of an SRO?
The recognised SRO will serve as a two-way communication channel between its members and the RBI.
It will work towards establishing minimum benchmarks and standards and help instil professional and healthy market behaviour among its members.
SROs will impart training to the staff of its members and others and will conduct awareness programmes. It will establish a uniform grievance redressal and dispute management framework across its members.
#upsc #news #headline #self #regulatory #fintechs #Economy #RBI #shaktkantaidas #organisation #consumer #protection #watchdog #ethical #regulator #link #SRO #enforces #rules #stakeholders #mechanisms #industry #workers #resolution #dispute #laws #supplement #india #sector #grievance