Today's Headlines - 04 August 2023
The crypto project WorldCoin
GS Paper - 3 (Economy)
A new cryptocurrency project called WorldCoin, from OpenAI CEO Sam Altman, has claimed over 2 million sign-ups across the world after its official launch on 24 July 2023. OpenAi was the company behind the AI chatbot ChatGPT.
What differentiates WorldCoin from many existing cryptocurrencies?
It is its use of biometrics. Its unique method of sign-up, involving scanning of irises, has rung alarm bells in countries such as France, Germany and Kenya.
India also has at least 17 sign-up locations – mostly at Delhi Metro stations in the NCR region and a few in Bengaluru. In comparison, the United States has 10 locations and Japan has three locations, according to the WorldCoin website.
What is WorldCoin?
The Worldcoin protocol is intended to be the world’s largest identity and financial public network, open to everyone regardless of their country, background or economic status.
WorldCoin wants to offer users an account that only “real humans” can get, through what it calls a “World ID”.
For this, a customer has to sign up and do in-person eyes scan at particular locations, where their irises would be scanned through a ball-like object called an ‘orb’.
Once the orb’s iris scan verifies the person is a real human, it creates a World ID for them.
The reasoning given here is that biometric data would help differentiate between humans and Artificial Intelligence systems and prevent duplication of IDs from the same person.
It can then be used as an ID in a variety of everyday applications – such as a cryptocurrency wallet – without revealing the user’s identity.
The project has three aspects: a World ID or a digital identity for “proving an individual’s unique personhood,” a Worldcoin token (WLD) that is its cryptocurrency, and a World App that enables “payment, purchases and transfers globally using digital assets and traditional currencies.”
It says that creating a World ID (through the orb scanning) is not essential for accessing the app or tokens. But it provides certain incentives for doing so.
Who owns WorldCoin?
San Francisco and Berlin-based company Tools for Humanity is behind WorldCoin. Altman is its Co-Founder and Alex Blania is its Co-Founder and CEO.
The company’s website simply states that it is a technology company that was built to ensure a “more just economic system”, and re-directs visitors to the WorldCoin website.
The Worldcoin can help address how the economy will be reshaped by generative AI technology.
#upsc #news #headline #crypto #project #worldcoin #economy #world #chatGPT #OpenAi #currencies #germany #kenya #delhimetro #US #japan #location #financial #worldID #human #intelligence #technology #visitors #humanity #berlin #francisco #CEO
The crypto project WorldCoin
GS Paper - 3 (Economy)
A new cryptocurrency project called WorldCoin, from OpenAI CEO Sam Altman, has claimed over 2 million sign-ups across the world after its official launch on 24 July 2023. OpenAi was the company behind the AI chatbot ChatGPT.
What differentiates WorldCoin from many existing cryptocurrencies?
It is its use of biometrics. Its unique method of sign-up, involving scanning of irises, has rung alarm bells in countries such as France, Germany and Kenya.
India also has at least 17 sign-up locations – mostly at Delhi Metro stations in the NCR region and a few in Bengaluru. In comparison, the United States has 10 locations and Japan has three locations, according to the WorldCoin website.
What is WorldCoin?
The Worldcoin protocol is intended to be the world’s largest identity and financial public network, open to everyone regardless of their country, background or economic status.
WorldCoin wants to offer users an account that only “real humans” can get, through what it calls a “World ID”.
For this, a customer has to sign up and do in-person eyes scan at particular locations, where their irises would be scanned through a ball-like object called an ‘orb’.
Once the orb’s iris scan verifies the person is a real human, it creates a World ID for them.
The reasoning given here is that biometric data would help differentiate between humans and Artificial Intelligence systems and prevent duplication of IDs from the same person.
It can then be used as an ID in a variety of everyday applications – such as a cryptocurrency wallet – without revealing the user’s identity.
The project has three aspects: a World ID or a digital identity for “proving an individual’s unique personhood,” a Worldcoin token (WLD) that is its cryptocurrency, and a World App that enables “payment, purchases and transfers globally using digital assets and traditional currencies.”
It says that creating a World ID (through the orb scanning) is not essential for accessing the app or tokens. But it provides certain incentives for doing so.
Who owns WorldCoin?
San Francisco and Berlin-based company Tools for Humanity is behind WorldCoin. Altman is its Co-Founder and Alex Blania is its Co-Founder and CEO.
The company’s website simply states that it is a technology company that was built to ensure a “more just economic system”, and re-directs visitors to the WorldCoin website.
The Worldcoin can help address how the economy will be reshaped by generative AI technology.
#upsc #news #headline #crypto #project #worldcoin #economy #world #chatGPT #OpenAi #currencies #germany #kenya #delhimetro #US #japan #location #financial #worldID #human #intelligence #technology #visitors #humanity #berlin #francisco #CEO
Today's Headlines - 07 August 2023
Draft National Deep Tech Startup Policy
GS Paper - 3 (Economy)
The office of the Principal Scientific Adviser to the Government put out a draft National Deep Tech Startup Policy (NDTSP) for public comment, following two versions that were iterated at high levels with other government departments, academia and stakeholder firms. The policy seeks to “ensure India’s position in the global deep tech value chain,” in areas such as semiconductors, Artificial Intelligence (AI) and space tech.
More about the Policy
The policy seeks to bolster research and development in deep tech start-ups, which work on fundamental and technical problems, unlike firms that monetise technology with distinguished business models.
The policy also seeks to find approaches to provide financing to deep tech start-ups at critical moments, such as before they go to market with their products or ideas.
Additionally, the policy seeks to simplify the intellectual property regime for such start-ups, ease regulatory requirements, and proposes a slew of measures to promote these firms.
For instance, the NDTSP suggests that an Export Promotion Board be created to ease barriers of entry for Indian deep tech start-ups into foreign markets and those clauses to ease such market access be included in foreign trade agreements.
The policy also includes resource-intensive policy approaches to attract global talent, such as offering “networking opportunities to international deep tech startups and experts interested in relocating and contributing to the local ecosystem.
Since expertise and regulatory overview of different aspects of deep tech and its supply chains are under different Ministries, the policy suggests the creation of an “Inter Ministerial Deep Tech Committee” to regularly review the requirements of enabling the deep tech ecosystem to function better.
International agreement
The policy restates the government’s disappointment with international agreements that it argues have left India on the backfoot in terms of manufacturing and development power.
India’s experience with some aspects of international cooperation has had a deleterious effect on the domestic ecosystem. A key example of this is the Information Technology Agreement-I that India joined in 1997.
The policy calls for a more multi-pronged approach to protect Indian interests. The need of the hour is a coordinated, comprehensive push to optimally engage with international partners and multilateral institutions to push the Indian Deep Tech Ecosystem, the policy says.
#upsc #news #headline #Draftnational #Deeptech #Startup #policy #economy #principal #scientific #adviser #NDTSP #global #AI #semiconductors #artificial #intelligence #spacetech #fundamental #technical #technology #monetise #critical #property #resource #networking #indian #internationalagreement #ecosystem
Draft National Deep Tech Startup Policy
GS Paper - 3 (Economy)
The office of the Principal Scientific Adviser to the Government put out a draft National Deep Tech Startup Policy (NDTSP) for public comment, following two versions that were iterated at high levels with other government departments, academia and stakeholder firms. The policy seeks to “ensure India’s position in the global deep tech value chain,” in areas such as semiconductors, Artificial Intelligence (AI) and space tech.
More about the Policy
The policy seeks to bolster research and development in deep tech start-ups, which work on fundamental and technical problems, unlike firms that monetise technology with distinguished business models.
The policy also seeks to find approaches to provide financing to deep tech start-ups at critical moments, such as before they go to market with their products or ideas.
Additionally, the policy seeks to simplify the intellectual property regime for such start-ups, ease regulatory requirements, and proposes a slew of measures to promote these firms.
For instance, the NDTSP suggests that an Export Promotion Board be created to ease barriers of entry for Indian deep tech start-ups into foreign markets and those clauses to ease such market access be included in foreign trade agreements.
The policy also includes resource-intensive policy approaches to attract global talent, such as offering “networking opportunities to international deep tech startups and experts interested in relocating and contributing to the local ecosystem.
Since expertise and regulatory overview of different aspects of deep tech and its supply chains are under different Ministries, the policy suggests the creation of an “Inter Ministerial Deep Tech Committee” to regularly review the requirements of enabling the deep tech ecosystem to function better.
International agreement
The policy restates the government’s disappointment with international agreements that it argues have left India on the backfoot in terms of manufacturing and development power.
India’s experience with some aspects of international cooperation has had a deleterious effect on the domestic ecosystem. A key example of this is the Information Technology Agreement-I that India joined in 1997.
The policy calls for a more multi-pronged approach to protect Indian interests. The need of the hour is a coordinated, comprehensive push to optimally engage with international partners and multilateral institutions to push the Indian Deep Tech Ecosystem, the policy says.
#upsc #news #headline #Draftnational #Deeptech #Startup #policy #economy #principal #scientific #adviser #NDTSP #global #AI #semiconductors #artificial #intelligence #spacetech #fundamental #technical #technology #monetise #critical #property #resource #networking #indian #internationalagreement #ecosystem
Today's Headlines - 11 August 2023
MPC has kept interest rate unchanged
GS Paper - 3 (Economy)
Interest rates in the Indian financial system will remain unchanged following the decision of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) to keep the main policy instrument – the Repo rate – unchanged at 6.50 per cent on 10 August 2023. Equated monthly instalments (EMIs) of home, vehicle and other loans are expected to remain steady for the time being.
Why is the RBI in pause mode?
The pause in the Repo rate – the rate at which RBI lends money to banks to meet their short-term funding needs – on 10 August 2023 is for the third time since the RBI started hiking the Repo rate in May 2022 to check inflation.
In April policy, the MPC members, in a surprise move, had unanimously decided to pause the rate hike cycle.
Monetary policy transmission is still underway after the RBI slashed the Repo rate by 250 basis points since May 2022 and headline inflation is expected to remain above the five per cent level and even touch even 6.2 per cent in the second quarter of this year.
While the vegetable price shock may reverse quickly, possible El Nino weather conditions along with global food prices need to be watched closely against the backdrop of a skewed southwest monsoon so far.
Why RBI has hiked inflation projection and its impact
On 10 August 2023, the RBI revised its FY2024 inflation projection to 5.4 per cent from 5.1 per cent announced in June.
It said CPI inflation is expected to be at 6.2 per cent in the second quarter, 5.7 per cent in the third quarter and 5.2 per cent in the fourth quarter of FY2023-24.
This means the high policy rates will remain high for long and, therefore, a rate cut can be expected only in Q1 FY25.
The spike in tomato prices and the rise in cereal and pulses contributed to inflation. However, vegetable prices may see a significant correction.
Retail inflation (measured using the consumer prices index or CPI) had declined to an 18-month low of 4.3 per cent in May from 5.7 per cent in March, remaining under the RBI’s comfort zone of 2-6 per cent for two consecutive months.
However, inflation has picked up since then and it’s likely to rise in the range of 6-6.8 per cent in July from 4.81 per cent in June. The RBI is mandated to keep CPI at 4 per cent with a band of +/- 2 per cent.
Why has RBI retained the stance of withdrawal of accommodation?
The RBI has focused on its stance of ‘withdrawal of accommodation’ until all risks to inflation dissipate. An accommodative stance means the central bank is prepared to expand the money supply to boost economic growth.
Withdrawal of accommodation will mean reducing the money supply in the system which will rein in inflation further.
#upsc #news #headline #MPC #rate #economy #indian #financial #system #policy #EMI #RBI #bank #hiked #CPI #zone #withdrawal #level #monetary #committee #instalments #mode
MPC has kept interest rate unchanged
GS Paper - 3 (Economy)
Interest rates in the Indian financial system will remain unchanged following the decision of the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) to keep the main policy instrument – the Repo rate – unchanged at 6.50 per cent on 10 August 2023. Equated monthly instalments (EMIs) of home, vehicle and other loans are expected to remain steady for the time being.
Why is the RBI in pause mode?
The pause in the Repo rate – the rate at which RBI lends money to banks to meet their short-term funding needs – on 10 August 2023 is for the third time since the RBI started hiking the Repo rate in May 2022 to check inflation.
In April policy, the MPC members, in a surprise move, had unanimously decided to pause the rate hike cycle.
Monetary policy transmission is still underway after the RBI slashed the Repo rate by 250 basis points since May 2022 and headline inflation is expected to remain above the five per cent level and even touch even 6.2 per cent in the second quarter of this year.
While the vegetable price shock may reverse quickly, possible El Nino weather conditions along with global food prices need to be watched closely against the backdrop of a skewed southwest monsoon so far.
Why RBI has hiked inflation projection and its impact
On 10 August 2023, the RBI revised its FY2024 inflation projection to 5.4 per cent from 5.1 per cent announced in June.
It said CPI inflation is expected to be at 6.2 per cent in the second quarter, 5.7 per cent in the third quarter and 5.2 per cent in the fourth quarter of FY2023-24.
This means the high policy rates will remain high for long and, therefore, a rate cut can be expected only in Q1 FY25.
The spike in tomato prices and the rise in cereal and pulses contributed to inflation. However, vegetable prices may see a significant correction.
Retail inflation (measured using the consumer prices index or CPI) had declined to an 18-month low of 4.3 per cent in May from 5.7 per cent in March, remaining under the RBI’s comfort zone of 2-6 per cent for two consecutive months.
However, inflation has picked up since then and it’s likely to rise in the range of 6-6.8 per cent in July from 4.81 per cent in June. The RBI is mandated to keep CPI at 4 per cent with a band of +/- 2 per cent.
Why has RBI retained the stance of withdrawal of accommodation?
The RBI has focused on its stance of ‘withdrawal of accommodation’ until all risks to inflation dissipate. An accommodative stance means the central bank is prepared to expand the money supply to boost economic growth.
Withdrawal of accommodation will mean reducing the money supply in the system which will rein in inflation further.
#upsc #news #headline #MPC #rate #economy #indian #financial #system #policy #EMI #RBI #bank #hiked #CPI #zone #withdrawal #level #monetary #committee #instalments #mode
Today's Headlines - 13 August 2023
India's first Agricultural Data Exchange (ADeX)
GS Paper - 3 (Economy)
The government of Telangana, in collaboration with the World Economic Forum and the Indian Institute of Science (IISc) launched India's first Agricultural Data Exchange (ADeX) in Hyderabad. The Telangana government also launched the Agriculture Data Management Framework (ADMF) - a framework for facilitating consent-based responsible data sharing.
More about Exchange
Developed as a digital public infrastructure (DPI) for the agriculture sector, ADeX is an open-source, open-standard, and interoperable public good.
The software platform facilitates a secure, standards-based exchange of data between agricultural data users (agri application developers) and agricultural data providers (government agencies, private companies, NGOs, universities, etc.).
ADMF is applicable to all government departments dealing with agricultural activities, as well as, all agriculture information users and providers. The framework provides a grievance redressal mechanism.
Both ADeX and ADMF provide the right platform to ensure fair and efficient usage of agricultural data by the industry and startups and provide a big boost to the data economy specifically in the agriculture sector.
These initiatives help Telangana lead the country in using innovation and technology to drive food systems transformation and improve the livelihoods of farmers."
Data and digital ecosystems are critical for responsible innovation in the agriculture sector.
The agriculture data exchange and the agriculture data management framework highlight the power of multi-stakeholder communities and collective action in addressing complex challenges in the agriculture sector.
#upsc #news #headline #india #agricultural #data #exchange #ADEX #economy #world #economic #forum #institute #science #IISC #ADMF #DPI #digital #grievance #mechanism #NGO #privatecompanies #universities #agencies #mechanism #software #technology #telangana #ecosystems #sector #data
India's first Agricultural Data Exchange (ADeX)
GS Paper - 3 (Economy)
The government of Telangana, in collaboration with the World Economic Forum and the Indian Institute of Science (IISc) launched India's first Agricultural Data Exchange (ADeX) in Hyderabad. The Telangana government also launched the Agriculture Data Management Framework (ADMF) - a framework for facilitating consent-based responsible data sharing.
More about Exchange
Developed as a digital public infrastructure (DPI) for the agriculture sector, ADeX is an open-source, open-standard, and interoperable public good.
The software platform facilitates a secure, standards-based exchange of data between agricultural data users (agri application developers) and agricultural data providers (government agencies, private companies, NGOs, universities, etc.).
ADMF is applicable to all government departments dealing with agricultural activities, as well as, all agriculture information users and providers. The framework provides a grievance redressal mechanism.
Both ADeX and ADMF provide the right platform to ensure fair and efficient usage of agricultural data by the industry and startups and provide a big boost to the data economy specifically in the agriculture sector.
These initiatives help Telangana lead the country in using innovation and technology to drive food systems transformation and improve the livelihoods of farmers."
Data and digital ecosystems are critical for responsible innovation in the agriculture sector.
The agriculture data exchange and the agriculture data management framework highlight the power of multi-stakeholder communities and collective action in addressing complex challenges in the agriculture sector.
#upsc #news #headline #india #agricultural #data #exchange #ADEX #economy #world #economic #forum #institute #science #IISC #ADMF #DPI #digital #grievance #mechanism #NGO #privatecompanies #universities #agencies #mechanism #software #technology #telangana #ecosystems #sector #data
DARK PATTERNS - The Department of Consumer Affairs and the Advertising Standards Council of India (ASCI) recently held a joint consultation with stakeholders on the menace of ‘dark patterns’.
Get the detailed coverage.
#ksgias #ksgcurrentaffairs #economy #darkpatterns #KsgCurrentConnect #KSGDailyheadlines #UPSC #CSE #UpscGeneralstudies
Get the detailed coverage.
#ksgias #ksgcurrentaffairs #economy #darkpatterns #KsgCurrentConnect #KSGDailyheadlines #UPSC #CSE #UpscGeneralstudies
Today's Headlines - 18 August 2023
Net zero carbon emission country
GS Paper - 3 (Environment)
Bhutan has emerged as a country with net zero emissions and not only curbed its carbon footprints, but has also transformed into a carbon sink, absorbing more carbon dioxide (CO2) than releasing, It reported that the recent report from the World Economic Forum revealed that the eight countries including Bhutan have attained an impressive feat of net zero emissions.
More about the News
Bhutan is one among the 196 nations that committed to the Paris Agreement during the UN Climate Change Conference focused on restricting global temperature increases to 1.5 degree Celsius above pre-industrial levels.
Apart from Bhutan, Comoros, nestled in the Indian Ocean and Gabon in Central Africa have managed to control the carbon emissions and set an example for other countries.
Comoros, by conscientiously managing its agricultural, fishing, and livestock sectors, complemented by rigorous environmental safeguards has maintained low emissions.
Bhutan's unique success as the first nation to achieve net zero emissions is rooted in its population of 8,00,000 and its remarkable forest coverage of 70%.
Why this achievement
The nation prioritizes sustainable organic farming and forestry practices, accentuated by the reliance on hydropower and the prudent management of its main economic driver, tourism.
Notably, Bhutan charges a $200 sustainable development fee per day from tourists, underscoring the value placed on eco-tourism and environmental protection.
It has been reported that another reason behind this control of emissions is the forests being an intrinsic part of its spiritual heritage.
Guided by a climate-conscious forest economy, Bhutan mitigates greenhouse gas emissions, preserves wildlife habitats, mitigates forest fires, and practices sustainable forest management for timber, fruit, and rubber - fostering a circular economy.
The nation has embarked on pilot projects that explore sustainable timber construction, showcasing innovative solutions.
Bhutan's journey to net zero emissions, fueled by an unyielding commitment to its environment and cultural heritage, is a source of inspiration for the world.
As nations navigate the complexities of climate change, Bhutan's story beckons us to embrace sustainable practices and safeguard our precious planet.
#upsc #news #headline #netzero #carbon #emission #country #enviroment #carbonfootprints #bhutan #carbondioxide #nations #climatechange #parisagreement #indianocean #gabon #africa #comoros #temperature #indianocean #safeguards #environmental #livestocks #sectors #rigorous #achievement #farming #tourism #reliance #heritage #economy #greenhouse #gas #wildlife #forestfires #cultural #world #embrace #planet #nations
Net zero carbon emission country
GS Paper - 3 (Environment)
Bhutan has emerged as a country with net zero emissions and not only curbed its carbon footprints, but has also transformed into a carbon sink, absorbing more carbon dioxide (CO2) than releasing, It reported that the recent report from the World Economic Forum revealed that the eight countries including Bhutan have attained an impressive feat of net zero emissions.
More about the News
Bhutan is one among the 196 nations that committed to the Paris Agreement during the UN Climate Change Conference focused on restricting global temperature increases to 1.5 degree Celsius above pre-industrial levels.
Apart from Bhutan, Comoros, nestled in the Indian Ocean and Gabon in Central Africa have managed to control the carbon emissions and set an example for other countries.
Comoros, by conscientiously managing its agricultural, fishing, and livestock sectors, complemented by rigorous environmental safeguards has maintained low emissions.
Bhutan's unique success as the first nation to achieve net zero emissions is rooted in its population of 8,00,000 and its remarkable forest coverage of 70%.
Why this achievement
The nation prioritizes sustainable organic farming and forestry practices, accentuated by the reliance on hydropower and the prudent management of its main economic driver, tourism.
Notably, Bhutan charges a $200 sustainable development fee per day from tourists, underscoring the value placed on eco-tourism and environmental protection.
It has been reported that another reason behind this control of emissions is the forests being an intrinsic part of its spiritual heritage.
Guided by a climate-conscious forest economy, Bhutan mitigates greenhouse gas emissions, preserves wildlife habitats, mitigates forest fires, and practices sustainable forest management for timber, fruit, and rubber - fostering a circular economy.
The nation has embarked on pilot projects that explore sustainable timber construction, showcasing innovative solutions.
Bhutan's journey to net zero emissions, fueled by an unyielding commitment to its environment and cultural heritage, is a source of inspiration for the world.
As nations navigate the complexities of climate change, Bhutan's story beckons us to embrace sustainable practices and safeguard our precious planet.
#upsc #news #headline #netzero #carbon #emission #country #enviroment #carbonfootprints #bhutan #carbondioxide #nations #climatechange #parisagreement #indianocean #gabon #africa #comoros #temperature #indianocean #safeguards #environmental #livestocks #sectors #rigorous #achievement #farming #tourism #reliance #heritage #economy #greenhouse #gas #wildlife #forestfires #cultural #world #embrace #planet #nations
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
#upsc #news #headline #private #rockets #3D #printed #engines #emerging #technology #chennai #spacetech #agnikul #cosmos #rocket #developed #launchpad #flight #suborbital #company #hyderabad #skyroot #indian #commence #integration #aerospace #vikram #privatespace #industry #vehicle #agnilet #agnibaan #LEO #payloads #earth #orbit #diameter #mass #cryogenic #supercold #kerosene #dhawan #superalloy #globally #economy #indiannationalspacepromation #authorisationcenter #satellite #market #research #ISRO #NASA #scientificmisssion
India's First Agricultural Data Exchange (ADeX) in Hyderabad
Get the detailed coverage.
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Today's Headlines - 22 August 2023
RBI's pilot project for facilitating frictionless credit
GS Paper - 3 (Economy)
In a move aimed at easing access to credit, the Reserve Bank of India (RBI) launched a pilot project in the form of a "Public Tech Platform for Frictionless Credit" . The move seeks to give digital information to lenders to expedite access to credit or loans.
What is the 'Public Tech Platform for Frictionless Credit'?
It is an end-to-end digital platform that will have an open architecture, open Application Programming Interfaces (APIs), and standards to which all banks can connect in a "plug and play" model.
The Reserve Bank Innovation Hub, a wholly-owned subsidiary of the central bank, has developed the platform.
What is frictionless credit?
Frictionless credit is a borrowing approach that seeks to streamline the lending process for consumers.
Unlike the traditional credit systems, where individuals need to go through extensive paperwork, credit checks and lengthy approval procedures, frictionless credit promises a smoother and faster experience.
RBI's project is designed to smoothen Kisan Credit Card lending by automating various processes within the banks and integrating their systems with service providers.
How will the public tech platform help disburse loans?
Before a credit or loan is approved, it often takes lenders several days, a week or even months to process several sets of information.
Currently, data has to be sourced from credit information bureaus, account aggregators, and banks, which has led to obstacles in the timely delivery of lending.
The public tech platform seeks to make this process seamless by providing all the required information in one place to facilitate credit.
Linkages with other services
The public tech platform will facilitate linkages with services such as Aadhaar e-KYC, PAN validation, Aadhaar e-signing, account aggregation and house/property search data, among other things.
On 17 August 2023, Axis Bank said that it would offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers on the public tech platform.
As a pilot, Kisan Credit Cards will be offered in Madhya Pradesh and will be available to customers for up to Rs 1.6 lakh to begin with.
MSME loans will be available across the country and loans up to Rs 10 lakh will be offered to customers.
#upsc #news #headline #credit #economy #RBI #project #pilot #publictech #platform #digital #architecture #plugandplay #centralbank #consumers #paperwork #smoothern #kisan #card #systems #loans #bureaus #aggregators #KYC #PAN #AADHAAR #kisancreditcards #madhyapradesh #MSME #validation #disburse
RBI's pilot project for facilitating frictionless credit
GS Paper - 3 (Economy)
In a move aimed at easing access to credit, the Reserve Bank of India (RBI) launched a pilot project in the form of a "Public Tech Platform for Frictionless Credit" . The move seeks to give digital information to lenders to expedite access to credit or loans.
What is the 'Public Tech Platform for Frictionless Credit'?
It is an end-to-end digital platform that will have an open architecture, open Application Programming Interfaces (APIs), and standards to which all banks can connect in a "plug and play" model.
The Reserve Bank Innovation Hub, a wholly-owned subsidiary of the central bank, has developed the platform.
What is frictionless credit?
Frictionless credit is a borrowing approach that seeks to streamline the lending process for consumers.
Unlike the traditional credit systems, where individuals need to go through extensive paperwork, credit checks and lengthy approval procedures, frictionless credit promises a smoother and faster experience.
RBI's project is designed to smoothen Kisan Credit Card lending by automating various processes within the banks and integrating their systems with service providers.
How will the public tech platform help disburse loans?
Before a credit or loan is approved, it often takes lenders several days, a week or even months to process several sets of information.
Currently, data has to be sourced from credit information bureaus, account aggregators, and banks, which has led to obstacles in the timely delivery of lending.
The public tech platform seeks to make this process seamless by providing all the required information in one place to facilitate credit.
Linkages with other services
The public tech platform will facilitate linkages with services such as Aadhaar e-KYC, PAN validation, Aadhaar e-signing, account aggregation and house/property search data, among other things.
On 17 August 2023, Axis Bank said that it would offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers on the public tech platform.
As a pilot, Kisan Credit Cards will be offered in Madhya Pradesh and will be available to customers for up to Rs 1.6 lakh to begin with.
MSME loans will be available across the country and loans up to Rs 10 lakh will be offered to customers.
#upsc #news #headline #credit #economy #RBI #project #pilot #publictech #platform #digital #architecture #plugandplay #centralbank #consumers #paperwork #smoothern #kisan #card #systems #loans #bureaus #aggregators #KYC #PAN #AADHAAR #kisancreditcards #madhyapradesh #MSME #validation #disburse
Today's Headlines - 28 August 2023
Indore named best city in Smart Cities Mission
GS Paper - 2 (Infrastructure)
The Union Housing and Urban Affairs Ministry named Indore the best city and Madhya Pradesh the best state in the Smart Cities Mission in its India Smart Cities Awards 2022. Surat and Agra were named second and third best among cities and Tamil Nadu second in states, with the third prize being shared by Rajasthan and Uttar Pradesh. A total of 66 winners in different categories were announced; the awards would be presented by President Droupadi Murmu at a ceremony in Indore on 27 September 2023.
More about the News
The cities were selected based on their ranking in terms of progress of projects, project outcomes and presentations submitted for the awards.
Indore has topped the cleanliness rankings under the Swachh Bharat Mission, being named the cleanest city for the past six years in a row.
Madhya Pradesh, too, won the tag of the cleanest state in the Swachh Survekshan 2022. In the Smart Cities awards, Indore had shared the first place with Surat last time.
In the Smart Cities Awards 2022, Coimbatore’s project of model roads, restoration and renovation of lakes was ranked the best in the category of built environment, while Jabalpur won the award for its incubation centre in the economy category.
Chandigarh’s public bike sharing and e-governance services won in the mobility and governance categories, respectively. Chandigarh also won the overall award in the Union Territory category.
Flashback
Under the Smart Cities Mission, which was launched in 2015, the 100 selected cities have completed 76% of the proposed projects worth Rs.1.10 lakh crore, while the remaining projects worth Rs.60,095 crore “will be completed by 30 June 2024, a ministry statement said.
Earlier this year, the mission’s deadline was extended from June 30 to next year to allow all 100 cities to complete their projects.
Most notable milestone achieved in the mission has been the Integrated Command and Control Centers (ICCC), which is operational in all 100 Smart Cities.
These ICCCs work as the brain and nervous system for city operations, using technology for urban management.
The urban services have significantly improved in diverse fields like crime tracking, safety and security of citizens, transport management, solid waste management, water supply, disaster management etc.
#upsc #news #headline #indore #smartcities #mission #infrastructure #unionhousing #urbanaffairsministry #indore #madhyapradesh #awards2022 #surat #agra #secondandthird #tamilnadu #winners #categories #Droupadimurmu #news #swachhbharatmission #cleanlinessranking #restoration #lakes #economy #chandigarh #mobility #unionterritory #ICCC #brain #nervoussystem #urbanservices #soildmanagement #watersupply #disastermanagement #transport
Indore named best city in Smart Cities Mission
GS Paper - 2 (Infrastructure)
The Union Housing and Urban Affairs Ministry named Indore the best city and Madhya Pradesh the best state in the Smart Cities Mission in its India Smart Cities Awards 2022. Surat and Agra were named second and third best among cities and Tamil Nadu second in states, with the third prize being shared by Rajasthan and Uttar Pradesh. A total of 66 winners in different categories were announced; the awards would be presented by President Droupadi Murmu at a ceremony in Indore on 27 September 2023.
More about the News
The cities were selected based on their ranking in terms of progress of projects, project outcomes and presentations submitted for the awards.
Indore has topped the cleanliness rankings under the Swachh Bharat Mission, being named the cleanest city for the past six years in a row.
Madhya Pradesh, too, won the tag of the cleanest state in the Swachh Survekshan 2022. In the Smart Cities awards, Indore had shared the first place with Surat last time.
In the Smart Cities Awards 2022, Coimbatore’s project of model roads, restoration and renovation of lakes was ranked the best in the category of built environment, while Jabalpur won the award for its incubation centre in the economy category.
Chandigarh’s public bike sharing and e-governance services won in the mobility and governance categories, respectively. Chandigarh also won the overall award in the Union Territory category.
Flashback
Under the Smart Cities Mission, which was launched in 2015, the 100 selected cities have completed 76% of the proposed projects worth Rs.1.10 lakh crore, while the remaining projects worth Rs.60,095 crore “will be completed by 30 June 2024, a ministry statement said.
Earlier this year, the mission’s deadline was extended from June 30 to next year to allow all 100 cities to complete their projects.
Most notable milestone achieved in the mission has been the Integrated Command and Control Centers (ICCC), which is operational in all 100 Smart Cities.
These ICCCs work as the brain and nervous system for city operations, using technology for urban management.
The urban services have significantly improved in diverse fields like crime tracking, safety and security of citizens, transport management, solid waste management, water supply, disaster management etc.
#upsc #news #headline #indore #smartcities #mission #infrastructure #unionhousing #urbanaffairsministry #indore #madhyapradesh #awards2022 #surat #agra #secondandthird #tamilnadu #winners #categories #Droupadimurmu #news #swachhbharatmission #cleanlinessranking #restoration #lakes #economy #chandigarh #mobility #unionterritory #ICCC #brain #nervoussystem #urbanservices #soildmanagement #watersupply #disastermanagement #transport
Today's Headlines - 02 September 2023
The Organised Crime and Corruption Reporting Project (OCCRP)
GS Paper - 3 (Economy)
After Hindenburg, the Organised Crime and Corruption Reporting Project (OCCRP) has made fresh allegations of stock manipulation against the Adani Group. OCCRP’s report, published, claims that exclusive documents obtained by it show that “in at least two cases … [supposedly public] investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family”, and helped manipulate Adani companies’ stock prices. The Adani Group has categorically rejected these allegations, terming them as a “concerted bid by Soros-funded interests” to “revive the meritless Hindenburg report”.
A global network of investigative reporters
OCCRP wasn’t really planned – it was born of necessity. We were all working on the same intractable problems in our own countries. But a couple of us realised this, and communicated. This is a quote from one of OCCRP’s co-founders, Drew Sullivan.
American Sullivan and Bulgarian Paul Radu, both investigative journalists, founded OCCRP in 2006, after they realised the similarities in their experiences of investigating and reporting on organised crime and systemic corruption.
Initially funded by the United Nations Democracy Fund (UNDEF), the OCCRP network first opened an office in Sarajevo.
Over the years, the OCCRP has grown from six journalists working in five countries to more than 150 journalists in 30 countries.
The idea is to have a global network of journalists with easy communication and information-sharing so that global networks of corruption and crime can be better understood and exposed.
The OCCRP also collaborates with regional partners, including Arab Reporters for Investigative Journalism (ARIJ), Centro Latino Americano de Investigacion Periodistica (CLIP), and Radio Free Europe/Radio Liberty (RFE/RL). It is a member of the Global Investigative Journalism Network as well.
Impact over the years
As per its own records, since 2009 reporting by the OCCRP has directly led to 398 official investigations, 621 arrests and sentences, 131 resignations, and $10 billion+ in fines levied and money seized.
It has been involved in many high-profile probes over the years, including multiple investigations on Russia’s oligarchs and Vladimir Putin.
The OCCRP also worked on the Panama Papers project with the International Consortium of Investigative Journalists, producing more than 40 stories on corruption through the use of offshore entities, which won the 2017 Pulitzer Prize Journalism.
The organisation has been nominated for this year’s Nobel Peace Prize for its work “contributing to peace by unmasking political corruption and organized crime.”
#upsc #news #headline #organised #crime #corruption #project #OCCRP #economy #hindenburg #manipulation #Adanigroup #shareholders #soros #interests #investigative #global #network #reporters #PaulRadu #journalists #systemic #sullivan #bulgarian #UNDEF #Sarajevo #Arab #ARIJ #CLIP #RFE #Network #Russia #oligarchs #vladimirputin #Panama #pulitzer #NobelPeacePrize
The Organised Crime and Corruption Reporting Project (OCCRP)
GS Paper - 3 (Economy)
After Hindenburg, the Organised Crime and Corruption Reporting Project (OCCRP) has made fresh allegations of stock manipulation against the Adani Group. OCCRP’s report, published, claims that exclusive documents obtained by it show that “in at least two cases … [supposedly public] investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family”, and helped manipulate Adani companies’ stock prices. The Adani Group has categorically rejected these allegations, terming them as a “concerted bid by Soros-funded interests” to “revive the meritless Hindenburg report”.
A global network of investigative reporters
OCCRP wasn’t really planned – it was born of necessity. We were all working on the same intractable problems in our own countries. But a couple of us realised this, and communicated. This is a quote from one of OCCRP’s co-founders, Drew Sullivan.
American Sullivan and Bulgarian Paul Radu, both investigative journalists, founded OCCRP in 2006, after they realised the similarities in their experiences of investigating and reporting on organised crime and systemic corruption.
Initially funded by the United Nations Democracy Fund (UNDEF), the OCCRP network first opened an office in Sarajevo.
Over the years, the OCCRP has grown from six journalists working in five countries to more than 150 journalists in 30 countries.
The idea is to have a global network of journalists with easy communication and information-sharing so that global networks of corruption and crime can be better understood and exposed.
The OCCRP also collaborates with regional partners, including Arab Reporters for Investigative Journalism (ARIJ), Centro Latino Americano de Investigacion Periodistica (CLIP), and Radio Free Europe/Radio Liberty (RFE/RL). It is a member of the Global Investigative Journalism Network as well.
Impact over the years
As per its own records, since 2009 reporting by the OCCRP has directly led to 398 official investigations, 621 arrests and sentences, 131 resignations, and $10 billion+ in fines levied and money seized.
It has been involved in many high-profile probes over the years, including multiple investigations on Russia’s oligarchs and Vladimir Putin.
The OCCRP also worked on the Panama Papers project with the International Consortium of Investigative Journalists, producing more than 40 stories on corruption through the use of offshore entities, which won the 2017 Pulitzer Prize Journalism.
The organisation has been nominated for this year’s Nobel Peace Prize for its work “contributing to peace by unmasking political corruption and organized crime.”
#upsc #news #headline #organised #crime #corruption #project #OCCRP #economy #hindenburg #manipulation #Adanigroup #shareholders #soros #interests #investigative #global #network #reporters #PaulRadu #journalists #systemic #sullivan #bulgarian #UNDEF #Sarajevo #Arab #ARIJ #CLIP #RFE #Network #Russia #oligarchs #vladimirputin #Panama #pulitzer #NobelPeacePrize
Today's Headlines - 06 September 2023
UPI QR Code-CBDC interoperability
GS Paper - 3 (Economy)
With banks enabling the interoperability of Unified Payments Interface’s (UPI) Quick Response (QR) code with their central bank digital currency (CBDC) or e₹ application, users of retail digital rupee will be able to make transactions by scanning any UPI QR at a merchant outlet. Merchants can also accept digital rupee payments through their existing UPI QR codes. This integration of UPI and CBDC is part of the Reserve Bank of India’s (RBI) ongoing pilot project on pushing the retail digital rupee (e₹-R).
What is interoperability?
Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems, according to the RBI.
Interoperability allows system providers and participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.
Interoperability between payment systems contributes to achieving adoption, co-existence, innovation, and efficiency for end users.
What is UPI QR code-CBDC interoperability?
Interoperability of UPI with the digital rupee means all UPI QR codes are compatible with CBDC apps. Initially, when the pilot for the retail digital rupee was launched, the e₹-R users had to scan a specific QR code to undertake transactions.
However, with the interoperability of the two, payments can be made using a single QR code.
The digital rupee issued by the RBI, or the CBDC, is a tokenised digital version of the rupee.
The e₹ is held in a digital wallet, which is linked to a customer’s existing savings bank account. UPI is directly linked to a customer’s account.
How will it benefit customers and merchants?
The interoperability of UPI and CBDC will ensure seamless transactions between a customer and merchant without having the need to switch between multiple digital platforms.
It will allow a digital rupee user to make payments for their daily needs, such as groceries and medicines, by scanning any UPI QR codes at any merchant outlet.
Even merchants are not required to keep a separate QR code to accept the digital rupee payments. They can accept CBDC payments on their existing QR code.
What is a QR code?
A Quick Response (QR) code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera.
It contains information about the item to which it is attached, according to the National Payments Corporation of India (NPCI). QR code is an alternate contactless channel of payments. It allows merchants or businesses to accept payments from their customers directly into their bank accounts.
#upsc #news #headline #UPI #QR #code #CBDC #interoperability #economy #digital #currency #payments #RBI #adopation #transactions #systems #merchants #customer #account #benefit #NPCI #camera #wallet #rupee #multipleplatforms #national #corporations #india
UPI QR Code-CBDC interoperability
GS Paper - 3 (Economy)
With banks enabling the interoperability of Unified Payments Interface’s (UPI) Quick Response (QR) code with their central bank digital currency (CBDC) or e₹ application, users of retail digital rupee will be able to make transactions by scanning any UPI QR at a merchant outlet. Merchants can also accept digital rupee payments through their existing UPI QR codes. This integration of UPI and CBDC is part of the Reserve Bank of India’s (RBI) ongoing pilot project on pushing the retail digital rupee (e₹-R).
What is interoperability?
Interoperability is the technical compatibility that enables a payment system to be used in conjunction with other payment systems, according to the RBI.
Interoperability allows system providers and participants in different systems to undertake, clear and settle payment transactions across systems without participating in multiple systems.
Interoperability between payment systems contributes to achieving adoption, co-existence, innovation, and efficiency for end users.
What is UPI QR code-CBDC interoperability?
Interoperability of UPI with the digital rupee means all UPI QR codes are compatible with CBDC apps. Initially, when the pilot for the retail digital rupee was launched, the e₹-R users had to scan a specific QR code to undertake transactions.
However, with the interoperability of the two, payments can be made using a single QR code.
The digital rupee issued by the RBI, or the CBDC, is a tokenised digital version of the rupee.
The e₹ is held in a digital wallet, which is linked to a customer’s existing savings bank account. UPI is directly linked to a customer’s account.
How will it benefit customers and merchants?
The interoperability of UPI and CBDC will ensure seamless transactions between a customer and merchant without having the need to switch between multiple digital platforms.
It will allow a digital rupee user to make payments for their daily needs, such as groceries and medicines, by scanning any UPI QR codes at any merchant outlet.
Even merchants are not required to keep a separate QR code to accept the digital rupee payments. They can accept CBDC payments on their existing QR code.
What is a QR code?
A Quick Response (QR) code consists of black squares arranged in a square grid on a white background, which can be read by an imaging device such as a camera.
It contains information about the item to which it is attached, according to the National Payments Corporation of India (NPCI). QR code is an alternate contactless channel of payments. It allows merchants or businesses to accept payments from their customers directly into their bank accounts.
#upsc #news #headline #UPI #QR #code #CBDC #interoperability #economy #digital #currency #payments #RBI #adopation #transactions #systems #merchants #customer #account #benefit #NPCI #camera #wallet #rupee #multipleplatforms #national #corporations #india
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
PT Marathon - UPSC Prelims 2024 | ECONOMY Part 1 | Himanshu Sir | KSG INDIA
https://youtu.be/5fkeN5wOJLQ?si=OFbGb9LYxcm_kXg7=?utm_source=tel&utm_medium=post
https://youtu.be/5fkeN5wOJLQ?si=OFbGb9LYxcm_kXg7=?utm_source=tel&utm_medium=post
YouTube
PT Marathon - UPSC Prelims 2024 | ECONOMY Part 1 | Himanshu Sir | KSG INDIA
In this video, Himanshu Sir discusses important topics for prelims such as Fiscal Policy, Monetary Policy, Inflation, Balance of Payment, Taxation, GDP, GNP, Banking, Capital Market and Money Market, Planning, Poverty, and Unemployment, Sectors of the Economy…
PT Marathon - UPSC Prelims 2024 | ECONOMY Part 1 | Himanshu Sir | KSG INDIA
https://youtu.be/5fkeN5wOJLQ?utm_source=tel&utm_medium=post
https://youtu.be/5fkeN5wOJLQ?utm_source=tel&utm_medium=post
YouTube
PT Marathon - UPSC Prelims 2024 | ECONOMY Part 1 | Himanshu Sir | KSG INDIA
In this video, Himanshu Sir discusses important topics for prelims such as Fiscal Policy with its types, Monetary Policy with its types, Inflation, Types of Inflation, Impact and measurement of Inflation, FRBM Act and other aspects which are required for…
https://youtu.be/WqHqS4GXKvo
PT Facts & Concepts: Meaning of Inflation | Himanshu Sir | Economy | Class Excerpts | KSG INDIA
PT Facts & Concepts: Meaning of Inflation | Himanshu Sir | Economy | Class Excerpts | KSG INDIA
YouTube
PT Facts & Concepts: Meaning of Inflation | Himanshu Sir | Economy | Class Excerpts | KSG INDIA
Himanshu Sir explains the concept of inflation, its causes, effects on the economy, and importance in UPSC preparation in this PT Facts & Concepts class excerpt.
#Inflation #Economy #UPSCPreparation #HimanshuSir #KSGIndia
Welcome to KSG IAS, we are a well…
#Inflation #Economy #UPSCPreparation #HimanshuSir #KSGIndia
Welcome to KSG IAS, we are a well…
PT Facts & Concepts | Impact of Inflation | Himanshu Sir | Economy | Class Excerpts | KSG INDIA
https://youtu.be/T4joYN6vm1w
https://youtu.be/T4joYN6vm1w
PT Facts & Concepts | CPI vs WPI | Himanshu Sir | Economy | Class Excerpts | KSG INDIA
https://youtu.be/aGW0IKyZ2_g
https://youtu.be/aGW0IKyZ2_g
YouTube
PT Facts & Concepts | CPI vs WPI | Himanshu Sir | Economy | Class Excerpts | KSG INDIA
CPI (Consumer Price Index) और WPI (Wholesale Price Index) दोनों ही महंगाई मापने के उपाय हैं, लेकिन इनमें अंतर है। CPI उपभोक्ताओं द्वारा खरीदी गई वस्तुओं और सेवाओं की कीमतों में बदलाव को मापता है, जबकि WPI थोक व्यापारियों द्वारा खरीदी गई वस्तुओं के मूल्य में…