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Resurge in Covid Cases and Economic Recovery

This Article is based upon “A Looming Economic Crisis” which was published in the Hindustan Times on 15 April, 2021. It talks about how...

16 Apr 2021 Inclusive Growth
The Big Picture: Economic Recovery for India

Why in News Recently, the International Monetary Fund (IMF) upgraded its FY 2021-22 growth projection for India to 12.5% from 11.5% estimated in...

13 Apr 2021 Inclusive Growth
Sankalp Se Siddhi: TRIFED

Why in News The Tribal Cooperative Marketing Development Federation of India (TRIFED), under the Ministry of Tribal Affairs, has launched...

06 Apr 2021 Inclusive Growth
International Day for the Elimination of Racial Discrimination

Why in News Every year, 21st March, is observed as International Day for the Elimination of Racial Discrimination. The day calls for solidarity...

06 Apr 2021 Inclusive Growth
World Development Report 2021: World Bank

Why in News Recently, the World Bank has published the World Development Report 2021:Data for Better Lives. The World Development Report 2021...

27 Mar 2021 Inclusive Growth
GRAM UJALA

Why in News Recently, the Government has launched the Gram UJALA Programme - an ambitious scheme offering the world’s cheapest LED bulbs in...

22 Mar 2021 Inclusive Growth
Covid Increased Poverty: Pew Report

Why in News Recently, a new research conducted by Pew Research Center has found that the coronavirus pandemic has pushed about 32 million Indians...

20 Mar 2021 Inclusive Growth
Empowering the MSMEs Digitally

This article is based on “How e-commerce marketplaces can drive MSME makeover” which was published in The Indian Express on 18/03/2021....

19 Mar 2021 Inclusive Growth
Merchant Digitization Summit 2021

Why In News Recently, the Government of India, Federation of Indian Chambers of Commerce and Industry (FICCI), and UN-based Better Than Cash...

03 Mar 2021 Inclusive Growth
The Big Picture: Roadmap to Implement Infra Projects

Why in News? The Union Budget 2021-2022 has given the much-needed fillip to the infrastructure sector. The Finance Minister has also...

23 Feb 2021 Inclusive Growth
Labour Code For Informal Sector

This article is based on “Bridging the inequality gap” which was published in The Indian Express on 18/02/2021. It talks about the...

18 Feb 2021 Inclusive Growth
World Sustainable Development Summit 2021

Why in News Recently, the World Sustainable Development Summit, the annual flagship event of The Energy and Resources Institute (TERI) was...

13 Feb 2021 Inclusive Growth
Taxing Interest Incomes on EPF

Why in News The Union Budget 2021-22 proposed to tax the interest income on Provident Fund (PF) contributions by employees exceeding Rs. 2.5 lakh a...

05 Feb 2021 Inclusive Growth
Budget 2021 Highlights: Minimum Government, Maximum Governance and Fiscal Position

Why in News Recently, the Minister of Finance presented the Union Budget 2021-22. This was the first digital budget. This section deals with the...

03 Feb 2021 Inclusive Growth
Budget 2021 Highlights: Inclusive Development for Aspirational India and Reinvigorating Human Capital

Why in News Recently, the Finance Minister presented the Union Budget 2021-22. This was the first digital budget. This section deals with the...

03 Feb 2021 Inclusive Growth
Budget 2021 Highlights: Physical and Financial Capital

Why in News Recently, the Minister of Finance presented the Union Budget 2021-22. This was the first digital budget. This section deals with...

03 Feb 2021 Inclusive Growth
Budget 2021 Highlights: Infrastructure

Why in News Recently, the Minister of Finance presented the Union Budget 2021-22. This was the first digital budget. This section deals with...

03 Feb 2021 Inclusive Growth
Budget 2021 Highlights: Health and Wellbeing

Why in News Recently, the Minister of Finance presented the Union Budget 2021-22. This was the first ever digital Union Budget. It is based on...

03 Feb 2021 Inclusive Growth
Highlights of Economic Survey 2021

Why in News Recently, the Union Minister of Finance presented the Economic Survey that details the state of the economy ahead of the government's...

01 Feb 2021 Inclusive Growth
Monopolistic Practices of Big-Tech Firms

This article is based on “Global antitrust and the challenge of Big Tech” which was published in The Hindu on 29/01/2021. It talks...

29 Jan 2021 Inclusive Growth

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		'title' => 'Resurge in Covid Cases and Economic Recovery ',
		'description' => '<div class="border">
<p><em><strong>This Article is based upon &ldquo;<a href="https://www.hindustantimes.com/editorials/bracing-for-economic-disruption-101618492329640.html" target="_blank" rel="noopener">A Looming Economic Crisis</a>&rdquo; which was published in the Hindustan Times on 15 April, 2021. It talks about how the drastic increase in the number of Covid-19 cases is acting as a barrier in India&rsquo;s slowly recovering economy, once again.</strong></em></p>
</div>
<p>The last fiscal year, FY 2020-21 was no less than a roller coaster ride for India&rsquo;s economy, witnessing nationwide partial and complete lockdowns, curfews and increase in unemployment with no projections of the economy returning to the 2019-20 levels of GDP even in FY 2021-22.</p>
<p>However, with the easing of lockdown restrictions, these projections were revised favourably in late 2020.</p>
<p>Just when there was growing optimism over India&rsquo;s economic rebound, when the <a href="/daily-updates/daily-news-analysis/world-economic-outlook-imf-2" target="_blank" rel="noopener"><strong>IMF upgraded India&rsquo;s GDP forecast for FY 21-22 to 12.5%</strong></a>, the second <a href="/daily-updates/daily-news-editorials/comprehensive-action-plan-for-covid-19" target="_blank" rel="noopener"><strong>Covid-19</strong></a> wave has come as a rude shock to businesses and consumers alike.</p>
<p>India&rsquo;s daily new cases have been hitting higher peaks every day, with the country contributing almost 20% to the global tally of fresh daily cases. The situation is worse than last year&rsquo;s peak situation where the only sigh of relief is India now has access to vaccines.</p>
<h3>India&rsquo;s Economic Recovery</h3>
<ul style="list-style-type: square;">
<li><strong>Factors Facilitating the Growth:</strong>The gross tax collections are estimated to have touched ₹20.16 lakh crore (₹20.16 Trillion), up ₹1.2 lakh crore from the revised estimates detailed in the Union Budget a few months ago.<br />
<ul style="list-style-type: circle;">
<li>The Centre&rsquo;s indirect tax collections have touched ₹10.71 lakh crore in 2020-21, even higher than the collections in 2019-20.</li>
<li>Indicators like the Purchasing Managers&rsquo; Index (PMI), tractor &amp; two-wheeler sales, Goods and Services Tax collection, E-way bills, and rail freight traffic showed sustained growth in 2021.</li>
<li>The exports figures have also seen a huge jump standing at 31 billion dollar</li>
</ul>
</li>
</ul>
<h3>Impacts of Resurging Covid Cases and Consequent Lockdowns</h3>
<ul style="list-style-type: square;">
<li><strong>Highest Week-on-Week Decline as per NIBRI:</strong> The <strong>Nomura India Business Resumption Index (NIBRI)</strong>, is a weekly tracker of the pace of normalisation of economic activity.<br />
<ul style="list-style-type: circle;">
<li>The index reached 99 points in February, 2021 but slipped down to 90.5 in the month of April, registering its biggest week-on-week fall.</li>
<li>The reason for this downfall is mainly the second wave of Covid-19.</li>
</ul>
</li>
<li><strong>City-wise Impact:</strong> States like Maharashtra, Madhya Pradesh, Punjab, and Chhattisgarh, which are witnessing the highest surge in COVID-19 cases, account for over 30% of India&rsquo;s GDP. <br />
<ul style="list-style-type: circle;">
<li>Even partial lockdowns and curbs in these states will impact economic activity majorly and if the lockdowns are extended further due to uncontrolled infections, the damage will be even more extensive.</li>
</ul>
</li>
<li><strong>Contraction in Industrial Output:</strong> The Index of Industrial Production (IIP) has witnessed the sharpest contraction in the month of February 2021 (since August 2020), at the rate of 3.6%. <br />
<ul style="list-style-type: circle;">
<li>The recent spike in Covid-19 cases has raised concerns over the economic recovery, especially with the imposition of harsher restrictions on activities now being a possibility.</li>
<li>The restrictions currently being imposed such as night curfews and weekend lockdowns are economically less painful. However, if the situation worsens, harsher measures cannot be ruled out.</li>
</ul>
</li>
<li><strong>Manufacturing and Other Sectors:</strong> While manufacturing may not be directly hit due to partial lockdowns, the impact on the contact services sectors like hospitality, travel, and tourism will have a multiplier effect, as these sectors have strong backward linkages with other sectors of the economy.</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li><strong>Significant Role of Vaccines:</strong> The only effective way to safeguard the economy from another massive disruption is to relax both demand and supply for vaccines.<br />
<ul style="list-style-type: circle;">
<li>More than 10 crore shots have been administered so far, however, it accounts for only 8% of the country&rsquo;s population that has received at least one shot, the US and the UK, in contrast, have vaccinated close to 50% of their total population.</li>
<li>Vaccination is a key element in controlling the second wave of Covid-19, but a shortage of vaccines could slow the progress of vaccine rollout.<br />
<ul style="list-style-type: disc;">
<li>Therefore, the government shall now increase the reach of the vaccines and make the eligibility criteria for vaccination more expansive.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Reducing the Tax Levies:</strong> The RBI, which has been stridently seeking a reduction in the tax levies, foresees inflation averaging 5.2% in the April-June quarter. <br />
<ul style="list-style-type: circle;">
<li>The price pressures are unlikely to ease significantly in the near term, unless the Centre and the States bite the bullet by agreeing to forego some near-term revenue from petroproducts and reduce fuel taxes.</li>
</ul>
</li>
<li><strong>Role of Policy Makers:</strong> More efforts and better policies are needed on the part of Policymakers, to nurse back demand and this must be done without letting quickening inflation undermine purchasing power and overall economic stability.<br />
<ul style="list-style-type: circle;">
<li>Moreover, policymakers should not lose sight of the fact that India is better equipped to fight the virus compared to last year. <br />
<ul style="list-style-type: disc;">
<li>At this juncture, the primary objective of governments, both at the Centre and states, should be to ramp up the vaccination drive.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Expenditures as Proposed in the Union Budget:</strong> The support from the rebound in global growth and implementation of the Union Budget&rsquo;s proposed capital expenditures will reinforce India&rsquo;s economic revival.<br />
<ul style="list-style-type: circle;">
<li>Moreover, the agricultural growth and rural demand have been quite robust until now, which is also expected to support growth.</li>
</ul>
</li>
</ul>
<h3>Conclusion</h3>
<ul style="list-style-type: square;">
<li>If the choice between flattening the Covid-19 curve and economic hardship was difficult last year, it will be even more difficult this year, as businesses and workers are still nursing the wounds of the first lockdown. <br />
<ul style="list-style-type: circle;">
<li>The second wave has coincided with the beginning of the new fiscal year which means that even the conservative revenue targets in the Budget could be jeopardised.</li>
</ul>
</li>
<li>In all these difficult circumstances, the only silver lining that India has is the availability of the Vaccines and its ongoing Vaccination Drive. It must be taken advantage to the fullest.</li>
</ul>
<table border="1" style="border-collapse: collapse; width: 100%;">
<tbody>
<tr style="height: 92px;">
<td style="width: 100%; height: 92px; border-color: #ff0000; background-color: #f5fcff; border-style: dotted;">
<p><span style="color: #333399;"><em><strong>Drishti Mains Question:</strong></em></span></p>
<p>&ldquo;Flattening the Covid-19 curve or dealing with the economic hardships. Choosing sides between these two is not exactly a wise decision to make, maintaining a balance is the need of the hour&rdquo;. Discuss.</p>
</td>
</tr>
</tbody>
</table>
<p></p>
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		'article_id' => (int) 8137,
		'category_id' => (int) 15,
		'title' => 'The Big Picture: Economic Recovery for India',
		'description' => '<p style="text-align: center;"><iframe width="560" height="315" src="https://www.youtube.com/embed/aud04jc57JM" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe></p>
<h3>Why in News</h3>
<p>Recently, the <a href="/important-institutions/drishti-specials-important-institutions-international-institution/international-monetary-fund-imf" target="_blank" rel="noopener"><strong>International Monetary Fund (IMF)</strong> </a>upgraded its <a href="/daily-updates/daily-news-analysis/world-economic-outlook-imf-2" target="_blank" rel="noopener"><strong>FY 2021-22 growth projection for India to 12.5%</strong></a> from <a href="/daily-updates/daily-news-analysis/world-economic-outlook-imf-1" target="_blank" rel="noopener"><strong>11.5% estimated in January.</strong></a></p>
<ul style="list-style-type: square;">
<li>It has also cautioned that the forecast hasn&rsquo;t factored in the severe downside risks arising from the country&rsquo;s ongoing second wave of <a href="/daily-updates/daily-news-editorials/comprehensive-action-plan-for-covid-19" target="_blank" rel="noopener"><strong>Covid-19.</strong></a></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>World Economic Outlook Report:</strong> The IMF releases this report usually <strong>twice a year </strong>and it <strong>analyzes and predicts global economic developments</strong> during the near and medium term.
<ul style="list-style-type: circle;">
<li>Some high frequency economic indicators in the report are showing robust signs of economic growth of India while the others are bringing out implicit risks to growth from the second wave of the pandemic.</li>
</ul>
</li>
<li><strong>India&rsquo;s Economic Growth:</strong> As per the report findings, Indian economy is expected to grow by 12.5% in 2021 and 6.9% in 2022.
<ul style="list-style-type: circle;">
<li><strong>Growth rate for India in 2021 is stronger than that of China.</strong></li>
<li>The 1% increase in India&rsquo;s economic growth rate forecast came in the background of encouraging signs from some high-frequency indicators.</li>
</ul>
</li>
<li><strong>Global Economic Growth:</strong> The IMF predicted stronger recovery in 2021 and 2022 with growth projected to be 6% in 2021 and 4.4% in 2022.
<ul style="list-style-type: circle;">
<li>In 2020, the global economy contracted by 3.3%.</li>
</ul>
</li>
</ul>
<h3>Global Scenario</h3>
<ul style="list-style-type: square;">
<li><strong>Advanced Economies:</strong> The<strong> USA and Spain</strong> are the only two advanced economies that are expected to have an<strong> economic growth projected above 6%</strong> for FY 2021-22.
<ul style="list-style-type: circle;">
<li>The USA had been able to retain its economy <strong>due to its economy-centered approach amid the pandemic.</strong>
<ul style="list-style-type: disc;">
<li>The strong fiscal support the government had given to their citizens was also helpful.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Emerging Economies:</strong> The developing countries have not been able to perform as good because the pandemic has affected the labour intensive jobs (prevalent in developing countries) more than the capital intensive jobs.
<ul style="list-style-type: circle;">
<li>No developing country other than India has a growth rate projected in double digit figures.</li>
</ul>
</li>
<li><strong>Export-Oriented Economies:</strong> The european countries had a huge demographic crisis therefore the consumption rate was very low.
<ul style="list-style-type: circle;">
<li>In countries like Germany, which is an export-oriented economy, when the pandemic hit, their economy due to lockdowns and import/export restrictions was affected severely.</li>
<li>Export oriented economies which were exporting primary products have also suffered a lot.</li>
</ul>
</li>
</ul>
<h3>India&rsquo;s Economic Growth</h3>
<ul style="list-style-type: square;">
<li><strong>Factors that Increased the Growth Projection:</strong> For India, a good run in the agriculture sector plus no stagnation in the railways, freight revenue, power sectors have led to an increased 1% projection.
<ul style="list-style-type: circle;">
<li>Moreover, the <strong>GST collection for FY 2020-21 was record high</strong> at the value of ₹1.24 lac crore (₹1.24 trillion).</li>
<li>The <strong>exports figures have also seen a huge jump</strong> standing at 31 billion dollar.
<ul style="list-style-type: disc;">
<li>It is a huge increment for the exports which have witnessed a decline for 7 months.</li>
</ul>
</li>
<li>The <strong>Ozone concentration levels, power consumption or labour participation rates have so far remained resilient</strong> to the decline in growth.</li>
<li><strong>Hindrance in Growth due to Pandemic:</strong> The economic growth rate of India (and other countries) is contingent on the rise in covid infection rate and consequent lockdown.</li>
<li>Undoubtedly the growth will be there but the covid is a potential barrier in this growth; the possible challenges posed by Covid 19 cannot be undermined.</li>
</ul>
</li>
<li><strong>Sectors Obstructing the Growth:</strong> The report also shows some warning signals that could hinder the economic growth of the country.
<ul style="list-style-type: circle;">
<li>These indicators include <strong>decline in the retail sector.</strong></li>
<li>Sectors related to<strong> hospitality and transportation are also hit</strong> badly which roughly account for 6% of overall GDP.</li>
<li>In vehicle registration, around 60,000 vehicles were registered on a daily basis in the months of feb-march 2021 which has now come down to 55,000 on a daily basis.</li>
<li>The growth recovery is obvious to be impacted by the rapidly increasing covid-19 disease due to the consequent partial and complete lockdowns and curfews.</li>
</ul>
</li>
</ul>
<div class="border-bg">
<p><strong>Nomura Index Business Resumption Index</strong></p>
<ul style="list-style-type: square;">
<li>The<a href="/daily-updates/daily-news-analysis/growth-in-manufacturing-pmi-and-nibri" target="_blank" rel="noopener"><strong> Nomura India Business Assumption Index (NIBRI)</strong></a> is the Japanese brokerage&rsquo;s weekly tracker of the pace of normalisation of economic activity.
<ul style="list-style-type: circle;">
<li>It captures and tracks demand indicators such as the demand for power, labour force participation etc.</li>
</ul>
</li>
<li>The index reached 99 points in February, 2021 but slipped down to 90 in the month of April which indicates a slowdown in the economic recovery.
<ul style="list-style-type: circle;">
<li>The reason for the slowdown is mainly the second wave of covid-19.</li>
</ul>
</li>
</ul>
</div>
<ul style="list-style-type: square;">
<li><strong>Government Policies:</strong> India has handled the covid-19 situation better than many of the countries with its step by step approach of tackling the situation introducing various economic reforms, the vaccination drive etc.</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li><strong>Vaccination and Covid-Appropriate Behaviour: <a href="/loksabha-rajyasabha-discussions/the-big-picture-india-and-the-vaccination-drive" target="_blank" rel="noopener">India&rsquo;s vaccination programme</a></strong> is also going on, it is vaccinating nearly 3-4 million people on a daily basis but that is not enough. The need is to build up more capacity and vaccinate more and more people at a faster rate.
<ul style="list-style-type: circle;">
<li>Even after vaccination, no leniency shall be there in following the basic covid appropriate behaviour of wearing a mask, performing social distancing and following hygiene protocols.</li>
<li>Only healthy citizens can utilise up to their full potential and contribute to the overall growth of a country.</li>
</ul>
</li>
<li><strong>Investment-Centered Approach:</strong> The<a href="/daily-updates/daily-news-analysis/restructuring-of-indian-statistical-system" target="_blank" rel="noopener"> NSO</a> has given the investment rate in the economy for FY 2020-21 at only 31% of GDP which is a very low rate of investment for any economy as large as India, therefore investment is the right way forward.
<ul style="list-style-type: circle;">
<li>The FY 2021-22 should be the year of beefing up, strengthening and stepping up the pace of investment in infrastructure and many other projects where India is in the deficit stage.</li>
</ul>
</li>
<li><strong>Reforming the Vaccine Criteria:</strong> The criteria of vaccinating only those people above the age of 45 shall be done away with specially in the covid hotspot areas like Mumbai, Pune and Delhi.
<ul style="list-style-type: circle;">
<li>The working class people in such cities who commute on a daily basis shall be vaccinated at a faster rate and regardless of age.</li>
</ul>
</li>
<li><strong>Managing the Elevated Inflation Levels:</strong> India is at the risk of inflation, it is at an elevated level which is why the RBI has been conservative; it has projected the growth rate at 10.5% only.
<ul style="list-style-type: circle;">
<li>India has to walk on a very fine line balancing the growth imperatives and inflation concerns.</li>
<li>The RBI has also adopted a policy to support economic growth. It has increased the limit of ways and means advances to the states and has allowed them to borrow more amounts from the RBI.</li>
</ul>
</li>
<li><strong>Role of Government Policies:</strong> The growth projection also depends upon policies adopted by the government, specially the fiscal policy and monetary policies.
<ul style="list-style-type: circle;">
<li>So far India has proved to adopt such policies more wisely as compared to other countries.
<ul style="list-style-type: disc;">
<li>India implemented massive economic reforms in the year 2020 when the pandemic was at its peak.</li>
</ul>
</li>
<li>Also, India has freed up a lot of sectors from the over regulation by the government interference which will be fruitful in better and faster economic growth.</li>
</ul>
</li>
</ul>
<h3>Conclusion</h3>
<ul style="list-style-type: square;">
<li>India as the fifth largest economy in the world has to focus on growth recovery that is more sustainable and by just drawing satisfaction from just the growth numbers would not do much.</li>
<li>India is slowly but surely on the path to economic recovery and investment is the way to sustain this growth momentum.</li>
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		'category_id' => (int) 21,
		'title' => 'Sankalp Se Siddhi: TRIFED',
		'description' => '<h3>Why in News</h3>
<p>The <a href="/important-institutions/drishti-specials-important-institutions-national-institutions/apeda-trifed" target="_blank" rel="noopener"><strong>Tribal Cooperative Marketing Development Federation of India (TRIFED)</strong></a>, under the<strong> Ministry of Tribal Affairs,</strong> has launched <strong>&ldquo;Sankalp se Siddhi&rdquo; - Village and Digital Connect Drive.</strong></p>
<ul style="list-style-type: square;">
<li>The <strong>main aim</strong> of this drive is to<strong> activate the Van Dhan Vikas Kendras (VDVKs) in the villages.</strong></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>About Sankalp se Siddhi Drive:</strong><br />
<ul style="list-style-type: circle;">
<li>The drive will entail 150 teams (10 in each region from TRIFED and State Implementation Agencies/Mentoring Agencies/Partners) visiting ten villages each. <br />
<ul style="list-style-type: disc;">
<li>Thus, 100 villages in each region and 1500 villages in the country will be covered.</li>
</ul>
</li>
<li>The visiting teams will also<strong> identify locations and shortlist potential Van Dhan Vikas Kendras </strong>for clustering as <strong>TRIFOOD,</strong> and <a href="/daily-updates/daily-news-analysis/scheme-of-fund-for-regeneration-of-traditional-industries#:~:text=The%20Ministry%20of%20MSME%20is,competitive%20and%20increase%20their%20income." target="_blank" rel="noopener"><strong>SFURTI</strong></a> units as larger enterprises. <br />
<ul style="list-style-type: disc;">
<li><a href="/daily-updates/daily-news-analysis/scheme-of-fund-for-regeneration-of-traditional-industries#:~:text=The%20Ministry%20of%20MSME%20is,competitive%20and%20increase%20their%20income." target="_blank" rel="noopener"><strong>Scheme of Fund for Regeneration of Traditional Industries (SFURTI)</strong></a> is a scheme of the <strong>Ministry of Micro, Small &amp; Medium Enterprises (MSME).</strong></li>
</ul>
</li>
<li><strong>Rs. 200 crore Sales during the next 12 months is targeted</strong> as a result of this initiative once the VDVKs are activated in these 1500 villages.</li>
<li>The teams will <strong>also identify tribal artisans and other groups</strong> and empanel them as suppliers so that they can have access to larger markets through the <strong>Tribes India network &ndash;</strong> both<strong> physical outlets and TribesIndia.com.</strong></li>
</ul>
</li>
<li><strong>Other Involvements of the TRIFED:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Village and Digital Connect Initiative:</strong> <br />
<ul style="list-style-type: disc;">
<li>To <strong>ensure that existing schemes and initiatives reach the tribals,</strong> TRIFED&rsquo;s regional officials across the country have been visiting identified villages with a significant tribal population.</li>
</ul>
</li>
<li><strong>Schemes for Ensuring Fair Prices to Tribals:</strong><br />
<ul style="list-style-type: disc;">
<li>Schemes such as <strong>Mechanism for Marketing of <a href="/daily-updates/daily-news-analysis/msp-hiked-for-minor-forest-produce#:~:text=MFP%2Drich%20districts.-,Minor%20Forest%20Produce%20(MFP),live%20in%20or%20near%20forests." target="_blank" rel="noopener">Minor Forest Produce (MFP)</a> Through <a href="/daily-updates/daily-news-analysis/minimum-support-price-for-crops#:~:text=One%20of%20the%20major%20demands,of%20the%20cost%20of%20production." target="_blank" rel="noopener">Minimum Support Price (MSP)</a></strong> and <strong>Development of Value Chain for MFP </strong>provide<strong> MSP to gatherers of forest produces.</strong></li>
<li>The schemes <strong>ensure sustainability of the resource base</strong> by addressing the problems that tribals face such as perishable nature of the produce, lack of holding capacity, lack of marketing infrastructure, exploitation by middlemen, etc.</li>
</ul>
</li>
<li><strong>Tech For Tribals:</strong><br />
<ul style="list-style-type: disc;">
<li>Tech For Tribals program aims to<strong> transform 5 crore Tribal Entrepreneurs</strong> by capacity building and imparting entrepreneurship skills to tribal forest produce gatherers enrolled under the<a href="/daily-updates/daily-news-analysis/van-dhan-internship-programme" target="_blank" rel="noopener"><strong> Pradhan Mantri Van Dhan Yojana (PMVDY).</strong></a><br />
<ul style="list-style-type: disc;">
<li>The Van Dhan Vikas Yojana is an initiative of the <strong>Ministry of Tribal Affairs and TRIFED.</strong> It was launched to improve tribal incomes through value addition of tribal products.</li>
</ul>
</li>
<li>The program will ensure higher success rate of the Tribal Entrepreneurs by enabling and empowering them to run their business with marketable products with quality certifications.</li>
</ul>
</li>
<li><strong>Van Dhan Vikas Kendras:</strong><br />
<ul style="list-style-type: disc;">
<li>Van Dhan Vikas Kendras have been provided by <strong>Van Dhan Vikas Yojana.</strong></li>
<li>Van Dhan Vikas Kendra (VDVKs) are for providing <strong>skill upgradation and capacity building training</strong> to tribals and setting up of primary processing and value addition facilities.</li>
<li>Tribals are trained here and then provided with working capital to add value to the products, which they collect from the jungle.</li>
</ul>
</li>
<li><strong>TRIFOOD Scheme:</strong> <br />
<ul style="list-style-type: disc;">
<li>It is a <strong>joint initiative of the Ministry of Food Processing Industry, Ministry of Tribal Affairs and TRIFED</strong> and it promotes value addition to MFP.</li>
</ul>
</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1709433" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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		'article_id' => (int) 8084,
		'category_id' => (int) 21,
		'title' => 'International Day for the Elimination of Racial Discrimination',
		'description' => '<h3>Why in News</h3>
<p>Every year, <strong>21<sup>st</sup> March,</strong> is observed as <a href="/daily-updates/daily-news-analysis/important-facts-for-prelims-23rd-march-2019#:~:text=International%20Day%20for%20the%20Elimination,populism%20and%20extreme%20supremacist%20ideologies." target="_blank" rel="noopener"><strong>International Day for the Elimination of Racial Discrimination.</strong></a></p>
<ul style="list-style-type: square;">
<li>The day calls for<strong> solidarity against racism </strong>and<strong> racial discrimination.</strong></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>About:</strong><br />
<ul style="list-style-type: circle;">
<li>The<a href="/important-institutions/drishti-specials-important-institutions-international-institution/united-nations-1" target="_blank" rel="noopener"><strong> United Nation General Assembly</strong></a> in October 1966 proclaimed<strong> 21<sup>st</sup> March</strong> as the International Day for the Elimination of Racial Discrimination, to be commemorated annually.</li>
<li>On that day, in <strong>1960, police opened fire and killed 69 people</strong> at a peaceful demonstration in Sharpeville, South Africa<strong>, against the <a href="/loksabha-rajyasabha-discussions/the-big-picture-india-africa-partnership" target="_blank" rel="noopener">apartheid</a> pass laws.</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Aparthied:</strong> <br />
<ul style="list-style-type: disc;">
<li>It was a policy which governed <strong>relations between South Africa&rsquo;s white minority and non-white majority.</strong></li>
<li>It<strong> sanctioned racial segregation,</strong> poltical and economic discrimination against non-whites.</li>
</ul>
</li>
</ul>
</li>
<li>Proclaiming the Day in <strong>1966</strong> which signifies the struggle to <strong>end the policy of apartheid in South Africa.</strong></li>
</ul>
</li>
<li><strong>2021 Theme:</strong><br />
<ul style="list-style-type: circle;">
<li>&lsquo;Youth standing up against racism'</li>
</ul>
</li>
<li><strong>Significance:</strong><br />
<ul style="list-style-type: circle;">
<li>Racial discrimination, beyond being a breach of <a href="/daily-updates/daily-news-analysis/human-rights-day-2#:~:text=These%20are%20rights%20inherent%20to,and%20education%2C%20and%20many%20more." target="_blank" rel="noopener"><strong>human rights</strong></a>, has harmful effects on human health and well-being, and risks wider disruptions to social cohesion.</li>
</ul>
</li>
</ul>
<h3>Racism</h3>
<ul style="list-style-type: square;">
<li><strong>About:</strong><br />
<ul style="list-style-type: circle;">
<li>Racism, also called racialism, the belief that <strong>humans may be divided into separate and exclusive biological entities</strong> called<strong> &ldquo;races&rdquo;;</strong> that there is a causal <strong>link between inherited physical traits and traits of personality, intellect, morality, and other cultural and behavioral features;</strong> and that some races are innately superior to others.</li>
<li>The term is also applied to political, economic, or legal institutions and systems that engage in or perpetuate discrimination on the basis of race or otherwise reinforce racial inequalities in wealth and income, education, health care, civil rights, and other areas.</li>
</ul>
</li>
</ul>
<div class="border-bg">
<p><strong>Note</strong></p>
<ul style="list-style-type: square;">
<li><strong>Xenophobia</strong> and Racism mostly overlap, but the stark difference is<strong> racism is discrimination based on physical characteristics</strong> whereas <strong>xenophobia is discrimination based on the perception that someone is foreign</strong> or originating from another community or nation. <br />
<ul style="list-style-type: circle;">
<li>The word Xenophobia originates from the Greek word Xeno.</li>
</ul>
</li>
</ul>
</div>
<p><a href="http://www.drishtiias.com/images/uploads/1617694422_image2.png" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1617694422_image2.png" style="display: block; margin-left: auto; margin-right: auto;" width="600" caption="false" /></a></p>
<ul style="list-style-type: square;">
<li><strong>Current Prevalence:</strong><br />
<ul style="list-style-type: circle;">
<li>The <strong>anonymity of the Internet</strong> has allowed <strong>racist stereotypes</strong> and inaccurate information to spread online. <br />
<ul style="list-style-type: disc;">
<li>At the onset of the <a href="/daily-updates/daily-news-analysis/future-pandemics-and-reduction-measures" target="_blank" rel="noopener"><strong>pandemic</strong></a>, traffic to hate sites and specific posts against Asians <strong>grew by 200% in the US.</strong></li>
<li>In India and in Sri Lanka, social media groups and messaging platforms were used to call for <strong>social and economic boycotts of religious minorities,</strong> amid false information accusing them of spreading the virus.</li>
</ul>
</li>
<li>Structural forms of discrimination, including <strong>micro-aggressions</strong> and everyday indignities, remain widespread.</li>
<li>The <strong>use of new technologies and artificial intelligence in security raise the spectre of &lsquo;techno-racism&rsquo;,</strong> as facial recognition programmes can misidentify and target racialized communities.</li>
<li>Prejudiced attitudes and discriminatory acts, whether subtle or overt, aggravate existing inequalities in societies. <br />
<ul style="list-style-type: disc;">
<li>A study published by The Lancet drew attention to the social dimension of the <a href="/daily-updates/daily-news-analysis/covid-19-now-pandemic-who" target="_blank" rel="noopener"><strong>Covid-19 pandemic</strong></a> and the greater vulnerability of ethnic minorities, who have been disproportionately affected.</li>
<li>The <a href="/important-institutions/drishti-specials-important-institutions-international-institution/world-health-organization-who" target="_blank" rel="noopener"><strong>World Health Organization</strong></a> has cautioned on the dangers of profiling and stigmatising communities that can lead to fear and the subsequent concealment of cases and delays in detection.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Other Initiatives Against Racism:</strong><br />
<ul style="list-style-type: circle;">
<li><a href="/important-institutions/drishti-specials-important-institutions-international-institution/unesco-5" target="_blank" rel="noopener"><strong>United Nations Educational, Scientific and Cultural Organization&rsquo;s (UNESCO)</strong></a> actions against racism through education, the sciences, culture, and communication offer an example of a way forward.
<ul style="list-style-type: disc;">
<li>The<strong> International Coalition of Inclusive and Sustainable Cities</strong> of UNESCO provides an additional platform for city-level planning and a laboratory for good practices in the fight against racism.</li>
</ul>
</li>
<li>UNESCO&rsquo;s headquarters in Paris hosted a <strong>Global Forum against Racism and Discrimination</strong> on 22<sup>nd</sup> March 2021, in partnership with the Republic of Korea. <br />
<ul style="list-style-type: disc;">
<li>The Forum gathered policymakers, academics, and partners to initiate a new multi-stakeholder partnership on anti-racism.</li>
</ul>
</li>
<li>In January 2021 the <a href="/daily-updates/daily-news-analysis/davos-dialogue-world-economic-forum" target="_blank" rel="noopener"><strong>World Economic Forum</strong></a> launched a <strong>coalition of organizations </strong>committed to <strong>improving racial and ethnic justice in the workplace.</strong></li>
<li>The <a href="/daily-updates/daily-news-analysis/uk-to-issue-coin-in-honour-of-mahatma-gandhi" target="_blank" rel="noopener"><strong>&lsquo;Black Lives Matter&rsquo;</strong> </a>protests gained momentum in not only the United States but the whole world. People, as well as many governments across different countries, came forth against the prevalence of racial discrimination worldwide.</li>
</ul>
</li>
<li><strong>Provisions Against Racial Discrimination in India:</strong><br />
<ul style="list-style-type: circle;">
<li><a href="/to-the-points/Paper2/important-articles-from-indian-constitution-compilation-part-i" target="_blank" rel="noopener"><strong>Article 15, Article 16 and Article 29</strong></a> of the Constitution of India prohibit discrimination on grounds of &ldquo;race&rdquo;.</li>
<li>Section 153A of the<a href="/daily-updates/daily-news-editorials/a-road-map-for-criminal-justice-system" target="_blank" rel="noopener"><strong> Indian Penal Code (IPC)</strong> </a>also refers to &ldquo;race&rdquo;.</li>
<li>India also ratified the <strong>International Convention on the Elimination of All Forms of Racial Discrimination (ICERD)</strong> in 1968.</li>
</ul>
</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li>Through <strong>new approaches to intercultural dialogue and learning, youth and communities</strong> can be equipped with skills to eradicate harmful stereotypes and foster tolerance.</li>
<li>Recent and new manifestations of racism and discrimination call for renewed commitments to mobilise for equality. Racism will not be overcome with mere professions of good faith but <strong>must be combatted with anti-racist action. </strong></li>
<li><strong>A global culture of tolerance, equality and anti-discrimination</strong> should be built first and foremost in the minds of women and men.</li>
</ul>
<p><a href="https://www.thehindu.com/opinion/op-ed/a-road-map-for-tolerance/article34238920.ece" target="_blank" rel="noopener"><strong>Source:TH</strong></a></p>',
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	(int) 4 => object(Cake\ORM\Entity) {

		'article_id' => (int) 8025,
		'category_id' => (int) 21,
		'title' => 'World Development Report 2021: World Bank',
		'description' => '<h3>Why in News</h3>
<p>Recently, the <a href="/important-institutions/drishti-specials-important-institutions-international-institution/world-bank-group" target="_blank" rel="noopener"><strong>World Bank</strong></a> has published the <strong>World Development Report 2021:Data for Better Lives.</strong></p>
<ul style="list-style-type: square;">
<li>The World Development Report 2021 provides a blueprint on <strong>how to harness the power of data for development,</strong> to ensure no one is left behind.</li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>The Social Contract For Data:</strong> To get more value out of data while protecting people against harm and ensuring access and representation. Different data-creating and data-using parties need to safely collaborate.<a href="http://www.drishtiias.com/images/uploads/1616833808_image3.png" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1616833808_image3.png" style="float: right;" width="500" caption="false" /></a><br />
<ul style="list-style-type: circle;">
<li>The three elements of a social contract for data: <strong>Value, Equity and Trust</strong></li>
</ul>
</li>
<li><strong>Data As a Force For Public Good:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Public intent data - data collected with the intent of serving the public good</strong> by informing the design, execution, monitoring, and evaluation of public programs and policies - are a prerequisite for many government functions.</li>
<li>Public intent data can bring value to development through several pathways, such as<br />
<ul style="list-style-type: disc;">
<li>holding governments accountable and empowering individuals,</li>
<li>improving service delivery, and</li>
<li>prioritizing scarce resources.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Infinite Possibilities:</strong><br />
<ul style="list-style-type: circle;">
<li>Repurposing and integrating public- and private-intent data can help provide <strong>real-time and finer-scale insights, fill data gaps,</strong> and overcome limitations associated with each data type.</li>
</ul>
</li>
<li><strong>Connecting The World: Data Infrastructure</strong> is a key part of ensuring equitable access to data for poor people and poor countries.</li>
<li><strong>Crossing Borders:</strong> Data is a tradable asset, but sending them across borders requires adequate data protection.</li>
<li><strong>Governing Data:</strong> The role of data governance is two fold: <br />
<ul style="list-style-type: circle;">
<li>First, to control risks by ensuring the security, integrity, and protection of data and systems; and</li>
<li>Second, to capture value by establishing rules and technical standards to enable data to be more effectively transferred, combined, and exchanged.</li>
</ul>
</li>
<li><strong>Improving Data Systems:</strong> Fully harnessing the value of data requires building an <strong>Integrated National Data System (INDS).</strong><br />
<ul style="list-style-type: circle;">
<li>INDS is a way of countries realizing the potential of data for development, using the principles of the social contract as a blueprint.</li>
<li>The INDS framework allows a country to share data between national participants safely while maximizing the benefit equitably.</li>
</ul>
</li>
</ul>
<p><a href="http://www.drishtiias.com/images/uploads/1616833839_image4.png" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1616833839_image4.png" style="display: block; margin-left: auto; margin-right: auto;" width="700" caption="false" /></a></p>
<ul style="list-style-type: square;">
<li><strong>Issues Flagged by the Report: </strong><br />
<ul style="list-style-type: circle;">
<li><strong>Not A Leveling Playing Field:</strong> An explosion of <strong>data platform</strong> businesses is raising concern about competition and posing new challenges for regulation.
<ul style="list-style-type: disc;">
<li><strong>Data Platform:&nbsp;</strong>It is an integrated technology solution that allows data located in databases to be governed, accessed, and delivered to users, data applications, or other technologies for strategic business purposes.</li>
</ul>
</li>
<li><strong>Lack of Open Data:</strong> Only 11% low-income countries make their data <strong>open (Not Accessible To General Public or research institution),</strong> the report flagged.
<ul style="list-style-type: disc;">
<li>The comparable rate for lower-middle-income countries was 19%, for upper-middle-income countries 22% and high-income countries 44%.</li>
</ul>
</li>
<li><strong>Underinvestment In Public Intent Data Systems: Only half the countries had a national statistical plan</strong> that was fully funded as of 2019. While 93% of high-income countries had a fully funded national statistical plan, not a single low-income country had one.</li>
<li><strong>Issue Related To Lower-income Countries:</strong> Unable to harness the potential of data due to a lack of institutions, decision-making autonomy, and financial resources, all of which hold back their effective implementation and effectiveness of data systems and governance frameworks.</li>
<li><strong>Gaps In Data On Women And Girls</strong> are particularly severe: Only 10 of the 54 gender-specific indicators (19%) in the <strong>United Nations</strong>-mandated <strong><a href="/to-the-points/paper3/sustainable-development-3" target="_blank" rel="noopener">sustainable development goals</a> (SDGs)</strong> were widely available.</li>
<li><strong>Misuse of Data:</strong> Making data accessible to more users and creating systems that facilitate their reuse also opens the door for data to be misused in ways that can harm individuals or development objectives.
<ul style="list-style-type: disc;">
<li>The report also flagged <strong>concerns over protection of personal data; misinformation; and attacks on software,</strong> networks and data systems.</li>
</ul>
</li>
<li><strong>Data Infrastructural Gaps:</strong> There are major gaps evident between rich and poor people on broadband connectivity, and a substantial divide emerging between rich and poor countries when it comes to the availability of data infrastructure.</li>
</ul>
</li>
</ul>
<ul style="list-style-type: square;">
<li><strong>Data Gaps In India:</strong> <br />
<ul style="list-style-type: circle;">
<li>Echoed concerns on assessment of global poverty by the World Bank, which has been skewed due to <strong>absence of data on poverty from India.</strong></li>
<li>India<strong> monitors 54 out of the 130 SDG indicators.</strong> While the overall number of monitored indicators has gone up, the country has dropped four indicators from its tracking list.</li>
<li>The report called for <strong>strategic repurposing of existing data.</strong></li>
<li>Some<strong> steps taken by India:</strong><br />
<ul style="list-style-type: disc;">
<li><strong>National Data Sharing &amp; Accessibility Policy (NDSAP):</strong><br />
<ul style="list-style-type: disc;">
<li>The National Policy is expected to increase the accessibility and easier sharing of non-sensitive data amongst the registered users and their availability for scientific, economic and social developmental purposes.</li>
</ul>
</li>
<li><strong>Open Government Data (OGD) Platform:</strong> <br />
<ul style="list-style-type: disc;">
<li>To provision an enabling Platform to provide proactive and open access to the data generated.</li>
<li>To increase Transparency, Accountability, Citizen Engagement, Collaboration, Better Governance, Decision making &amp; Innovation.</li>
<li><strong>Paradigm Shift in Governance</strong> &ndash; Direct Delivery of Services to Citizens, Setting up a Platform for Collaboration, Innovation in delivery of Services to Citizens.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li><strong>Participation of the Poor:</strong> Data offers tremendous potential to create value by improving programs and policies, driving economies, and empowering citizens. The <strong>perspective of poor people</strong> has largely been absent from the global debate on data governance and <strong>urgently needs to be heard.</strong></li>
<li><strong>International cooperation:</strong> The Report called for International cooperation to harmonise regulations and coordinate policies so that the value of data can be harnessed to benefit all, and to inform efforts toward a green, resilient and inclusive recovery.</li>
</ul>
<p><a href="https://www.downtoearth.org.in/news/natural-disasters/only-11-low-income-countries-make-their-data-open-world-bank-report-76144#:~:text=Only%2011%20per%20cent%20low,open'%2C%20the%20report%20flagged.&amp;text=Public%20intent%20data%20should%20be,released%20March%2025%2C%202021%20underscored." target="_blank" rel="noopener"><strong>Source: DTE</strong></a></p>',
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		'article_id' => (int) 7982,
		'category_id' => (int) 21,
		'title' => 'GRAM UJALA',
		'description' => '<h3>Why in News</h3>
<p>Recently, the Government has launched the <strong>Gram UJALA</strong> Programme - <strong>an ambitious scheme offering the world&rsquo;s cheapest LED bulbs in rural areas at a mere Rs. 10.</strong></p>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Coverage:</strong> In its<strong> first phase launched from Arrah in Bihar, 15 million LED bulbs</strong> will be distributed <strong>across villages of 5 districts -</strong> Aarah (Bihar), Varanasi (Uttar Pradesh), Vijayawada (Andhra Pradesh), Nagpur (Maharashtra), and villages in western Gujarat.<br />
<ul style="list-style-type: circle;">
<li>The light-emitting diode (LED) is one of today's most energy-efficient and rapidly-developing lighting technologies.</li>
</ul>
</li>
<li><strong>Implementation:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>7 watt and 12-watt LED bulbs with 3 years warranty</strong> will be given to rural consumers <strong>against submission of working Incandescent bulbs.</strong><br />
<ul style="list-style-type: disc;">
<li>Each <strong>household</strong> will get <strong>up to 5 LEDs.</strong></li>
<li>Participating rural households <strong>will also have metres installed in their houses</strong> to account for usage.</li>
</ul>
</li>
<li>The<strong> LED bulbs are offered</strong> by state-run <strong><a href="/daily-updates/daily-news-analysis/healthy-and-energy-efficient-buildings-initiative" target="_blank" rel="noopener">Energy Efficiency Services Ltd</a>&rsquo;s (EESL&rsquo;s) subsidiary Convergence Energy Services Ltd (CESL).</strong><br />
<ul style="list-style-type: disc;">
<li>EESL is a Public Sector Undertaking (PSU) under the <strong>Ministry of Power.</strong></li>
</ul>
</li>
</ul>
</li>
<li><strong>Financing Mechanism:</strong><br />
<ul style="list-style-type: circle;">
<li>The programme will be financed<strong> entirely through carbon credits</strong> and will be the <strong>first such programme</strong> in India.</li>
<li>The <strong>revenue earned from carbon credits</strong> will contribute Rs. 60 per LED bulb piece, with the balance Rs. 10 to be paid by the rural consumer.<br />
<ul style="list-style-type: disc;">
<li><strong><a href="/daily-updates/daily-news-analysis/cop25-climate-summit" target="_blank" rel="noopener">Carbon credit</a> (or &ldquo;carbon offsets&rdquo;)</strong> are certificates generated by projects or activities that reduce, avoid, or destroy greenhouse gases.</li>
<li>Project owners, such as solar and wind energy developers, or protectors of endangered forestlands can sell these certificates to an individual or a company to earn revenues to keep expanding their projects into the future.</li>
<li>When one purchases carbon offsets, one is funding the reduction or elimination of carbon.</li>
</ul>
</li>
<li>Further on,<strong> carbon credit documentation</strong> will be<strong> sent to United Nations (UN) accredited validators</strong> for inclusion into the <strong>Shine Program of activities.</strong> <br />
<ul style="list-style-type: disc;">
<li>Carbon credits will be prepared under the Shine Program of Activities with an option for verifying under the Voluntary Carbon Standard, depending on the needs of buyers.</li>
<li>Carbon Credit Buyers will also be sought through an open process based on initial discussions with the market.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Significance:</strong><br />
<ul style="list-style-type: circle;">
<li>Help in meeting <strong>intended nationally determined contributions</strong> under <a href="/daily-updates/daily-news-analysis/five-years-of-paris-climate-accord" target="_blank" rel="noopener"><strong>paris climate accord.</strong></a><br />
<ul style="list-style-type: disc;">
<li>If all 300 million lights in India were replaced, the total energy savings would be 40,743 million kWh/year, avoiding peak demand of 22,743MW/year and CO<sub>2</sub> reductions of 37 million tons per year.</li>
</ul>
</li>
<li>Through extra carbon credit, India will <strong>boost its position in global carbon trade.</strong></li>
<li>Boost to efforts to<strong> ensure 24-hour power supply.</strong><br />
<ul style="list-style-type: disc;">
<li>The Prime Minister of India, in his Independence Day speech of 2015, promised that all villages where electricity was yet to reach, will have power within 1,000 days.</li>
<li>To create basic power infrastructure and connectivity, the government had announced a scheme - the <strong>Deendayal Upadhyay Gram Jyoti Yojana.</strong></li>
</ul>
</li>
<li>Help in the<strong> growth of domestic LED markets.</strong></li>
<li>Meet the benefit of <a href="/to-the-points/paper3/sustainable-development-3" target="_blank" rel="noopener"><strong>sustainable development goals (SDG).</strong></a><br />
<ul style="list-style-type: disc;">
<li>Specially <strong>SDG7:</strong> To ensure universal access to affordable, reliable and modern energy services.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Other Schemes for Encouraging Use of LED Bulbs:</strong><br />
<ul style="list-style-type: circle;">
<li><a href="/daily-updates/daily-news-analysis/6-yearsof-ujala-and-slnp" target="_blank" rel="noopener"><strong>Unnat Jyoti by Affordable LEDs for All (UJALA).</strong></a></li>
<li>Street Lighting National Programme (SLNP).</li>
</ul>
</li>
</ul>
<p><a href="https://www.google.com/url?q=https://pib.gov.in/newsite/PrintRelease.aspx?relid%3D197275&amp;sa=D&amp;source=editors&amp;ust=1616403134032000&amp;usg=AOvVaw2eNHFXqxB-4PHUfnAOklpt" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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		'article_id' => (int) 7977,
		'category_id' => (int) 21,
		'title' => 'Covid Increased Poverty: Pew Report',
		'description' => '<h3>Why in News</h3>
<p>Recently, a new research conducted by <strong>Pew Research Center</strong> has found that the <a href="/daily-updates/daily-news-editorials/comprehensive-action-plan-for-covid-19" target="_blank" rel="noopener"><strong>coronavirus pandemic</strong></a> has pushed about 32 million Indians out of the<strong> middle class</strong> and increased poverty in the country.</p>
<ul style="list-style-type: square;">
<li>The report is based on an analysis of <a href="/important-institutions/drishti-specials-important-institutions-international-institution/world-bank-group" target="_blank" rel="noopener"><strong>World Bank</strong> </a>data.</li>
<li><strong>Pew Research Center</strong> is a<strong> nonpartisan fact tank</strong> that informs the public about the issues, attitudes and trends shaping the world.</li>
</ul>
<p><a href="http://www.drishtiias.com/images/uploads/1616228269_image1.jpg" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1616228269_image1.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="600" caption="false" /></a></p>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Indian Scenario:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Poverty Rate:</strong><br />
<ul style="list-style-type: disc;">
<li>The poverty rate in India likely <strong>rose to 9.7% in 2020,</strong> up sharply from the January 2020 forecast of 4.3%.</li>
</ul>
</li>
<li><strong>Increased Poverty:</strong><br />
<ul style="list-style-type: disc;">
<li>From <strong>2011 to 2019,</strong> the number of poor in India was estimated to have <strong>reduced to 78 million from 340 million.</strong></li>
<li>In <strong>2020,</strong> the number <strong>increased by 75 million.</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Poor:</strong> People with incomes of<strong> USD 2 or less</strong> a day.</li>
<li>Increase in India accounts for nearly<strong> 60% of the global increase in poverty.</strong></li>
</ul>
</li>
<li>Record increase in <a href="/daily-updates/daily-news-analysis/mgnregs-praised-by-the-standing-committee-on-labour" target="_blank" rel="noopener"><strong>Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS)</strong></a> participants as proof that the poor were struggling to find work.</li>
</ul>
</li>
<li><strong>Reduced Middle Class:</strong><br />
<ul style="list-style-type: disc;">
<li>The middle class in India is estimated to have <strong>shrunk by 3.2 crore in 2020.</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Middle Class:</strong> Includes people with incomes of approximately Rs. 700-1,500 or USD 10-20 per day.</li>
</ul>
</li>
<li>The middle income group is likely to have decreased from almost <strong>10 crore to just 6.6 crore.</strong></li>
</ul>
</li>
<li><strong>Shrinked Low Income Group:</strong><br />
<ul style="list-style-type: disc;">
<li>The vast majority of India&rsquo;s population fall into the low income group.</li>
<li>This group <strong>shrank from 119.7 crore to 116.2 crore per day,</strong> with about <strong>3.5 crore dropping below the poverty line.</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Low Income Group:</strong> Includes people earning about Rs.150 to 700 per day.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Rich Population:</strong><br />
<ul style="list-style-type: disc;">
<li>The richer population also <strong>fell almost 30% to 1.8 crore people.</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Rich:</strong> Includes the people who earn more than Rs.1,500 a day.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
<li><strong>Comparison with China:</strong><br />
<ul style="list-style-type: circle;">
<li>Like India, China has a large population of around 1.4 billion people. But the <strong>pandemic&rsquo;s effect on poverty was much smaller in China.</strong></li>
<li>It was the<strong> only major economy to grow in 2020</strong> and that has helped poverty levels to remain &ldquo;virtually unchanged&rdquo;.<br />
<ul style="list-style-type: disc;">
<li>In January 2021, the <a href="/important-institutions/drishti-specials-important-institutions-international-institution/international-monetary-fund-imf" target="_blank" rel="noopener"><strong>International Monetary Fund</strong></a> in its <a href="/daily-updates/daily-news-analysis/world-economic-outlook-imf-1" target="_blank" rel="noopener"><strong>World Economic Outlook Report</strong></a>, estimated <strong>India&rsquo;s economy to contract 8%</strong> in the <a href="/current-affairs-news-analysis-editorials/news-analysis/03-02-2021" target="_blank" rel="noopener"><strong>Financial Year (FY)</strong></a> 2020 while <strong>China&rsquo;s economy was expected to expand by 2.3% in 2020.</strong></li>
</ul>
</li>
<li>China&rsquo;s <strong>middle class is likely to see a miniscule dip</strong> of just one crore, while the number of <strong>poor people may have gone up by 10 lakh.</strong></li>
</ul>
</li>
<li><strong>Global Scenario:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Poverty Rate:</strong><br />
<ul style="list-style-type: disc;">
<li>The global poverty rate also <strong>increased to 10.4%</strong> last year after witnessing a steady decline over the years.</li>
<li>It was previously expected that the poverty rate would decrease to 8.7% in 2020.</li>
</ul>
</li>
<li><strong>Poor Class:</strong><br />
<ul style="list-style-type: disc;">
<li>The number of <strong>&lsquo;global poor&rsquo;</strong> are <strong>estimated to have increased to 803 million in 2020,</strong> which is a significant increase from 672 million, the pre-pandemic prediction.</li>
</ul>
</li>
<li><strong>Middle Class:</strong><br />
<ul style="list-style-type: disc;">
<li>From 2011 to 2019, the <strong>middle class population globally had increased</strong> to 1.34 billion from 899 million. Further, it was expected to increase by 54 million annually on average.</li>
</ul>
</li>
<li><strong>South Asia:</strong><br />
<ul style="list-style-type: disc;">
<li>South Asia saw the <strong>greatest reduction in the number of middle class and the largest &lsquo;expansion&rsquo; in poverty in 2020.</strong> <br />
<ul style="list-style-type: disc;">
<li>This could be attributed to <strong>South Asia experiencing sharp decrease in economic growth</strong> during the pandemic.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
<li><strong>Reason:</strong><br />
<ul style="list-style-type: circle;">
<li>The<strong> lockdown triggered by the pandemic</strong> resulted in <strong>shut businesses, lost jobs and falling incomes,</strong> plunging the Indian economy into a deep<a href="/daily-updates/daily-news-analysis/india-emerged-out-of-technical-recession#:~:text=The%20Indian%20economy%20has%20emerged,in%20manufacturing%2C%20construction%20and%20agriculture.&amp;text=A%20technical%20recession%20is%20when,consecutive%20quarters%20in%20the%20GDP." target="_blank" rel="noopener"><strong> recession</strong></a>.</li>
<li>Sharp rise in global poverty was owing to the fact that <strong>many under the low income tier prior to the pandemic were living on the margin of poverty.</strong></li>
</ul>
</li>
<li><strong>Effect:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>India and China also account for more than a third of the global population,</strong> with about 1.4 billion people each, the course of the pandemic in these two countries and<strong> how each recovers will have a substantial effect on changes in the distribution of income at the global level.</strong></li>
<li>It claws back <strong>several years of progress</strong> on the economic front.<br />
<ul style="list-style-type: disc;">
<li>At least <strong><a href="/daily-updates/daily-news-analysis/india-lifted-271-million-people-out-of-poverty" target="_blank" rel="noopener">271 million people were lifted out of multi-dimensional poverty</a> between 2005-06 and 2016-17,</strong> claimed India&rsquo;s Voluntary National Review (VNR) of Sustainable Development Goals (SDG).</li>
</ul>
</li>
</ul>
</li>
<li><strong>Indian Initiatives to Mitigate the Effects of Covid:</strong><br />
<ul style="list-style-type: circle;">
<li><a href="/daily-updates/daily-news-analysis/covid-19-economic-relief-package" target="_blank" rel="noopener"><strong>Pradhan Mantri Garib Kalyan Yojana.</strong></a></li>
<li><a href="/daily-updates/daily-news-analysis/rbi-s-covid-19-economic-relief-package" target="_blank" rel="noopener"><strong>Reserve Bank of India&rsquo;s Covid-19 Economic Relief Package.</strong></a></li>
<li><a href="/daily-updates/daily-news-analysis/atmanirbhar-bharat-and-economic-stimulus" target="_blank" rel="noopener"><strong>Atmanirbhar Bharat Abhiyan (self-reliant India).</strong></a></li>
</ul>
</li>
</ul>
<p><a href="https://www.thehindu.com/news/national/coronavirus-pandemic-may-have-doubled-poverty-in-india-says-pew-study/article34110732.ece" target="_blank" rel="noopener"><strong>Source:TH</strong></a></p>',
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		'article_id' => (int) 7973,
		'category_id' => (int) 22,
		'title' => 'Empowering the MSMEs Digitally',
		'description' => '<div class="border">
<p>This article is based on <a href="https://indianexpress.com/article/opinion/columns/msme-sector-manufacturing-e-commerce-digital-empowerment-7233355/" target="_blank" rel="noopener"><strong>&ldquo;How e-commerce marketplaces can drive MSME makeover&rdquo;</strong></a> which was published in The Indian Express on 18/03/2021. It talks about how the MSME sector of India is the backbone of its economy and how the involvement of e-commerce in the sector can help it thrive.</p>
</div>
<p>India&rsquo;s economic landscape is defined by its <a href="/daily-updates/daily-news-editorials/msme-sector-in-india" target="_blank" rel="noopener"><strong>micro, small and medium enterprises (MSMEs).</strong></a> However, the sector is based on obsolete technology, which hampers its production efficiency.</p>
<p>With India&rsquo;s goal of inclusive development, enhanced livelihoods and the notion of &ldquo;vocal for local&rdquo;, <a href="/to-the-points/paper3/e-commerce-in-india" target="_blank" rel="noopener"><strong>e-commerce</strong></a> marketplaces for the MSMEs become more significant.</p>
<p>With its ability to accelerate businesses, e-commerce could be a means for Indian MSMEs to unlock global value chains.</p>
<p>Moreover, automation in the production process for greater efficiency and availability of more channels to MSMEs to provide access to greater markets is the need of the hour.</p>
<h3>MSMEs and e-Commerce</h3>
<ul style="list-style-type: square;">
<li><strong>MSME:</strong> As per data from the <a href="/to-the-points/Paper2/year-end-review-2019-ministry-of-micro-small-and-medium-enterprises" target="_blank" rel="noopener"><strong>Ministry of Micro, Small and Medium Enterprises</strong></a>, almost 51% of Indian MSMEs are based in rural areas. <br />
<ul style="list-style-type: circle;">
<li>They often need exposure to large markets and expertise to be able to scale up and enhance capabilities.</li>
<li>Some of the challenges that MSMEs are faced with today are working capital crunch, supply chain bottlenecks, technological glitches, elaborate GST compliance framework, limited customer appetite for spending and many more.<br />
<ul style="list-style-type: disc;">
<li>The answer to some of these challenges lies in MSMEs embracing digital solutions for managing various aspects of their business.</li>
</ul>
</li>
</ul>
</li>
<li><strong>e-Commerce:</strong> The share of e-commerce in total retail has been growing consistently across the world, particularly in China, the US, and in countries in the Asia Pacific region. <br />
<ul style="list-style-type: circle;">
<li>Studies suggest that the India&rsquo;s e-commerce market is expected to expand to USD 84 billion by 2021 from USD 24 billion in 2017.<br />
<ul style="list-style-type: disc;">
<li>E-commerce could provide Indian MSMEs an opportunity to attract consumers and organizations from India.</li>
</ul>
</li>
</ul>
</li>
</ul>
<h3>Significance of Digitization in MSMEs</h3>
<ul style="list-style-type: square;">
<li><strong>Connects MSMEs Globally:</strong> It allows for small companies and startups located even in hinterlands to get their products to the national as well as global market. <br />
<ul style="list-style-type: circle;">
<li>It provides opportunities to artisans and small sellers from Tier-2/3 towns to sell online to customers beyond their local catchment.</li>
</ul>
</li>
<li><strong>Investment and Income:</strong> E-commerce marketplaces are today the best possible enablers for this transformation at minimal cost, innovation and investment.<br />
<ul style="list-style-type: circle;">
<li>By investing in supply chains, the e-commerce sector provides opportunities for MSMEs to partner them in supply and delivery networks. <br />
<ul style="list-style-type: disc;">
<li>This leads to additional income generation through multiple livelihood opportunities and thus contributes to economic prosperity and inclusive growth.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Cost Effective:</strong> E-commerce could also become a tool for Indian MSMEs to lower operational costs, increase revenue, acquire more customers and benefit from customer advocacy. <br />
<ul style="list-style-type: circle;">
<li>The online medium could help them access a seamless global supply chain at a fraction of the proportional cost of market access and delivery, freeing up cash for growth.</li>
</ul>
</li>
</ul>
<h3>Challenges Associated</h3>
<ul style="list-style-type: square;">
<li><strong>No Threshold Exemption from GST:</strong> The businesses with an annual turnover of up to Rs 40 lakh are exempted from <a href="/to-the-points/paper3/goods-and-services-tax-gst-1" target="_blank" rel="noopener"><strong>GST</strong></a>. <br />
<ul style="list-style-type: circle;">
<li>Sellers on e-commerce marketplaces do not get advantage of <strong>GST threshold exemption</strong> for intra&ndash;state supplies that offline sellers enjoy.</li>
<li>They have to &ldquo;compulsorily register&rdquo; even though their turnover is low.</li>
</ul>
</li>
<li><strong>Physical Principal Place of Business (PPoB):</strong> In e-commerce, it is not quite practical for online sellers to have a physical PPoB. <br />
<ul style="list-style-type: circle;">
<li>It leads to increased complexities for MSMEs in registering in e-commerce marketplaces.</li>
</ul>
</li>
<li><strong>Lack of Access to Appropriate Infrastructure and Technology:</strong> Buying the latest smart devices, best internet services, retaining skilled employees to manage digital systems and maintaining physical and digital infrastructure is also an expensive affair for small, nascent companies.</li>
<li><strong>Lack of Awareness:</strong> There are still many small and medium scale enterprises who are unaware of the impact of digital transformation and fail to build customer loyalty and retention as other e-businesses.<br />
<ul style="list-style-type: circle;">
<li>Moreover, MSMEs are resistant to augment digital technologies because cutting-edge technologies evolve faster, and they sometimes may not be able to match up with that advancement.</li>
</ul>
</li>
<li><strong>Maintaining a Database:</strong> Storing, analyzing, and managing crucial structured and unstructured data to make business decisions is challenging for MSMEs.<br />
<ul style="list-style-type: circle;">
<li>Data, cloud, and system management along with the training required to handle them, leave MSMEs uncertain.</li>
</ul>
</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li><strong>Dovetailing Existing Schemes with Technology:</strong> Examine the<a href="/to-the-points/paper3/micro-small-and-medium-enterprises-msme" target="_blank" rel="noopener"><strong> existing schemes and benefits for MSMEs</strong></a>, which were formulated with an offline, physical market in mind, and tweak them to include the special needs to leverage online sales channels. <br />
<ul style="list-style-type: circle;">
<li>For example, MSMEs could be given fiscal incentives to access markets and invest in digital marketing. The objective is to incentivise those who shift to the digital mode.</li>
<li>Connecting the skilling policy and programmes with the requirements of the e-commerce sector to meet future demand of the sector.</li>
</ul>
</li>
<li><strong>Increasing Exports via e-Commerce:</strong> Taking specific steps to increase exports via e-commerce. The steps may include: <br />
<ul style="list-style-type: circle;">
<li>Identifying products that have potential for the export market.</li>
<li>Connecting e-commerce with export-oriented manufacturing clusters.</li>
<li>Encouraging tie-ups with sector-specific export promotion councils.</li>
<li>Leveraging existing <a href="/daily-updates/daily-news-analysis/tripura-gets-its-first-sez" target="_blank" rel="noopener"><strong>Special Economic Zones</strong></a> to create e-commerce export zones.</li>
</ul>
</li>
<li><strong>E-Commerce and Foreign Trade Policy (FTP):</strong> The Foreign Trade Policy should identify the areas required by online sellers to succeed in global markets and include e-commerce export specific provisions in the upcoming revised policy. It may include: <br />
<ul style="list-style-type: circle;">
<li>Specific policy provisions providing incentives for e-commerce exports.</li>
<li>Enabling end to end digitization for e-commerce exports.</li>
</ul>
</li>
<li><strong>Role of Bigger Tech-Based Companies:</strong> Many technology based companies are building exclusive tools to support small and medium scale enterprises by enhancing their business proficiency and profitability. <br />
<ul style="list-style-type: circle;">
<li><strong>Google Advantage</strong> is one such initiative by Google India that facilitates MSMEs to use the growing online clientele base.</li>
<li><strong>Google My Business i</strong>s specifically developed to support startups, and MSMEs in India to succeed virtually.</li>
</ul>
</li>
<li><strong>Simplifying the PPoB Requirement:</strong> The government shall simplify the PPoB requirement especially for online sellers by making it digital and not requiring physical presence to expand their reach outside their home state. <br />
<ul style="list-style-type: circle;">
<li>Replacing physical PPoB with Place of Communication.</li>
<li>Eliminating the need for state specific physical PPoB requirement will facilitate sellers to get state-level GST with a single national place of business.</li>
</ul>
</li>
</ul>
<h3>Conclusion</h3>
<ul style="list-style-type: square;">
<li>Manufacturing by small units, cottage units and MSMEs has been a major contributor to India&rsquo;s growth story. <br />
<ul style="list-style-type: circle;">
<li>These small sectors, if effectively facilitated by digitisation, will be the game changer to accelerate economic growth, employment, income levels and enhance supply chain efficiencies.</li>
</ul>
</li>
<li>Digital proficiency for MSMEs is vital to set foot in the online market successfully. Without that, the sector can not be future ready.</li>
</ul>
<table border="1" style="border-collapse: collapse; width: 100%;">
<tbody>
<tr>
<td style="width: 100%; border-style: dotted; border-color: #ff0000; background-color: #fffff7;">
<p><span style="color: #000080;"><em><strong>Drishti Mains Question</strong></em></span></p>
<p>Digital empowerment is the key differentiator for the MSMEs Sector. Discuss the challenges and opportunities associated with the digitisation of MSME sector in India. (250 Words)</p>
</td>
</tr>
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		'article_id' => (int) 7834,
		'category_id' => (int) 21,
		'title' => 'Merchant Digitization Summit 2021',
		'description' => '<h3>Why In News</h3>
<p>Recently, the <strong>Government of India, <a href="/printpdf/india-asean-expo-and-summit" target="_blank" rel="noopener">Federation of Indian Chambers of Commerce and Industry (FICCI)</a></strong>, and UN-based<strong> Better Than Cash Alliance</strong> hosted <strong>Merchant Digitization Summit 2021: Towards Atma Nirbhar (Self Reliance) Bharat.</strong></p>
<ul style="list-style-type: square;">
<li>The Summit brought together leaders from the public and private sectors<strong> to accelerate responsible digitization of merchants in India's North-Eastern and Himalayan regions, and Aspirational districts.</strong></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Highlights of the Summit:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Empowering women merchants</strong> who play critical roles in their communities is one of the priorities to help achieve the mission of <a href="/loksabha-rajyasabha-discussions/in-depth-digital-india" target="_blank" rel="noopener"><strong>Digital India</strong></a>.</li>
<li>The <a href="/current-affairs-news-analysis-editorials/news-analysis/07-03-2019" target="_blank" rel="noopener"><strong>National Language Translation Mission</strong></a> can be used to disseminate digital payments information, privacy clauses and consent in local languages for trust and empowerment.</li>
<li>Identified opportunities to<strong> address the challenges of connectivity, access to smartphones, and digital literacy</strong> for merchants at the last mile.</li>
<li>Along with the increased focus on <a href="/daily-updates/daily-news-editorials/five-years-of-make-in-india" target="_blank" rel="noopener"><strong>&lsquo;Make in India&rsquo;</strong></a> through Atmanirbhar Bharat Scheme, responsible digitization must more strongly include rural networks such as <a href="/to-the-points/Paper2/self-help-groups-shgs" target="_blank" rel="noopener"><strong>Self Help Groups</strong></a> and community enablers.<br />
<ul style="list-style-type: disc;">
<li>This will lead to creation of the local digital ecosystems <strong>to help millions of merchants join the formal economy,</strong> access credit, and grow their business.</li>
</ul>
</li>
<li>From an average of 2-3 billion digital transactions monthly, <strong>India has set an ambitious target for 1 billion digital transactions per day.</strong>
<ul style="list-style-type: disc;">
<li><strong>Person to Merchant (P2M) digital payment transactions will scale to 10-12 billion transactions every month</strong> to contribute to India&rsquo;s digital economy.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Related Recent initiatives:</strong><br />
<ul style="list-style-type: circle;">
<li><a href="/daily-updates/daily-news-analysis/digital-payments-index-rbi" target="_blank" rel="noopener"><strong>Digital Payments Index.</strong></a></li>
<li><a href="/daily-updates/daily-news-analysis/payments-infrastructure-development-fund" target="_blank" rel="noopener"><strong>Payments Infrastructure Development Fund (PIDF) scheme.</strong></a></li>
<li>Relaxations in<a href="/daily-updates/daily-news-analysis/merchant-discount-rate" target="_blank" rel="noopener"><strong> Merchant Discount Rate.</strong></a></li>
</ul>
</li>
<li><strong>Better Than Cash Alliance (BTCA):</strong><br />
<ul style="list-style-type: circle;">
<li><strong>About:</strong> BTCA is a partnership of governments, companies, and international organizations that accelerates the transition from cash to responsible digital payments to help achieve the <a href="/to-the-points/paper3/sustainable-development-3" target="_blank" rel="noopener"><strong>Sustainable Development Goals.</strong></a></li>
<li><strong>Foundation:</strong> It was launched by the United Nations Capital Development Fund, the United States Agency for International Development, the Bill &amp; Melinda Gates Foundation, Citigroup, the Ford Foundation, the Omidyar Network, and Visa Inc.<br />
<ul style="list-style-type: disc;">
<li>It is based at the <a href="/important-institutions/drishti-specials-important-institutions-international-institution/united-nations-1" target="_blank" rel="noopener"><strong>United Nations.</strong></a></li>
<li>It was <strong>created in 2012.</strong></li>
</ul>
</li>
<li><strong>Members:</strong> The Alliance has <strong>75 members</strong> which are committed to digitizing payments in order to boost efficiency, transparency, women&rsquo;s economic participation and financial inclusion, helping build economies that are digital and inclusive.<br />
<ul style="list-style-type: disc;">
<li>Members do not want to abolish physical cash but rather want to provide responsible digital payment options that are &ldquo;better than cash&rdquo;.</li>
<li><strong>India became a member of the Better Than Cash Alliance in 2015</strong> to digitize payments to achieve financial inclusion and to share success stories from<a href="/daily-updates/daily-news-analysis/national-mission-for-financial-inclusion" target="_blank" rel="noopener"><strong> Pradhan Mantri Jan Dhan Yojana</strong></a>, the world's largest financial inclusion program.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Federation of Indian Chambers of Commerce &amp; Industry (FICCI):</strong> <br />
<ul style="list-style-type: circle;">
<li>FICCI is a<strong> non-government, not-for-profit organisation established in 1927.</strong></li>
<li>It is the largest and oldest apex business organisation in India whose history is closely interwoven with India's struggle for independence, its industrialization, and its emergence as one of the most rapidly growing global economies.</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleseDetail.aspx?PRID=1701968" target="_blank" rel="noopener"><strong>Source: PIB</strong></a></p>',
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		'article_id' => (int) 7757,
		'category_id' => (int) 15,
		'title' => 'The Big Picture: Roadmap to Implement Infra Projects',
		'description' => '<p style="text-align: center;"><iframe width="560" height="315" src="https://www.youtube.com/embed/YTxy8DZWyjA" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe></p>
<h3>Why in News?</h3>
<ul style="list-style-type: square;">
<li>The <a href="/daily-updates/daily-news-analysis/budget-2021-highlights-infrastructure" target="_blank" rel="noopener"><strong>Union Budget 2021-2022</strong></a> has given the much-needed fillip to the infrastructure sector.
<ul style="list-style-type: circle;">
<li>The Finance Minister has also announced the setting up of a <strong>Development Finance Institution</strong>, allowing large-scale asset monetisation.</li>
</ul>
</li>
<li>The infrastructure push is expected to not just boost India&rsquo;s post-pandemic economic recovery, but also create jobs.</li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Hike in Allocation:</strong> There is a <strong>34.5% increment</strong> in the budget allocation for infrastructure as compared to FY 2020-21.</li>
<li><strong>Equal Focus:</strong> Equal emphasis has been given to all the physical infrastructures including roads and highways, railways, urban infrastructure, power, port, shipping and airways, and petroleum and natural gas.
<ul style="list-style-type: circle;">
<li>The highest-ever capital expenditure of Rs 1.08 lakh crore has been allocated for building highways.</li>
</ul>
</li>
<li><strong>Institutional Set-up:</strong> The government has allocated 20,000 crore rupees to set up and capitalize a <strong>developmental financial institution.</strong></li>
<li><strong>Monitoring &amp; Transparency:</strong> A <strong>national monetisation pipeline</strong> will be launched, with a dashboard to track the progress and provide visibility to investors.</li>
</ul>
<div class="border-bg">
<p><strong>National Monetisation Pipeline</strong></p>
<ul style="list-style-type: square;">
<li>The budget for 2021-22 proposes a national monetization pipeline of potential <strong>brownfield</strong> projects.
<ul style="list-style-type: circle;">
<li>Asset monetisation is the process of unlocking the value of investment made in public assets which have not yielded appropriate or potential returns so far.</li>
</ul>
</li>
</ul>
<p><strong>Brownfield Projects</strong></p>
<ul style="list-style-type: square;">
<li>A brownfield investment is when a company or government <strong>entity purchases or leases existing production facilities</strong> to launch a new production activity.
<ul style="list-style-type: circle;">
<li>This is one strategy used in<a href="/daily-updates/daily-news-analysis/fdi-inflow" target="_blank" rel="noopener"> <strong>Foreign Direct Investment (FDI).</strong></a></li>
</ul>
</li>
<li>The alternative to this is a greenfield investment, in which a new plant is constructed.</li>
</ul>
</div>
<h3>Focus Areas for Infrastructure Development</h3>
<ul style="list-style-type: square;">
<li><strong>Decongesting the Choke Points:</strong> In addition to the roads and highways that are being built, there should be a focus on decongesting the choke points that connect the highways with the city.</li>
<li><strong>Low-cost Housing:</strong> The infra projects which are going to be confined to mostly tier 1 tier 2 cities, post pandemic the migrant labourers will return to the cities, so the government has to work on low-cost housing so that there&rsquo;s no further plight of temporary accommodation for the labourers .
<ul style="list-style-type: circle;">
<li><strong>Deslumification</strong> of the cities and low-cost housing are some of the priority areas that India shall take into account and act upon.</li>
</ul>
</li>
<li><strong>River Rejuvenation:</strong> It is a major infrastructural push India has to give as every city has a river that is spooning black water.
<ul style="list-style-type: circle;">
<li>Although major action plans for major rivers like the <a href="/daily-updates/daily-news-analysis/national-mission-for-clean-ganga" target="_blank" rel="noopener"><strong>National Mission for Clean Ganga</strong></a> are there, it's not enough, there are many drains and tributaries that are actually contributing to the pollution of the main river.</li>
<li>Also, it is the people living along these river banks that need to be invested in the idea.</li>
</ul>
</li>
<li><strong>Public-Private Partnerships (PPP):</strong> The government cannot entirely invest from its own resources in these infra projects, unless they involve the <a href="/to-the-points/paper3/ppp-investment-model#:~:text=Public%2DPrivate%20Partnership%20Model%3A%20PPP,be%20completed%20with%20private%20funding" target="_blank" rel="noopener"><strong>private sector</strong></a> which can monetise these assets.
<ul style="list-style-type: circle;">
<li>For a reduced delay in completion of infra projects, preferably governments can initially build the projects and then hand over the projects to the private players for operations and maintenance.</li>
</ul>
</li>
</ul>
<h3>Issues Associated</h3>
<ul style="list-style-type: square;">
<li><strong>Lack of Sustainable Finances:</strong> Although the budget allocation for infrastructure is a considerable amount but it is not enough unless augmented with supplementary resources from the market such as the FDI.</li>
<li><strong>Land Issues:</strong> Land is the basic requirement for any infrastructure project. Land acquisition in India is contentious and hence not a very speedy process.</li>
<li><strong>Ineffective Dispute Resolution Mechanism:</strong> A lot of infra projects are mired in the litigation between the executing agencies and the authorities which own the projects.
<ul style="list-style-type: circle;">
<li>The dispute resolution mechanisms are not very quick and effective, therefore the existing investors find it difficult to thrive and the new investors do not feel much comfortable in participating.</li>
</ul>
</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li><strong>Human Resources:</strong> Quality manpower shall be invested to plan, implement, execute and monitor the infrastructure projects well.</li>
<li><strong>Foreign Direct Investments:</strong> Enhancing and permitting FDI, in the sectors where India&rsquo;s R&amp;D is still not at the global level.
<ul style="list-style-type: circle;">
<li>To bring more FDI in India, the legal framework has to be smoothened and a better contract management system and a better dispute resolution mechanism is required.</li>
</ul>
</li>
<li><strong>Encouraging the Private Sector Involvement:</strong> Government by itself putting all the efforts will not bring out the entrepreneurship capabilities within the private sector, which is very much required if India wants to catch up at the global level in terms of providing infrastructure.
<ul style="list-style-type: circle;">
<li>The government has to look at the private sector as a partner and not as a vendor as it is about equal participation towards transformation of the country from an infrastructure perspective.</li>
</ul>
</li>
</ul>
<h3>Conclusion</h3>
<ul style="list-style-type: square;">
<li>A roadmap to implement infrastructure projects with the PPP model will be sustainable and it will reduce the burden on the government's financial capacity.
<ul style="list-style-type: circle;">
<li>Although the private sector is a profit based sector, if regulated in a suitable way, it would be beneficial for the government, the private sector as well as the nation.</li>
<li>Moreover, the announcement of the National Monetisation Pipeline is a welcome move which will not only enhance returns from public investments but also promote balanced regional development.</li>
</ul>
</li>
<li>If India is aiming at world class infrastructure, there are several things that need increased attention and encouragement such as the industry-academia partnership to fillip the R&amp;D sector.</li>
</ul>',
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		'article_id' => (int) 7723,
		'category_id' => (int) 22,
		'title' => 'Labour Code For Informal Sector',
		'description' => '<div class="border">
<p>This article is based on <a href="https://indianexpress.com/article/opinion/columns/nirmala-sitharaman-union-budget-labour-codes-law-7193088/" target="_blank" rel="noopener"><strong>&ldquo;Bridging the inequality gap&rdquo;</strong> </a>which was published in The Indian Express on 18/02/2021. It talks about the issues related to recently drafted rules of the Code on Social Security.</p>
</div>
<p>The Finance Minister in budget 2021 speech announced that the<a href="/daily-updates/daily-news-analysis/labour-reforms-1" target="_blank" rel="noopener"><strong> four labour codes</strong></a> shall be implemented in India with effect from 1<sup>st</sup> April 2021. These labour codes envisage simplifying the country&rsquo;s archaic labour laws and give impetus to economic activity without compromising with the workers&rsquo; benefits.</p>
<p>However, the recently drafted rules of the Code on Social Security signals that less consideration has been given to the plight of the informal sector workers.</p>
<p>The informal sector workers in India face the risk of violations of their human and labour rights, the dignity of livelihood, unsafe and unregulated working conditions and lower wages, among several other vulnerabilities.</p>
<p>Therefore, in order to fulfill the inequality gap in society and adopting an inclusive development model, it should be the priority of the government to address the vulnerabilities linked with the informal sector workforce in India.</p>
<h3>Need to Protect Informal Workforce</h3>
<ul style="list-style-type: square;">
<li>India&rsquo;s estimated 450 million informal workers comprise 90% of its total workforce, with 5-10 million workers added annually.</li>
<li>Further, according to Oxfam&rsquo;s latest global report, out of the total 122 million who lost their jobs in 2020, 75% were lost in the informal sector.
<ul style="list-style-type: circle;">
<li>The Covid-19 pandemic experience tells us that there is also a need to provide social protection, as the vulnerabilities of the informal sector became even more prominent as the entire country went into a state of suspension due to the lockdown.</li>
</ul>
</li>
<li>Moreover, in the current financial year 2020-21, the economy is expected to contract by 7.7%. So, there is an urgent need to revive the economy by generating employment.</li>
</ul>
<h3>Major Issues Associated With Draft Rules</h3>
<ul style="list-style-type: square;">
<li><strong>Concern of Exclusion:</strong> The draft rules mandate the registration of all workers (with Aadhaar cards) on the Shram Suvidha Portal to be able to receive any form of social security benefit.
<ul style="list-style-type: circle;">
<li>Now, on the one hand, this would lead to Aadhaar-driven exclusion and, on the other, workers will most likely be unable to register on their own due to lack of information on the Aadhaar registration processes.</li>
<li>Also, a foreseeable challenge is updating information on the online portal at regular intervals, especially by the migrant or seasonal labour force.</li>
</ul>
</li>
<li><strong>Urban Centric:</strong> While the government claimed that the exercise of reform was aimed to extend the coverage of statutory protection (including need-based minimum wages, non-hazardous working conditions, universal social security entitlements) to unorganized sector workers and the gig economy.
<ul style="list-style-type: circle;">
<li>However, the codes fail to extend any form of social protection to the vast majority of informal sector workers which is predominant in rural areas including migrant workers, self-employed workers, home-based workers and other vulnerable groups.</li>
</ul>
</li>
<li><strong>No-Right Based Framework:</strong> The Code does not emphasize social security as a right, nor does it make reference to its provision as stipulated by the Constitution.
<ul style="list-style-type: circle;">
<li>In addition, it does not stipulate any appropriate grievance redressal mechanism which will leave millions of workers vulnerable without clear social protections.</li>
</ul>
</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li><strong>Looking After Migrant Workforce:</strong> According to a recent Institute of Human Development Report, the total number of vulnerable migrant workers could range from 115 million to 140 million.
<ul style="list-style-type: circle;">
<li>It is, therefore, important for the draft rules to clearly state how their applicability will unfold with respect to the migrant informal workforce.</li>
<li>In this context, the governments&rsquo; scheme of one India one ration card is a step in the right direction.</li>
</ul>
</li>
<li><strong>Strengthening MSME:</strong> Nearly 40% of the informal workforce is employed with MSMEs. Therefore, it is natural that the strengthening of MSME will lead to economic recovery, employment generation, and formalization of the economy.</li>
<li><strong>Skilling Under CSR Expenditure:</strong> The large corporate houses should also take the responsibility of skilling people in the unorganized sectors under CSR expenditure.</li>
<li><strong>Recognizing Invisible Labour:</strong> A national policy for domestic workers needs to be brought in at the earliest to recognize their rights and promote better working conditions.</li>
</ul>
<h3>Conclusion</h3>
<p>The Code on Social Security was envisaged as a legal protective measure for a large number of informal workers in India but unless the labour codes are made and implemented keeping in mind the realities of the informal sector workers, it will become impossible to bridge the inequality gap.</p>
<table border="1" style="border-collapse: collapse; width: 100%;">
<tbody>
<tr>
<td style="width: 100%; border-style: dotted; border-color: #ff0000; background-color: #fffef7;">
<p><span style="color: #000080;"><em><strong>Drishti Mains Question</strong></em></span></p>
<p>The growing informal nature of the workforce and the lack of the state&rsquo;s accountability makes it a breeding ground for rising inequality. Discuss.</p>
</td>
</tr>
</tbody>
</table>
<p style="text-align: center;"><iframe width="560" height="315" src="https://www.youtube.com/embed/CG_l78yoFmc" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe></p>
<p>This editorial is based on<a href="https://www.thehindu.com/opinion/editorial/ominous-precedent-on-donald-trump-impeachment/article33854589.ece" target="_blank" rel="noopener"><strong> &ldquo;Ominous precedent: On Donald Trump impeachment&rdquo;</strong></a> published in The Hindu on February 17<sup>th</sup>, 2020. Now watch this on our Youtube channel.</p>',
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	(int) 11 => object(Cake\ORM\Entity) {

		'article_id' => (int) 7682,
		'category_id' => (int) 21,
		'title' => 'World Sustainable Development Summit 2021',
		'description' => '<h3>Why in News</h3>
<p>Recently, the <strong>World Sustainable Development Summit,</strong> the<strong> annual flagship event of The Energy and Resources Institute (TERI)</strong> was held.</p>
<ul style="list-style-type: square;">
<li>The theme of the 2021 Summit was<strong> &lsquo;Redefining our common future: Safe and secure environment for all&rsquo;.</strong></li>
<li>TERI is a <strong>non-profit research institute,</strong> established in 1974. It conducts research work in the fields of energy, environment and sustainable development for India and the Global South.</li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>India&rsquo;s Stand at the Event:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Emphasis on Climate Justice:</strong> <br />
<ul style="list-style-type: disc;">
<li>&ldquo;Climate justice&rdquo; is a term, and more than that a movement that <strong>acknowledges climate change can have differing social, economic, public health, and other adverse impacts</strong> on underprivileged populations.</li>
<li>As per India, &lsquo;climate justice&rsquo; is inspired by a <strong>vision of trusteeship -</strong> where growth comes with greater compassion to the poorest. It also means giving the developing countries enough space to grow.</li>
</ul>
</li>
<li><strong>Reassurance to Climate Mitigation Efforts:</strong> <br />
<ul style="list-style-type: disc;">
<li>India reassured <a href="/current-affairs-news-analysis-editorials/news-editorials/11-07-2019" target="_blank" rel="noopener"><strong>commitments</strong> </a>to its targets under the <a href="/daily-updates/daily-news-analysis/five-years-of-paris-climate-accord" target="_blank" rel="noopener"><strong>Paris deal</strong> </a>to reduce emissions intensity of GDP by 33 to 35 percent from 2005 levels.</li>
<li>India&rsquo;s steady progress on its commitment to <a href="/current-affairs-news-analysis-editorials/news-analysis/17-06-2020#:~:text=Restore%20and%20Rehabilitate%3A%20To%20achieve,25%25%20in%20the%20year%202030." target="_blank" rel="noopener"><strong>Land Degradation Neutrality</strong></a> and setting up of <strong>450 gigawatts of Renewable Energy generating capacity</strong> till 2030 was also highlighted.</li>
<li>Initiatives of India under <a href="/daily-updates/daily-news-analysis/third-assembly-of-isa" target="_blank" rel="noopener"><strong>International Solar Alliance</strong></a> were also discussed.</li>
</ul>
</li>
<li><strong>Commitment to Enhancing Disaster Resilience:</strong> <br />
<ul style="list-style-type: disc;">
<li>To enhance India&rsquo;s disaster management capabilities, commitments to<a href="/daily-updates/daily-news-editorials/coalition-for-disaster-resilient-infrastructure" target="_blank" rel="noopener"><strong> Coalition for Disaster Resilient Infrastructure (CDRI)</strong></a> were assured. <br />
<ul style="list-style-type: disc;">
<li><strong>CDRI:</strong> A multi-stakeholder global partnership of country governments, UN agencies, multilateral banks, private sector and knowledge institutions that aims to build resilience into infrastructure systems to ensure sustainable development.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
<li><strong>India's Efforts Towards Sustainable Development:</strong> <br />
<ul style="list-style-type: circle;">
<li>In March 2019, <strong>India achieved nearly 100% electrification</strong> through sustainable technologies and innovative models.</li>
<li>Through the <a href="/daily-updates/daily-news-analysis/5-years-of-ujala-and-slnp" target="_blank" rel="noopener"><strong>Ujala Programme</strong></a>, 367 million LED bulbs were distributed which reduced over 38 million tonnes carbon dioxide per year.</li>
<li>Through the <a href="/daily-updates/daily-news-analysis/important-facts-for-prelims" target="_blank" rel="noopener"><strong>PM Ujjwala Yojna</strong></a>, more than 80 million households below the poverty line have access to clean cooking fuel. India is working to<strong> increase the share of natural gas in India's energy basket from 6% to 15%.</strong></li>
<li>The <a href="/daily-updates/daily-news-analysis/jal-jeevan-mission-1" target="_blank" rel="noopener"><strong>Jal Jeevan Mission</strong></a> has connected over 34 million households with tap connections in 18 months.</li>
<li>Through <strong>conservation efforts,</strong> the population of<a href="/daily-updates/daily-news-analysis/rise-in-the-population-of-asiatic-lions" target="_blank" rel="noopener"><strong> lions</strong></a>, <a href="/daily-updates/daily-news-analysis/tiger-census-2018-guinness-book-of-world-records" target="_blank" rel="noopener"><strong>tigers</strong></a>,<a href="/daily-updates/daily-news-analysis/international-snow-leopard-day" target="_blank" rel="noopener"><strong> leopards</strong></a> and <a href="/daily-updates/daily-news-analysis/project-dolphin" target="_blank" rel="noopener"><strong>Gangetic river dolphins</strong> </a>has gone up.</li>
</ul>
</li>
</ul>
<div class="border-bg">
<p><strong>World Sustainable Development Summit</strong></p>
<ul style="list-style-type: square;">
<li><strong>About:</strong> <br />
<ul style="list-style-type: circle;">
<li>The World Sustainable Development Summit (WSDS) is the <strong>annual flagship event of The Energy and Resources Institute (TERI).</strong></li>
<li>It was <strong>earlier known as Delhi Sustainable Development Summit.</strong></li>
</ul>
</li>
<li><strong>Objective:</strong><br />
<ul style="list-style-type: circle;">
<li>It has been conceptualized as a single platform <strong>to accelerate action towards <a href="/to-the-points/paper3/sustainable-development-3" target="_blank" rel="noopener">sustainable development</a> and <a href="/daily-updates/daily-news-editorials/climate-change-and-development-in-india" target="_blank" rel="noopener">climate change</a>.</strong></li>
<li>It aims to <strong>bring together global leaders and thinkers</strong> in the fields of sustainable development, energy and environment sectors on a common platform.</li>
</ul>
</li>
<li><strong>Sustainable Development:</strong><br />
<ul style="list-style-type: circle;">
<li>"Sustainable development is<strong> development that meets the needs of the present without compromising the ability of future generations to meet their own needs".</strong> This most widely accepted definition of Sustainable Development was given by the Brundtland Commission in its report &lsquo;Our Common Future&rsquo; (1987).</li>
</ul>
</li>
<li><strong>Climate Change:</strong><br />
<ul style="list-style-type: circle;">
<li>It is a <strong>long-term change in the average weather patterns</strong> that have come to define Earth&rsquo;s local, regional and global climates.</li>
<li>Climate data records provide<strong> evidence of climate change key indicators,</strong> such as global land and ocean temperature increases; rising sea levels; ice loss at Earth&rsquo;s poles and in mountain glaciers; frequency and severity changes in extreme weather such as <a href="/daily-updates/daily-news-analysis/hurricane-laura#:~:text=Origin%3A%20Tropical%20cyclones%20or%20hurricanes,of%20low%20air%20pressure%20below." target="_blank" rel="noopener"><strong>hurricanes</strong></a>, <a href="/daily-updates/daily-news-analysis/heat-waves#:~:text=The%20heat%20wave%20is%20considered,to%20be%20heat%20wave%20condition." target="_blank" rel="noopener"><strong>heatwaves</strong></a>, <a href="/daily-updates/daily-news-analysis/wildfires-in-uttarakhand" target="_blank" rel="noopener"><strong>wildfires</strong></a>, droughts, floods and precipitation; and cloud and vegetation cover changes, to name but a few.</li>
</ul>
</li>
</ul>
</div>
<p><a href="https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1696905" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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		'article_id' => (int) 7622,
		'category_id' => (int) 21,
		'title' => 'Taxing Interest Incomes on EPF',
		'description' => '<h3>Why in News</h3>
<p>The <a href="/daily-updates/daily-news-analysis/budget-2021-highlights-infrastructure" target="_blank" rel="noopener"><strong>Union Budget 2021-22</strong></a> proposed to tax the interest income on <strong><a href="/daily-updates/daily-news-analysis/epfo-disbursed-claims" target="_blank" rel="noopener">Provident Fund (PF)</a> contributions by employees exceeding Rs. 2.5 lakh a year</strong>.</p>
<ul style="list-style-type: square;">
<li>The Ministry of Finance <strong>expressed concerns over investments as much as Rs. 1 crore each month into PF</strong> and suggested it was <strong>unfair</strong> that they <strong>get tax concessions as well as an assured return</strong>.</li>
<li>The <strong>Employees&rsquo; Provident Fund (EPF) Scheme</strong> is managed under the aegis of the <strong>Employees&rsquo; Provident Fund Organisation (EPFO)</strong>. <br />
<ul style="list-style-type: circle;">
<li>EPFO is a <strong>government organization</strong> that manages provident fund and pension accounts for the workforce engaged in the organized sector in India.</li>
</ul>
</li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>About the Employees&rsquo; Provident Fund (EPF) Scheme:</strong><br />
<ul style="list-style-type: circle;">
<li>The Employee Provident Fund is <strong>open for employees of both the Public and Private Sectors</strong>. Additionally, any organisation that employs <strong>at least 20 individuals is mandatorily</strong> liable to extend benefits of EPF to its employees.</li>
<li><strong>Both employer and employee contribute 12% of an employee's monthly salary</strong> (basic wages plus dearness allowance) to the Employees&rsquo; Provident Fund (EPF) scheme.<br />
<ul style="list-style-type: disc;">
<li>Of the employer's share of 12%,<strong> 8.33% is diverted towards the Employees Pension Scheme (EPS)</strong>.</li>
</ul>
</li>
<li>EPF scheme is <strong>mandatory for employees who draw a basic wage of Rs. 15,000 per month</strong>.</li>
<li>The <strong>EPF interest rate is declared every year by the EPFO</strong>.<br />
<ul style="list-style-type: disc;">
<li>EPFO implements <strong>the Employees&rsquo; Provident Fund and Miscellaneous Provisions Act, 1952</strong>.</li>
<li>The EPF Act, 1952 provides for the institution of provident funds for employees in factories and other establishments.</li>
</ul>
</li>
<li>This savings scheme offers<strong> tax exemption under Section 80C of the Income Tax Act</strong>.</li>
</ul>
</li>
<li><strong>Proposed Tax on Income:</strong><br />
<ul style="list-style-type: circle;">
<li>The<strong> annual contribution to EPF and Gratuity</strong> - and also <strong>voluntary contributions to EPF</strong> - will be added. <strong>If the aggregate contribution exceeds Rs 2.5 lakh, the interest income on that will be taxed at the marginal tax rate</strong> in which the income of the individual falls.</li>
<li>Importantly, <strong>only the contribution linked to the employees' component will be calculated for taxation purposes</strong>. The <strong>employer&rsquo;s contribution towards the EPF will not be considered</strong> for the calculation.</li>
<li>The<strong> interest income on the additional contribution of a year will get taxed every year</strong>. <br />
<ul style="list-style-type: disc;">
<li>This means that if an individual&rsquo;s annual contribution to PF in FY22 is Rs. 10 lakh, the interest income on Rs 7.5 lakh will get taxed not only for FY22 but also for all subsequent years.</li>
</ul>
</li>
<li>The <strong>average normal EPF contributor would not be affected</strong> by this new proposal.</li>
</ul>
</li>
<li><strong>Reasons for Taxing Interest Income on PF Contributions:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Preventing Misuse of the Scheme:</strong> <br />
<ul style="list-style-type: disc;">
<li>The government has found instances <strong>where some employees are contributing huge amounts to these funds</strong> and are <strong>getting the benefit of tax exemption at all stages</strong> - contribution, interest accumulation and withdrawal.</li>
<li>Since any tax exemption is provided through taxpayers&rsquo; money, it was unfair to allow <strong>High Networth Individuals (HNIs)</strong> depositing large sums in EPF to earn an assured interest (under EPFO) and tax-free income together. <br />
<ul style="list-style-type: disc;">
<li><strong>HNIs:</strong> Those people with investable assets above a certain figure.</li>
</ul>
</li>
<li>Earlier, the <strong>government had capped the contributions by employers into employee welfare schemes</strong> like the EPF or the <a href="/daily-updates/daily-news-analysis/streamlining-of-national-pension-system" target="_blank" rel="noopener"><strong>National Pension Scheme</strong></a> or a superannuation plan, at Rs. 7.5 lakh a year. <br />
<ul style="list-style-type: disc;">
<li>However, government as well as private sector employees are allowed to make voluntary contributions over and above the statutory deductions into the <strong>general provident fund (available only for government employees) or EPF (available for government as well as private sector employees)</strong>.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Promoting Equity among PF Contributors:</strong><br />
<ul style="list-style-type: disc;">
<li>Of an estimated 4.5 crore EPF accounts, about 0.27% members had an average corpus of Rs. 5.92 crore and were earning over Rs. 50 lakh a year as &ldquo;tax-free assured interest&rdquo;.<br />
<ul style="list-style-type: disc;">
<li>This is a misuse of the welfare scheme aiming to promote savings and provide social security to lower and middle income groups of employees.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
</ul>
<p><a href="https://www.thehindu.com/news/national/123-lakh-high-net-worth-individuals-deposited-62500-crore-into-epf-accounts-in-2018-19/article33753096.ece" target="_blank" rel="noopener"><strong>Source: TH</strong></a></p>',
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		'article_id' => (int) 7605,
		'category_id' => (int) 21,
		'title' => 'Budget 2021 Highlights: Minimum Government, Maximum Governance and Fiscal Position',
		'description' => '<h3>Why in News</h3>
<p>Recently, the Minister of Finance presented the Union <a href="/to-the-points/paper3/government-budgeting#:~:text=According%20to%20Article%20112%20of,Annual%20Financial%20Statement%20(AFS).&amp;text=The%20economic%20and%20financial%20policy,introduction%20of%20new%20schemes%2Fprojects." target="_blank" rel="noopener"><strong>Budget</strong></a> 2021-22. This was the <strong>first digital budget.</strong></p>
<ul style="list-style-type: square;">
<li>This section deals with the theme<strong> &lsquo;Minimum Government, Maximum Governance&rsquo;</strong> and <strong>Fiscal Position of the government.</strong></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Minimum Government, Maximum Governance:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>National Commission for Allied Healthcare Professionals</strong> already introduced to ensure transparent and efficient regulation of the 56 allied healthcare professions.</li>
<li>The<strong> National Nursing and Midwifery Commission Bill</strong> introduced for the same in the nursing profession.</li>
<li><strong>Proposed Conciliation Mechanism</strong> with mandate for quick resolution of contractual disputes with Central Public Sector Enterprises (CPSEs).</li>
<li>Rs. 3,768 crore allocated for<strong> first digital census in the history of India.</strong></li>
<li>Rs. 300 crore grant to the Government of Goa for the diamond jubilee celebrations of the <strong>state&rsquo;s liberation from Portuguese.</strong></li>
<li>Rs. 1,000 crore for the <strong>welfare of Tea workers</strong> especially women and their children in Assam and West Bengal through a special scheme.</li>
</ul>
</li>
<li><strong>Fiscal Position:</strong><br />
<ul style="list-style-type: circle;">
<li><a href="/daily-updates/daily-news-analysis/increased-fiscal-deficit" target="_blank" rel="noopener"><strong>Fiscal deficit</strong></a> stands at 9.5% of the<a href="/printpdf/base-year-for-gdp-calculations#:~:text=GDP%20calculation%20in%20India,difference%20between%20exports%20and%20imports)." target="_blank" rel="noopener"><strong> Gross Domestic Product (GDP)</strong></a>, and is estimated to be 6.8% in 2021-22.</li>
<li>Plan <strong>to continue on the path of fiscal consolidation,</strong> achieving a fiscal deficit level below 4.5% of GDP by 2025-2026 with a fairly steady decline over the period.<br />
<ul style="list-style-type: disc;">
<li>Amendment to <a href="/to-the-points/paper3/government-budgeting" target="_blank" rel="noopener"><strong>Fiscal Responsibility and Budget Management (FRBM) Act</strong></a> proposed to achieve targeted Fiscal Deficit levels.</li>
</ul>
</li>
<li>The<a href="/daily-updates/daily-news-analysis/mp-s-salaries-cut-and-mplads-suspended" target="_blank" rel="noopener"><strong> Contingency Fund of India</strong> </a>is to be augmented from Rs. 500 crore to Rs. 30,000 crore through Finance Bill.</li>
</ul>
</li>
</ul>
<p><a href="http://www.drishtiias.com/images/uploads/1612424389_drishti_ias_budget.jpeg" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612424389_drishti_ias_budget.jpeg" width="566" height="319" style="display: block; margin-left: auto; margin-right: auto;" caption="false" /></a></p>
<ul style="list-style-type: square;">
<li><strong>Recommendations of Fifteenth Finance Commission:</strong><br />
<ul style="list-style-type: circle;">
<li>The final report covering 2021-26 was submitted to the President, retaining vertical <strong>shares of states at 41%.</strong></li>
<li>Funds to UTs of Jammu and Kashmir and Ladakh would be provided by the Centre.</li>
<li>On the Commission&rsquo;s recommendation, <strong>Rs. 1,18,452 crore have been provided as Revenue Deficit Grant to 17 states in 2021-22,</strong> as against Rs. 74,340 crore to 14 states in 2020-21.</li>
</ul>
</li>
<li><strong>Tax Proposals:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>No exemption on interest,</strong> if Provident Fund PF contribution is more than Rs. 2.5 lakh.</li>
<li><strong>Exemption from filing tax returns for senior citizens</strong> over 75 years of age and having only pension and interest income; tax to be deducted by paying the bank.</li>
<li><strong>Income Tax settlement commission</strong> abolished.</li>
<li><strong>Higher Tax Collection</strong> at Source rate for <strong>non-filers.</strong></li>
<li>Reducing time to file belated returns.</li>
<li><strong>Agriculture Infrastructure and Development Cess (AIDC)</strong> on a small number of items.</li>
<li><strong>Dispute Resolution Committee</strong> to be set up for taxpayers with taxable income up to Rs. 50 lakh and disputed income up to Rs. 10 lakh.</li>
<li><strong>National Faceless Income Tax Appellate Tribunal Centre</strong> to be established.</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1693907" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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		'article_id' => (int) 7604,
		'category_id' => (int) 21,
		'title' => 'Budget 2021 Highlights: Inclusive Development for Aspirational India and Reinvigorating Human Capital',
		'description' => '<h3>Why in News</h3>
<p>Recently, the Finance Minister presented the Union <a href="/to-the-points/paper3/government-budgeting#:~:text=According%20to%20Article%20112%20of,Annual%20Financial%20Statement%20(AFS).&amp;text=The%20economic%20and%20financial%20policy,introduction%20of%20new%20schemes%2Fprojects." target="_blank" rel="noopener"><strong>Budget</strong></a> 2021-22. This was the<strong> first digital budget.</strong></p>
<ul style="list-style-type: square;">
<li>This section deals with the theme <strong>&lsquo;Inclusive Development for Aspirational India and Reinvigorating Human Capital&rsquo;.</strong></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Inclusive Development for Aspirational India:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Agriculture:</strong><br />
<ul style="list-style-type: disc;">
<li>Ensured <a href="/daily-updates/daily-news-analysis/minimum-support-price" target="_blank" rel="noopener"><strong>Minimum Support Price (MSP)</strong></a> at minimum 1.5 times the cost of production across all commodities.</li>
<li><a href="/daily-updates/daily-news-analysis/svamitva-scheme" target="_blank" rel="noopener"><strong>SWAMITVA Scheme</strong></a> to be extended to all States/UTs.</li>
<li><a href="/to-the-points/paper3/operation-greens-ttp-1-1" target="_blank" rel="noopener"><strong>Operation Green Scheme</strong></a> to be extended to 22 perishable products, to boost value addition in agriculture and allied products.</li>
<li>1,000 more mandis to be integrated with the <a href="/daily-updates/daily-news-analysis/mandis-under-e-nam-increased" target="_blank" rel="noopener"><strong>National Agricultural Market (e-NAM)</strong></a> to bring transparency and competitiveness.</li>
<li><a href="/daily-updates/daily-news-editorials/agriculture-produce-to-agriculture-marketing" target="_blank" rel="noopener"><strong>APMCs (agricultural produce market committee)</strong> </a>to get access to the Agriculture Infrastructure Funds for augmenting infrastructure facilities.</li>
</ul>
</li>
<li><strong>Fisheries:</strong><br />
<ul style="list-style-type: disc;">
<li>5 major fishing harbours &ndash; Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat to be developed as hubs of economic activity.</li>
<li>Multipurpose <strong><a href="/daily-updates/daily-news-analysis/pegasus" target="_blank" rel="noopener">Seaweed</a> Park</strong> in Tamil Nadu to promote seaweed cultivation.</li>
</ul>
</li>
<li><strong>Migrant Workers and Labourers:</strong><br />
<ul style="list-style-type: disc;">
<li><a href="/daily-updates/daily-news-editorials/one-nation-one-ration-card-3" target="_blank" rel="noopener"><strong>One Nation One Ration Card scheme</strong></a> for beneficiaries to claim rations anywhere in the country - migrant workers to benefit the most.</li>
<li><strong>Portal to collect information on unorganized labour force,</strong> migrant workers especially, to help formulate schemes for them.</li>
<li>Implementation of <strong>4 <a href="/loksabha-rajyasabha-discussions/the-big-picture-the-labour-code-bills" target="_blank" rel="noopener">labour codes</a></strong> underway:<br />
<ul style="list-style-type: disc;">
<li><strong>Social security benefits for gig and platform workers</strong> too.</li>
<li><strong>Minimum wages and coverage</strong> under the Employees State Insurance Corporation applicable for all categories of workers.</li>
<li><strong>Women workers</strong> allowed in all categories, including night-shifts with adequate protection.</li>
<li><strong>Compliance burden</strong> on employers reduced with single registration and licensing, and online returns.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Financial Inclusion:</strong><br />
<ul style="list-style-type: disc;">
<li>Under <strong>Stand Up India Scheme</strong> for <a href="/daily-updates/daily-news-editorials/reimagining-the-national-commission-for-scheduled-castes" target="_blank" rel="noopener"><strong>Scheduled Castes</strong> </a>(SC), <a href="/daily-updates/daily-news-analysis/national-commission-for-scheduled-tribes" target="_blank" rel="noopener"><strong>Scheduled Tribes</strong></a> (ST) and women,<br />
<ul style="list-style-type: disc;">
<li>Margin money requirement reduced to 15%.</li>
<li>To also include loans for allied agricultural activities.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
<li><strong>Reinvigorating Human Capital:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>School Education:</strong><br />
<ul style="list-style-type: disc;">
<li>15,000 schools to be strengthened by implementing all<a href="/daily-updates/daily-news-editorials/national-education-policy-nep-2020" target="_blank" rel="noopener"><strong> National Education Policy (NEP)</strong> </a>components. Shall act as exemplar schools in their regions for mentoring others.</li>
<li><strong>100 new Sainik Schools</strong> to be set up in partnership with NGOs/private schools/states.</li>
</ul>
</li>
<li><strong>Higher Education:</strong><br />
<ul style="list-style-type: disc;">
<li>Legislation to be introduced to set up the <strong>Higher Education Commission of India</strong> as an umbrella body with 4 separate vehicles for <strong>standard-setting, accreditation, regulation, and funding.</strong></li>
<li>Creation of formal umbrella structure to cover all Government colleges, universities, research institutions in a city for greater synergy.</li>
<li><strong>Central University to come up in Leh</strong> for accessibility of higher education in Ladakh.</li>
</ul>
</li>
<li><strong>Scheduled Castes and Scheduled Tribes Welfare:</strong><br />
<ul style="list-style-type: disc;">
<li>750 <a href="/daily-updates/daily-news-analysis/eklavya-model-residential-and-day-boarding-schools" target="_blank" rel="noopener"><strong>Eklavya model residential schools</strong></a> in tribal areas.</li>
<li>Revamped <a href="/daily-updates/daily-news-analysis/scholarship-schemes-in-india#:~:text=Post%20Matric%20Scholarship%20for%20SCs,government%20and%20Union%20Territory%20administration.&amp;text=The%20scholarship%20is%20available%20for,2%2C50%2C000%20per%20annum%20." target="_blank" rel="noopener"><strong>Post Matric Scholarship Scheme</strong></a> for welfare of SCs.</li>
</ul>
</li>
<li><strong>Skilling:</strong><br />
<ul style="list-style-type: disc;">
<li>Proposed amendment to Apprenticeship Act to enhance opportunities for youth.</li>
<li>Rs. 3000 crore for realignment of existing <strong>National Apprenticeship Training Scheme (NATS)</strong> towards post-education apprenticeship, training of graduates and diploma holders in Engineering.</li>
<li>Initiatives for<strong> partnership with other countries</strong> in skilling to be taken forward, similar to partnership:<br />
<ul style="list-style-type: disc;">
<li><strong>With UAE</strong> to benchmark skill qualifications, assessment, certification, and deployment of certified workforce.</li>
<li><strong>With Japan</strong> for a collaborative <strong>Technical Intern Training Programme (TITP)</strong> to transfer skills, technique and knowledge.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Innovation and Research &amp; Development:</strong><br />
<ul style="list-style-type: disc;">
<li><strong>National Language Translation Mission (NTLM)</strong> to make governance-and-policy related knowledge available in major Indian languages.</li>
<li>PSLV-CS51 to be launched by <a href="/daily-updates/daily-news-analysis/private-sector-participation-in-space#:~:text=Global%20technology%20powerhouse.-,New%20Space%20India%20Limited,of%20the%20Department%20of%20Space." target="_blank" rel="noopener"><strong>New Space India Limited (NSIL)</strong> </a>carrying Brazil&rsquo;s Amazonia Satellite and some Indian satellites.</li>
<li>As part of the<a href="/daily-updates/daily-news-analysis/gaganyaan-6" target="_blank" rel="noopener"><strong> Gaganyaan mission</strong> </a>activities:<br />
<ul style="list-style-type: disc;">
<li>4 Indian astronauts being trained on Generic Space Flight aspects, in Russia.</li>
<li>First unmanned launch is slated for December 2021.</li>
</ul>
</li>
<li>Rs. 4,000 crore over five years for <strong><a href="/daily-updates/daily-news-analysis/digital-ocean" target="_blank" rel="noopener">Deep Ocean Mission</a> survey</strong> exploration and conservation of deep sea biodiversity.</li>
</ul>
</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1693907" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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		'article_id' => (int) 7603,
		'category_id' => (int) 21,
		'title' => 'Budget 2021 Highlights: Physical and Financial Capital',
		'description' => '<h3>Why in News</h3>
<p>Recently, the Minister of Finance presented the Union <a href="/to-the-points/paper3/government-budgeting#:~:text=According%20to%20Article%20112%20of,Annual%20Financial%20Statement%20(AFS).&amp;text=The%20economic%20and%20financial%20policy,introduction%20of%20new%20schemes%2Fprojects." target="_blank" rel="noopener"><strong>Budget</strong></a> 2021-22. This was the <strong>first digital budget.</strong></p>
<ul style="list-style-type: square;">
<li>This section deals with proposals related to <strong>Physical and Financial Capital.</strong></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Financial Capital:</strong><br />
<ul style="list-style-type: circle;">
<li>A single <strong>Securities Markets Code</strong> to be evolved.</li>
<li>To develop<strong> an investor charter</strong> as a right of all financial investors.</li>
<li>A new permanent institutional framework to help in development of the <strong><a href="/daily-updates/daily-news-analysis/green-bonds" target="_blank" rel="noopener">Bond</a> market.</strong></li>
<li>Setting up a system of<strong> Regulated Gold Exchanges.</strong>
<ul style="list-style-type: disc;">
<li><a href="/important-institutions/drishti-specials-important-institutions-national-institutions/securities-and-exchange-board-of-india-sebi" target="_blank" rel="noopener"><strong>Securities and Exchange Board of India (SEBI)</strong></a> to be notified as a regulator and Warehousing Development and Regulatory Authority to be strengthened.</li>
</ul>
</li>
<li><strong>Stressed Asset Resolution:</strong>
<ul style="list-style-type: disc;">
<li><strong>Asset Reconstruction Company Limited and Asset Management Company (<a href="/daily-updates/daily-news-analysis/bad-bank-1" target="_blank" rel="noopener">Bad Bank</a>)</strong> to be set up.</li>
</ul>
</li>
<li><strong>Increasing Foreign Direct Investment (FDI) in Insurance Sector:</strong>
<ul style="list-style-type: disc;">
<li>To <strong>increase</strong> the permissible <a href="/daily-updates/daily-news-analysis/fdi-inflow" target="_blank" rel="noopener"><strong>FDI</strong></a> limit from<strong> 49% to 74%</strong> and allow foreign ownership and control with safeguards.</li>
</ul>
</li>
<li><strong>Deposit Insurance:</strong>
<ul style="list-style-type: disc;">
<li>Amendments to the <a href="/daily-updates/daily-news-analysis/deposit-insurance#:~:text=DICGC%20came%20into%20existence%20in,guarantee%20for%20banks%20in%20India." target="_blank" rel="noopener"><strong>Deposit Insurance and Credit Guarantee Corporation Act, 1961</strong></a>, to help depositors get easy and time-bound access to their deposits to the extent of the deposit insurance cover.
<ul style="list-style-type: disc;">
<li>Deposit insurance <strong>increased from Rs. 1 lakh to Rs. 5 lakh</strong> for bank depositors.</li>
</ul>
</li>
<li>Minimum loan size eligible for debt recovery under the <a href="/daily-updates/daily-news-analysis/co-operative-banks-under-sarfaesi-act" target="_blank" rel="noopener"><strong>Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002</strong> </a>proposed to be reduced from Rs. 50 lakh to Rs. 20 lakh for NBFCs with minimum asset size of Rs. 100 crore.</li>
</ul>
</li>
</ul>
</li>
<li><strong>For Companies and Firms:</strong>
<ul style="list-style-type: circle;">
<li>To <a href="/daily-updates/daily-news-analysis/decriminalisation-of-offences-under-llp-act#:~:text=Recently%2C%20the%20Company%20Law%20Committee,doing%20business%20for%20LLP%20firms." target="_blank" rel="noopener"><strong>decriminalize the Limited Liability Partnership (LLP) Act, 2008.</strong></a></li>
<li>Easing Compliance requirement of Small companies by revising their definition under <a href="/daily-updates/daily-news-analysis/companies-amendment-bill-2019" target="_blank" rel="noopener"><strong>Companies Act, 2013.</strong></a></li>
<li>Promoting <a href="/daily-updates/daily-news-editorials/startups-in-india-1" target="_blank" rel="noopener"><strong>start-ups</strong></a> and innovators by incentivizing the incorporation of <strong>One Person Companies (OPCs).</strong></li>
<li>To ensure faster resolution of cases by:
<ul style="list-style-type: disc;">
<li>Strengthening <a href="/daily-updates/daily-news-analysis/national-company-law-appellate-tribunal-nclat-1" target="_blank" rel="noopener"><strong>National Company Law Appellate Tribunal (NCLAT)</strong></a> framework.</li>
<li>Implementation of <a href="/loksabha-rajyasabha-discussions/the-big-picture-virtual-courts-and-way-forward" target="_blank" rel="noopener"><strong>e-Courts</strong> </a>system.</li>
<li>Introduction of alternate methods of debt resolution and special framework for <a href="/current-affairs-news-analysis-editorials/news-editorials/13-07-2019" target="_blank" rel="noopener"><strong>Micro, Small and Medium Enterprises (MSMEs)</strong></a>.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Disinvestment and Strategic Sale:</strong>
<ul style="list-style-type: circle;">
<li>New policy for <a href="/to-the-points/paper3/strategic-disinvestment-1" target="_blank" rel="noopener"><strong>Strategic Disinvestment</strong> </a>approved; <strong>Central Public Sector Enterprises (CPSEs) except in four strategic areas</strong> to be privatized.</li>
<li><a href="/daily-updates/daily-news-analysis/initial-public-offer-ipo" target="_blank" rel="noopener"><strong>Initial Public Offering (IPO)</strong></a> of <a href="/daily-updates/daily-news-analysis/domestic-systemically-important-banks" target="_blank" rel="noopener"><strong>Life Insurance Corporation (LIC)</strong></a> in 2021-22.</li>
<li><strong>Special Purpose Vehicle</strong> in the form of a company to monetize idle land.</li>
<li>Introducing a <strong>revised mechanism</strong> for ensuring timely <strong>closure of sick or loss making CPSEs.</strong></li>
</ul>
</li>
<li><strong>Government Financial Reforms:</strong>
<ul style="list-style-type: circle;">
<li><strong>Treasury Single Account (TSA) System for Autonomous Bodies</strong> to be extended for universal application.</li>
<li>Separate Administrative Structure to streamline the <a href="/daily-updates/daily-news-analysis/steps-to-boost-ease-of-doing-business" target="_blank" rel="noopener"><strong>Ease of Doing Business</strong></a> for Cooperatives.</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1693907" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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		'article_id' => (int) 7602,
		'category_id' => (int) 21,
		'title' => 'Budget 2021 Highlights: Infrastructure',
		'description' => '<h3>Why in News</h3>
<p>Recently, the Minister of Finance presented the Union <a href="/to-the-points/paper3/government-budgeting#:~:text=According%20to%20Article%20112%20of,Annual%20Financial%20Statement%20(AFS).&amp;text=The%20economic%20and%20financial%20policy,introduction%20of%20new%20schemes%2Fprojects." target="_blank" rel="noopener"><strong>Budget</strong> </a>2021-22. This was the <strong>first digital budget.</strong></p>
<ul style="list-style-type: square;">
<li>This section deals with proposals related to <strong>Infrastructure.</strong></li>
</ul>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Production Linked Incentive scheme (PLI):</strong><br />
<ul style="list-style-type: circle;">
<li>Rs. 1.97 lakh crore in next 5 years for <a href="/daily-updates/daily-news-analysis/expansion-of-production-linked-incentive-scheme" target="_blank" rel="noopener"><strong>PLI schemes</strong> </a>in 13 Sectors to create and nurture manufacturing global champions for an <a href="/daily-updates/daily-news-analysis/atmanirbhar-bharat-and-economic-stimulus" target="_blank" rel="noopener"><strong>AatmaNirbhar Bharat.</strong></a></li>
</ul>
</li>
<li><strong>Textiles:<a href="http://www.drishtiias.com/images/uploads/1612346861_image6.jpg" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612346861_image6.jpg" style="float: right;" width="350" caption="false" /></a></strong><br />
<ul style="list-style-type: circle;">
<li><strong>Mega Investment Textiles Parks (MITRA) scheme</strong> to be introduced.</li>
</ul>
</li>
<li><strong>Infrastructure:</strong><br />
<ul style="list-style-type: circle;">
<li><a href="/loksabha-rajyasabha-discussions/the-big-picture-national-infrastructure-pipeline-nip-dashboard" target="_blank" rel="noopener"><strong>National Infrastructure Pipeline (NIP)</strong></a> expanded to 7,400 projects.</li>
<li>Measures in three thrust areas to <strong>increase funding</strong> for NIP:<br />
<ul style="list-style-type: disc;">
<li><strong>Creation of institutional structures:</strong><br />
<ul style="list-style-type: disc;">
<li>Set up and capitalise a<strong> Development Financial Institution (DFI).</strong></li>
</ul>
</li>
<li>Big thrust on <strong>monetizing assets.</strong></li>
<li>Enhancing the <strong>share of capital expenditure.</strong></li>
</ul>
</li>
</ul>
</li>
<li><strong>Roads and Highways Infrastructure:</strong><br />
<ul style="list-style-type: circle;">
<li>Rs. 1,18,101 lakh crore, <strong>highest ever outlay,</strong> for Ministry of Road Transport and Highways.</li>
<li>New <a href="/to-the-points/paper3/industrial-corridors-2" target="_blank" rel="noopener"><strong>Economic corridors</strong></a> and <strong>Expressways</strong> being planned.</li>
<li><strong>Advanced Traffic management system</strong> in all new 4 and 6-lane highways.</li>
</ul>
</li>
<li><strong>Railway Infrastructure:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>National Rail Plan for India (2030)</strong> to create a &ldquo;future ready‟ Railway system by 2030.</li>
<li><strong>100%<a href="/daily-updates/daily-news-analysis/electrification-of-railways#:~:text=Indian%20Railways%20has%20set%20a,as%20compared%20to%202009%2D2014." target="_blank" rel="noopener"> electrification of Broad-Gauge routes</a></strong> to be completed by December, 2023.</li>
<li><a href="/daily-updates/daily-news-analysis/dedicated-freight-corridor-1" target="_blank" rel="noopener"><strong>Western Dedicated Freight Corridor (DFC) and Eastern DFC</strong></a> to be commissioned by June 2022.</li>
<li>Measures for <strong>passenger convenience and safety:</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Aesthetically designed Vista Dome Linke Hofmann Busch (LHB) coach</strong> on tourist routes for better travel.</li>
<li>High density network and highly utilized network routes to have an<strong> indigenously developed automatic train protection system,</strong> eliminating train collision due to human error.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Urban Infrastructure:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Expansion of <a href="/daily-updates/daily-news-analysis/india-s-first-fully-automated-metro" target="_blank" rel="noopener">metro rail</a></strong> network and<strong> augmentation of city bus service.</strong></li>
<li><a href="/daily-updates/daily-news-analysis/metro-neo" target="_blank" rel="noopener"><strong>&lsquo;MetroLite&rsquo; and &lsquo;MetroNeo&rsquo;</strong></a> technologies will be used to provide metro rail systems at much lesser cost with similar experience.</li>
</ul>
</li>
<li><strong>Power Infrastructure:</strong><br />
<ul style="list-style-type: circle;">
<li>A comprehensive <strong>National Hydrogen Energy Mission 2021-22</strong> to be launched.</li>
<li>Rs. 3,05,984 crore over 5 years for a revamped, reforms-based and result-linked <strong>new power distribution sector scheme.</strong></li>
</ul>
</li>
<li><strong>Ports, Shipping, Waterways:</strong><br />
<ul style="list-style-type: circle;">
<li>Rs. 2,000 crore worth 7 projects to be offered in <a href="/to-the-points/paper3/ppp-investment-model#:~:text=Public%2DPrivate%20Partnership%20Model%3A%20PPP,be%20completed%20with%20private%20funding." target="_blank" rel="noopener"><strong>Public Private Partnership (PPP)</strong></a>-mode in <strong>Financial Year (FY)</strong> 2021-22 for operation of major ports.</li>
</ul>
</li>
<li><strong>Petroleum &amp; Natural Gas:</strong><br />
<ul style="list-style-type: circle;">
<li>Extension of<a href="/daily-updates/daily-news-analysis/important-facts-for-prelims" target="_blank" rel="noopener"><strong> Ujjwala Scheme</strong></a> to cover 1 crore more beneficiaries.</li>
<li>A new <strong>gas pipeline</strong> project in Jammu &amp; Kashmir.</li>
<li>An independent<strong> Gas Transport System Operator</strong> to be set up for facilitation and coordination of booking of common carrier capacity in all-natural gas pipelines on a non-discriminatory open access basis.</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1693907" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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	(int) 17 => object(Cake\ORM\Entity) {

		'article_id' => (int) 7601,
		'category_id' => (int) 21,
		'title' => 'Budget 2021 Highlights: Health and Wellbeing',
		'description' => '<h3>Why in News</h3>
<p>Recently, the Minister of Finance presented the Union <a href="/to-the-points/paper3/government-budgeting#:~:text=According%20to%20Article%20112%20of,Annual%20Financial%20Statement%20(AFS).&amp;text=The%20economic%20and%20financial%20policy,introduction%20of%20new%20schemes%2Fprojects." target="_blank" rel="noopener"><strong>Budget</strong></a> 2021-22. This was the <strong>first ever digital Union Budget.</strong></p>
<ul style="list-style-type: square;">
<li>It is based on<strong> six pillars -</strong> health and well-being, physical and financial capital and infrastructure, inclusive development for aspirational India, reinvigorating human capital, innovation and R&amp;D, and 'Minimum Government, Maximum Governance'.</li>
<li>This section deals with the proposals for the Health and Wellbeing Sector.</li>
</ul>
<div class="border-bg">
<p><strong>Budget and Constitutional Provisions</strong></p>
<ul style="list-style-type: square;">
<li>According to<strong> Article 112</strong> of the Indian Constitution, the Union Budget of a year is referred to as the <strong>Annual Financial Statement (AFS).</strong></li>
<li>It is a statement of the estimated receipts and expenditure of the Government in a <strong>Financial Year</strong> (which begins on 1<sup>st</sup> April of the current year and ends on 31<sup>st</sup> March of the following year).</li>
<li>Overall, the Budget contains:<br />
<ul style="list-style-type: circle;">
<li>Estimates of revenue and capital receipts,</li>
<li>Ways and means to raise the revenue,</li>
<li>Estimates of expenditure,</li>
<li>Details of the actual receipts and expenditure of the closing financial year and the reasons for any deficit or surplus in that year, and</li>
<li>The economic and financial policy of the coming year, i.e., taxation proposals, prospects of revenue, spending programme and introduction of new schemes/projects.</li>
</ul>
</li>
<li>In Parliament, the Budget goes through<strong> six stages:</strong><br />
<ul style="list-style-type: circle;">
<li>Presentation of Budget.</li>
<li>General discussion.</li>
<li>Scrutiny by <a href="/daily-updates/daily-news-analysis/extension-of-tenure-of-standing-committees" target="_blank" rel="noopener"><strong>Departmental Committees</strong></a>.</li>
<li>Voting on Demands for Grants.</li>
<li>Passing an Appropriation Bill.</li>
<li>Passing of Finance Bill.</li>
</ul>
</li>
<li>The <strong>Budget Division of the Department of Economic Affairs</strong> in the Ministry of Finance is the nodal body responsible for preparing the Budget.</li>
<li>The <strong>first Budget</strong> of Independent India was presented in <strong>1947.</strong></li>
</ul>
</div>
<h3>Key Points</h3>
<p><a href="http://www.drishtiias.com/images/uploads/1612347348_image11.jpg" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612347348_image11.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="600" caption="false" /></a></p>
<ul style="list-style-type: square;">
<li><strong>Budget Outlay:</strong> Outlay for Health and Wellbeing in 2021-22 as against 2020-21 is an <strong>increase of 137%.</strong></li>
<li><strong>Major Steps:</strong> Steps being taken for improving health and wellbeing:<br />
<ul style="list-style-type: circle;">
<li><strong><strong>Vaccines:<a href="http://www.drishtiias.com/images/uploads/1612350951_image12.jpg" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612350951_image12.jpg" style="float: right;" width="350" caption="false" /></a></strong></strong><br />
<ul style="list-style-type: disc;">
<li>Rs. 35,000 crore for <strong><a href="/daily-updates/daily-news-editorials/covid-19-vaccine-distribution" target="_blank" rel="noopener">Covid-19 vaccine</a></strong> in Budget Expenditure (BE) 2021-22.</li>
<li>The Made-in-India <a href="/daily-updates/daily-news-analysis/pneumococcal-conjugate-vaccine-1" target="_blank" rel="noopener"><strong>Pneumococcal Vaccine</strong></a> to be rolled out across the country.</li>
</ul>
</li>
<li><strong>Health Systems:</strong><br />
<ul style="list-style-type: disc;">
<li>PM <strong>AatmaNirbhar Swasth Bharat Yojana &ndash;</strong> a new centrally sponsored scheme to be launched, in addition to <a href="/daily-updates/daily-news-analysis/national-health-mission-and-janani-suraksha-yojana" target="_blank" rel="noopener"><strong>National Health Mission</strong></a> (NHM).</li>
</ul>
</li>
<li><strong>Nutrition:</strong><br />
<ul style="list-style-type: disc;">
<li><strong><a href="/daily-updates/daily-news-analysis/poshan-abhiyaan" target="_blank" rel="noopener">Mission Poshan</a> 2.0</strong> to be launched to improve nutritional outcomes across 112 aspirational districts.</li>
</ul>
</li>
<li><strong>Universal Coverage of Water Supply:</strong><br />
<ul style="list-style-type: disc;">
<li><strong><a href="/daily-updates/daily-news-analysis/jal-jeevan-mission-2" target="_blank" rel="noopener">Jal Jeevan Mission</a> (Urban) - to be launched</strong> - to bring safe water to 2.86 crore households through tap connection.</li>
</ul>
</li>
<li><strong>Swachch Bharat, Swasth Bharat:</strong><br />
<ul style="list-style-type: disc;">
<li>Strengthening of<strong> Urban <a href="/daily-updates/daily-news-analysis/Swachh%20Bharat%20Mission#:~:text=The%20Swachh%20Bharat%20Mission%20(Grameen,launched%20on%20October%202%2C%202014.&amp;text=Together%2C%20they%20aim%20to%20achieve,on%20his%20150th%20Birth%20Anniversary." target="_blank" rel="noopener">Swachh Bharat Mission</a> 2.0.</strong></li>
</ul>
</li>
<li><strong>Clean Air:</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Rs. 2,217 crore to tackle air pollution,</strong> for 42 urban centers with a million plus population.</li>
</ul>
</li>
<li><strong>Scrapping Policy:</strong>
<ul style="list-style-type: disc;">
<li><strong>Voluntary</strong> vehicle scrapping policy<strong> to phase out old and unfit vehicles.</strong></li>
</ul>
</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1693907" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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	(int) 18 => object(Cake\ORM\Entity) {

		'article_id' => (int) 7585,
		'category_id' => (int) 21,
		'title' => 'Highlights of Economic Survey 2021',
		'description' => '<h3>Why in News</h3>
<p>Recently, the Union Minister of Finance presented the <a href="/gist-of-economic-survey/gist-of-economic-survey-2019-20" target="_blank" rel="noopener"><strong>Economic Survey</strong></a> that details the state of the economy ahead of the government's budget for the fiscal year beginning 1<sup>st</sup> April, 2021.</p>
<ul style="list-style-type: square;">
<li>The foundational theme of the survey is <strong>"Saving Lives and Livelihoods".</strong></li>
</ul>
<p><a href="http://www.drishtiias.com/images/uploads/1612167407_image7.png" target="_blank" rel="noopener"><strong><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612167407_image7.png" style="display: block; margin-left: auto; margin-right: auto;" width="600" caption="false" /></strong></a></p>
<div class="border-bg">
<p><strong>Economic Survey</strong></p>
<ul style="list-style-type: square;">
<li>The Economic Survey of India is an <strong>annual document released by the Ministry of Finance,</strong> Government of India.</li>
<li>It contains the<strong> most authoritative and updated source of data on India&rsquo;s economy.</strong> <br />
<ul style="list-style-type: circle;">
<li>It is a report that the government presents on the <strong>state of the economy in the past one year,</strong> the key challenges it anticipates, and their possible solutions.</li>
</ul>
</li>
<li>The Economic Survey document is <strong>prepared by the Economics Division of the Department of Economic Affairs (DEA)</strong> under the guidance of the <strong>Chief Economic Advisor.</strong></li>
<li>It is usually <strong>presented a day before the Union <a href="/daily-updates/daily-news-analysis/union-budget-2020-21-economy" target="_blank" rel="noopener">Budget</a> is presented</strong> in the <strong><a href="/daily-updates/daily-news-analysis/parliament-sessions" target="_blank" rel="noopener">Parliament</a>.</strong><br />
<ul style="list-style-type: circle;">
<li>The<strong> first Economic Survey in India</strong> was presented in the<strong> year 1950-51.</strong> Up to 1964, it was <strong>presented along with the Union Budget. From 1964</strong> onwards, it has been delinked from the Budget.</li>
</ul>
</li>
</ul>
</div>
<h3>Key Points</h3>
<ul style="list-style-type: square;">
<li><strong>Indian Economy and Covid:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Strategy to face the pandemic:</strong><br />
<ul style="list-style-type: disc;">
<li>Response stemmed from the humane principle that:<br />
<ul style="list-style-type: disc;">
<li>Human lives lost cannot be brought back.</li>
<li><strong>Gross Domestic Product (GDP)</strong> growth will recover from the temporary shock caused by the <a href="/daily-updates/daily-news-editorials/comprehensive-action-plan-for-covid-19" target="_blank" rel="noopener"><strong>Covid-19 pandemic</strong></a>.</li>
</ul>
</li>
<li>India&rsquo;s policy response also derived from extensive research on epidemiology, especially that looked at <a href="/daily-updates/daily-news-analysis/spanish-flu#:~:text=Key%20Points,partly%20responsible%20for%20it%27s%20spread.&amp;text=As%20a%20result%2C%20people%20falsely,name%20%22Spanish%20flu%22%20stuck." target="_blank" rel="noopener"><strong>Spanish Flu of 1918.</strong></a> <br />
<ul style="list-style-type: disc;">
<li>One of the key insights was that pandemic spreads faster in higher and denser population and intensity of lockdown matters most at the beginning of the pandemic.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Four Pillar Strategy:</strong><br />
<ul style="list-style-type: disc;">
<li>India adopted a unique <strong>four-pillar strategy of containment, fiscal, financial, and long-term structural reforms. </strong></li>
<li><strong>Calibrated fiscal and monetary support</strong> was provided given the evolving economic situation.<br />
<ul style="list-style-type: disc;">
<li>A<strong> favorable <a href="/daily-updates/daily-news-analysis/monetary-policy-rbi" target="_blank" rel="noopener">monetary policy</a></strong> ensured abundant liquidity and immediate relief to debtors via temporary moratoria, while facilitating monetary policy transmission.</li>
</ul>
</li>
<li><strong>Cushioning the vulnerable</strong> in the lockdown and<strong> boosting consumption and investment</strong> while unlocking, mindful of fiscal repercussions and entailing debt sustainability.</li>
</ul>
</li>
<li><strong>Covid pandemic affected both demand and supply:</strong><br />
<ul style="list-style-type: disc;">
<li>India was the<strong> only country to announce structural reforms</strong> to expand supply in the medium-long term and avoid long-term damage to productive capacities.<br />
<ul style="list-style-type: disc;">
<li>The <strong>Rs. 1.46-lakh crore <a href="/daily-updates/daily-news-analysis/pli-scheme-for-ten-more-sectors" target="_blank" rel="noopener">Production Linked Incentive (PLI) scheme</a></strong> is expected to make India an integral part of the global supply chain and create huge employment opportunities</li>
</ul>
</li>
<li><strong>Demand-side measures</strong> have been announced in a calibrated manner. <br />
<ul style="list-style-type: disc;">
<li>A public investment programme centered around the <a href="/daily-updates/daily-news-analysis/national-infrastructure-pipeline-1" target="_blank" rel="noopener"><strong>National Infrastructure Pipeline</strong></a> to accelerate the demand push and further the recovery.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
<li><strong>Economic Recovery:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>V-shaped Economic Recovery after Lockdown:<a href="http://www.drishtiias.com/images/uploads/1612167464_image5.png" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612167464_image5.png" style="float: right;" width="300" caption="false" /></a></strong> <br />
<ul style="list-style-type: disc;">
<li>Starting July 2020, a resilient V-shaped recovery is underway.</li>
<li><a href="/daily-updates/daily-news-analysis/shapes-of-economic-recovery" target="_blank" rel="noopener"><strong>V-shaped recovery</strong></a> is a type of economic recession and recovery that resembles a "V" shape in charting.</li>
<li>Specifically, a V-shaped recovery <strong>represents the shape of a chart of economic measures</strong> economists create when examining recessions and recoveries.</li>
<li>A V-shaped recovery is <strong>characterized by a quick and sustained recovery in measures of economic performance</strong> after a sharp economic decline.</li>
<li><strong>Reasons:</strong> <br />
<ul style="list-style-type: disc;">
<li>It is supported by the initiation of a<a href="/daily-updates/daily-news-editorials/covid-19-vaccine-distribution" target="_blank" rel="noopener"><strong> mega vaccination drive</strong></a> with hopes of a robust recovery in the services sector and prospects for robust growth in consumption and investment.</li>
<li>V-shaped recovery is due to resurgence in high frequency indicators such as <strong>power demand, rail freight, <a href="/daily-updates/daily-news-analysis/e-way-bills-during-lockdown" target="_blank" rel="noopener">E-Way bills</a>, <a href="/to-the-points/paper3/goods-and-services-tax-gst-1" target="_blank" rel="noopener">Goods and Services Tax (GST) collection</a>, steel consumption,</strong> etc.</li>
<li>The fundamentals of the economy remain strong as gradual <strong>scaling back of <a href="/daily-updates/daily-news-editorials/covid-19-and-lockdown" target="_blank" rel="noopener">lockdowns</a></strong> along with the support of<a href="/daily-updates/daily-news-analysis/atmanirbhar-bharat-and-economic-stimulus" target="_blank" rel="noopener"><strong> Aatmanirbhar Bharat Mission</strong> </a>have placed the economy firmly on the path of revival.</li>
</ul>
</li>
<li><strong>Significance:</strong> <br />
<ul style="list-style-type: disc;">
<li>This path would entail a growth in real <a href="/daily-updates/daily-news-analysis/gdp-decreases-to-11-year-low" target="_blank" rel="noopener"><strong>Gross Domestic Product (GDP)</strong></a> by 2.4% over the absolute level of 2019-20 - implying that the<strong> economy would take two years to reach and go past the pre-pandemic level. </strong></li>
</ul>
</li>
</ul>
</li>
<li><strong>GDP&rsquo;s Estimation:</strong> <br />
<ul style="list-style-type: disc;">
<li>India&rsquo;s <strong>real GDP</strong> to record a growth of <strong>11% in 2021-22 and nominal GDP</strong> by 15.4% - the highest since independence. <br />
<ul style="list-style-type: disc;">
<li>These projections are in line with <a href="/daily-updates/daily-news-analysis/world-economic-outlook-imf-1#:~:text=FY%202020%2D21%3A%20For%20the,projection%20made%20in%20October%2C%202020." target="_blank" rel="noopener"><strong>International Monetary Fund estimates</strong></a>.</li>
</ul>
</li>
<li>India&rsquo;s GDP is estimated to <strong>contract by 7.7%</strong> in the <a href="/to-the-points/paper3/government-budgeting" target="_blank" rel="noopener"><strong>Financial Year (FY)</strong></a> 2020-21, composed of a sharp 15.7% decline in the first half and a modest 0.1% fall in the second half.</li>
<li>Sector-wise, <strong>agriculture has remained the silver lining</strong> while<strong> contact-based services, manufacturing, construction were hit hardest,</strong> and have been recovering steadily.</li>
<li>The <strong>external sector provided an effective cushion to growth</strong> with India recording a <strong><a href="/daily-updates/daily-news-analysis/strong-balance-of-payments" target="_blank" rel="noopener">Current Account</a> Surplus of 3.1% of GDP</strong> in the first half of FY 2020-21.</li>
</ul>
</li>
<li><strong>Foreign Investment:</strong><br />
<ul style="list-style-type: disc;">
<li>Net <a href="/daily-updates/daily-news-analysis/fdi-inflow" target="_blank" rel="noopener"><strong>Foreign Direct Investment (FDI)</strong> </a>inflows of USD 27.5 billion during April-October, 2020 - <strong>14.8% higher</strong> as compared to the first seven months of FY 2019-20.</li>
<li>Net <strong>Foreign Portfolio Investment (FPI)</strong> Inflows recorded an all-time monthly high of 9.8 Billion Dollars in November 2020.</li>
</ul>
</li>
<li><strong>Debt Sustainability and Growth:</strong><br />
<ul style="list-style-type: disc;">
<li><strong>Growth leads to debt sustainability</strong> in the Indian context but not necessarily vice-versa.</li>
<li>Debt sustainability <strong>depends on the &lsquo;Interest Rate Growth Rate Differential&rsquo; (IRGD),</strong> i.e., the difference between the interest rate and the growth rate.</li>
<li><strong>Negative IRGD in India</strong> &ndash; not due to lower interest rates but much higher growth rates &ndash; prompts a debate on fiscal policy, especially during growth slowdowns and economic crises.</li>
<li>Fiscal policy that provides an impetus to growth will lead to <strong>lower debt-to-GDP ratio.</strong></li>
<li>Given India&rsquo;s growth potential, <strong>debt sustainability is unlikely to be a problem</strong> even in the worst scenarios.</li>
<li>Desirable to use <strong>counter-cyclical fiscal policy</strong> to enable growth during economic downturns.<br />
<ul style="list-style-type: disc;">
<li>Counter-cyclical fiscal policy refers to the<strong> steps taken by the government that go against the direction of the economic or business cycle.</strong></li>
<li>Thus, in a recession or slowdown, the government increases expenditure and reduces taxes to create a demand that can drive an economic boom.</li>
</ul>
</li>
</ul>
</li>
</ul>
</li>
<li><strong>Services Sector:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>About:</strong><br />
<ul style="list-style-type: disc;">
<li>The services sector <strong>accounts for over 54% of India&rsquo;s Gross Value Added (GVA)</strong> and nearly four-fifths of total <a href="/daily-updates/daily-news-analysis/fdi-inflow" target="_blank" rel="noopener"><strong>Foreign Direct Investments (FDI)</strong></a> inflow into India.</li>
<li>Services sector accounts for 48% of total exports, outperforming goods exports in recent years.</li>
<li>Key indicators such as <a href="/daily-updates/daily-news-analysis/fall-in-service-purchasing-managers-index" target="_blank" rel="noopener"><strong>Services Purchasing Managers&rsquo; Index</strong></a>, rail freight traffic, and port traffic, are all displaying a V-shaped recovery after a sharp decline during the lockdown.</li>
</ul>
</li>
<li><strong>Start Up:</strong> The Indian <strong><a href="/daily-updates/daily-news-editorials/startups-in-india-1" target="_blank" rel="noopener">start-up ecosystem</a> has been progressing</strong> well amidst the Covid-19 pandemic, being home to 38 unicorns - adding a record number of 12 start-ups to the unicorn list last year.</li>
<li><strong>Space Sector:</strong> India&rsquo;s <a href="/daily-updates/daily-news-analysis/private-sector-participation-in-space" target="_blank" rel="noopener"><strong>space sector</strong></a> has grown exponentially in the past six decades. Space ecosystem is undergoing several policy reforms to engage private players and attract innovation and investment.</li>
</ul>
</li>
<li><strong>Agriculture:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Growth:</strong><br />
<ul style="list-style-type: disc;">
<li>The Agriculture and Allied activities clocked a growth of <strong>3.4%.</strong></li>
<li>As per the Provisional Estimates of <a href="/daily-updates/daily-news-analysis/wages-for-housework" target="_blank" rel="noopener"><strong>National Income</strong></a> released by<strong> Central Statistical Organization</strong> in May, 2020, the share of Agriculture and Allied Sectors in <a href="/daily-updates/daily-news-analysis/back-series-gdp-data#:~:text=Gross%20Value%20Added%20(GVA)%20is,of%20those%20goods%20and%20services." target="_blank" rel="noopener"><strong>Gross Value Added (GVA)</strong></a> of the country at current prices is <strong>17.8% for the year 2019-20.</strong></li>
</ul>
</li>
<li><strong>Export:</strong><br />
<ul style="list-style-type: disc;">
<li>In 2019-20, the major agricultural and allied export destinations were the <strong>USA, Saudi Arabia, Iran, Nepal and Bangladesh.</strong></li>
<li>The top agriculture and related products exported from India were <strong>marine products, basmati rice, buffalo meat, spices, non-basmati rice, cotton raw, oil meals, sugar, castor oil and tea.</strong></li>
</ul>
</li>
<li><strong>Livestock:</strong><br />
<ul style="list-style-type: disc;">
<li>The contribution of <a href="/daily-updates/daily-news-analysis/20th-livestock-census" target="_blank" rel="noopener"><strong>Livestock</strong></a> in total agriculture and allied sector GVA (at Constant Prices) has increased from 24.32% (2014-15) to 28.63% (2018-19).</li>
</ul>
</li>
<li><strong>Food Processing Industries (FPI):</strong><br />
<ul style="list-style-type: disc;">
<li>During the last 5 years ending 2018-19,<a href="/to-the-points/paper3/food-processing-in-india" target="_blank" rel="noopener"><strong> FPI</strong></a> sector has been growing at an Average Annual Growth Rate (AAGR) of around 9.99% as compared to around 3.12% in Agriculture and 8.25% in Manufacturing at 2011-12 prices.</li>
</ul>
</li>
<li><strong>Farm Laws:</strong><br />
<ul style="list-style-type: disc;">
<li>It <strong>strongly defended new <a href="/to-the-points/paper3/agricultural-reforms" target="_blank" rel="noopener">farm laws</a></strong>, saying they herald a new era of market freedom which can go a long way in improving lives of small and marginal farmers in India.</li>
<li>These legislations were <strong>designed "primarily" for the benefit of "small and marginal farmers", which constitute around 85%</strong> of the total number of farmers and are the biggest sufferer of the "regressive" <a href="/daily-updates/daily-news-editorials/agriculture-produce-to-agriculture-marketing" target="_blank" rel="noopener"><strong>Agricultural Produce Market Committee (APMC)</strong></a> -regulated market regime.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Regulatory Forbearance:</strong><br />
<ul style="list-style-type: circle;">
<li>Regulatory forbearance for banks after the Global Financial Crisis involved <strong>relaxing the norms for restructuring assets, where restructured assets were no longer required to be classified as <a href="/daily-updates/daily-news-editorials/lessons-from-npa-crisis" target="_blank" rel="noopener">Non-Performing Assets</a> (NPAs henceforth)</strong> and therefore did not require the levels of provisioning that NPAs attract.</li>
<li>However, the survey points out that regulatory forbearance is an emergency medicine, not staple diet and suggests :<br />
<ul style="list-style-type: disc;">
<li>Instead of continuing regulatory forbearance for years, <strong>policymakers should lay out thresholds of economic recovery</strong> at which such measures will be withdrawn.</li>
<li>An <strong>Asset Quality Review exercise</strong> must be conducted by banks immediately after the forbearance is withdrawn.</li>
<li><strong>Legal infrastructure for the recovery of loans</strong> needs to be strengthened de facto.<a href="http://www.drishtiias.com/images/uploads/1612167520_image2.png" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612167520_image2.png" style="float: right;" width="350" caption="false" /></a></li>
<li>To<strong> promote judgement amidst uncertainty,</strong> ex-post inquests must recognize the role of hindsight bias and not equate unfavourable outcomes to bad judgement or malafide intent.</li>
</ul>
</li>
</ul>
</li>
<li><strong>India and Innovation:</strong><br />
<ul style="list-style-type: circle;">
<li>India <strong>entered the top-50 innovating countries for the first time in 2020</strong> since the inception of the <a href="/daily-updates/daily-news-analysis/global-innovation-index-2020" target="_blank" rel="noopener"><strong>Global Innovation Index</strong></a> in 2007, ranking first in Central and South Asia, and third amongst lower middle-income group economies</li>
<li>India&rsquo;s <strong>Gross Domestic Expenditure on Research and Development (GERD) </strong>is<strong> lowest amongst top ten economies.</strong></li>
<li>India&rsquo;s aspiration must be to compete on innovation with the top ten economies.</li>
</ul>
</li>
<li><strong>Process Reforms:</strong><br />
<ul style="list-style-type: circle;">
<li>The survey highlighted <strong>excessive regulation in the country.</strong></li>
<li>India<strong> over-regulates the economy</strong> resulting in regulations being ineffective even with relatively good compliance with process.</li>
<li>The root cause of the problem of <strong>overregulation is an approach that attempts to account for every possible outcome.</strong> Increase in complexity of regulations, intended to reduce discretion, results in even more non-transparent discretion.<a href="http://www.drishtiias.com/images/uploads/1612167541_image1.jpg" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612167541_image1.jpg" style="float: right;" width="350" caption="false" /></a></li>
<li>The solution is to<strong> simplify regulations</strong> and invest in greater supervision which, by definition, implies greater discretion.</li>
</ul>
</li>
<li><strong>India and Sovereign Credit Ratings:</strong> <br />
<ul style="list-style-type: circle;">
<li>India's <strong><a href="/daily-updates/daily-news-analysis/india-s-rating-downgraded#:~:text=A%20sovereign%20credit%20rating%20is,country%2C%20including%20any%20political%20risk." target="_blank" rel="noopener">sovereign credit ratings</a> do not reflect the economy's fundamentals</strong> and the <strong>global agencies should become more transparent and less subjective</strong> in their ratings.</li>
</ul>
</li>
<li><strong>Defence Sector:</strong><br />
<ul style="list-style-type: circle;">
<li>The <strong>allocated capital budget for defence has been fully utilised since 2016-17,</strong> reversing the previous trends of surrender of funds.</li>
</ul>
</li>
<li><strong>Healthcare:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Pradhan Mantri Jan Arogya Yojana (PM-JAY):<a href="http://www.drishtiias.com/images/uploads/1612167568_image4.jpg" target="_blank" rel="noopener"><img class="content-img" src="http://www.drishtiias.com/images/uploads/1612167568_image4.jpg" style="float: right;" width="350" caption="false" /></a></strong><br />
<ul style="list-style-type: circle;">
<li><a href="/daily-updates/daily-news-analysis/ayushman-bharat-pm-jay-sehat-jk" target="_blank" rel="noopener"><strong>PM-JAY</strong></a> contributed to improvement in many health outcomes in States that implemented the ambitious programme the Centre had launched more than two years ago to provide healthcare access to most vulnerable sections.</li>
</ul>
</li>
<li><strong>National Health Mission (NHM):</strong><br />
<ul style="list-style-type: disc;">
<li><a href="/daily-updates/daily-news-analysis/national-health-mission-and-janani-suraksha-yojana" target="_blank" rel="noopener"><strong>NHM</strong></a> played a critical role in mitigating inequity as the access of the poorest to pre-natal/post-natal care and institutional deliveries increased significantly.</li>
<li>The scheme should be given prominence under <a href="/daily-updates/daily-news-editorials/ayushmanbharat" target="_blank" rel="noopener"><strong>Ayushman Bharat</strong></a>.</li>
</ul>
</li>
<li><strong>Government Spending:</strong><br />
<ul style="list-style-type: disc;">
<li>An increase in government spending on the healthcare sector &ndash; from the current 1% to 2.5-3% of GDP &ndash; as envisaged in the<a href="/daily-updates/daily-news-editorials/public-health-system-in-india" target="_blank" rel="noopener"><strong> National Health Policy 2017</strong></a> could reduce out-of-pocket expenditures.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Education:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Literacy:</strong><br />
<ul style="list-style-type: disc;">
<li>India has attained <strong>a literacy level of almost 96% at the elementary school level.</strong></li>
<li>As per <a href="/daily-updates/daily-news-analysis/restructuring-of-indian-statistical-system" target="_blank" rel="noopener"><strong>National Sample Survey (NSS)</strong></a>, the <strong>literacy rate of persons of age 7 years and above at the All India level stood at 77.7%</strong> but the<strong> differences in literacy rate attainment among social-religious groups, as well as gender</strong> still persists.</li>
<li>Female literacy remained below the national average among social groups of SC, ST, OBC, including religious groups of Hinduism and Islam.</li>
</ul>
</li>
<li><strong>Rural Enrolment:</strong><br />
<ul style="list-style-type: disc;">
<li>The<strong> percentage of enrolled children</strong> from government and private schools owning a smartphone increased enormously from <strong>36.5% in 2018 to 61.8% in 2020 in rural India.</strong></li>
</ul>
</li>
<li><strong>PM eVIDYA:</strong><br />
<ul style="list-style-type: disc;">
<li><a href="/current-affairs-news-analysis-editorials/news-analysis/18-05-2020#:~:text=Government%20will%20launch%20PM%20eVIDYA,one%20nation%2C%20one%20digital%20platform)" target="_blank" rel="noopener"><strong>PM eVIDYA</strong></a> is a comprehensive initiative to unify all efforts related to digital/online/on-air education to enable multi-mode and equitable access to education for students and teachers.</li>
<li>Around 92 courses have started and 1.5 crore students are enrolled under <a href="/daily-updates/daily-news-analysis/swayam-and-swayam-prabha" target="_blank" rel="noopener"><strong>Swayam Massive Open Online Courses (MOOCs)</strong></a> which are online courses relating to the <strong>National Institute of Open Schooling.</strong></li>
</ul>
</li>
<li><strong>PRAGYATA:</strong><br />
<ul style="list-style-type: disc;">
<li><a href="/daily-updates/daily-news-analysis/pragyata-guidelines-on-digital-education" target="_blank" rel="noopener"><strong>PRAGYATA</strong> </a>guidelines on digital education have been developed with a focus on online/blended/digital education for students who are presently at home due to closure of schools.</li>
</ul>
</li>
<li><strong>MANODARPAN:</strong><br />
<ul style="list-style-type: disc;">
<li>The <a href="/daily-updates/daily-news-analysis/manodarpan-mental-health-initiative" target="_blank" rel="noopener"><strong>MANODARPAN</strong></a> initiative for psychological support has been included in Atmanirbhar Bharat Abhiyan.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Vocational Courses and Skill Development:</strong><br />
<ul style="list-style-type: circle;">
<li>Vocational courses will be introduced phase-wise in schools for classes 9 to 12 to expose students to skill development avenues, as part of the Centre's flagship skilling scheme <a href="/daily-updates/daily-news-analysis/pradhan-mantri-kaushal-vikas-yojana-3-0" target="_blank" rel="noopener"><strong>Pradhan Mantri Kaushal Vikas Yojana 3.0.</strong></a><br />
<ul style="list-style-type: disc;">
<li>Merely <strong>2.4% of India's workforce in the age group of 15-59 years have received formal vocational</strong> or technical training, while another 8.9% obtained training through informal sources.</li>
<li>Out of the 8.9% workforce who received non-formal training, the largest chunk is contributed by<strong> on-the-job training</strong> (3.3%), followed by <strong>self-learning (2.5%) and hereditary sources (2.1%)</strong> and other sources (1%).</li>
<li>Among those who received formal training, the <strong>most opted training course</strong> is IT-ITeS among both males and females.</li>
<li>The Unified Skill Regulator- <a href="/daily-updates/daily-news-analysis/establishment-of-national-council-for-vocational-education-and-training#:~:text=The%20Union%20Cabinet%20has%20approved,Education%20and%20Training%20(NCVET)." target="_blank" rel="noopener"><strong>National Council for Vocational Education and Training (NCVET)</strong></a> was operationalized recently.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Bare Necessities:</strong><br />
<ul style="list-style-type: circle;">
<li><strong>Bare Necessities Index (BNI) : </strong><br />
<ul style="list-style-type: disc;">
<li><strong>Bare Necessities Index (BNI)</strong> based on the large annual household survey data can be constructed using suitable indicators and methodology at district level for all/targeted districts to assess the progress on access to bare necessities.<br />
<ul style="list-style-type: disc;">
<li>The BNI summarises 26 indicators on<strong> five dimensions</strong> viz., water, sanitation, housing, micro-environment, and other facilities.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Improvement in Bare Necessities:</strong><br />
<ul style="list-style-type: disc;">
<li>Bare necessities have improved across all States in the country in 2018 as compared to 2012.</li>
<li>Increase in equity is noteworthy as the rich can access private options for public goods.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Sustainable Development and Climate Change:</strong><br />
<ul style="list-style-type: circle;">
<li>India has taken several proactive steps to mainstream the<a href="/to-the-points/paper3/sustainable-development-3" target="_blank" rel="noopener"><strong> Sustainable Development Goals</strong></a> (SDGs) into the policies, schemes and programmes.
<ul style="list-style-type: disc;">
<li><strong>Voluntary National Review (VNR)</strong> presented to the <a href="/important-institutions/drishti-specials-important-institutions-international-institution/united-nations-1" target="_blank" rel="noopener"><strong>United Nations</strong></a> High-Level Political Forum (HLPF) on Sustainable Development.</li>
<li><strong>Localisation of SDGs</strong> is crucial to any strategy aimed at achieving the goals under the 2030 Agenda.</li>
<li><strong>Sustainable development remains core</strong> to the development strategy despite the unprecedented Covid-19 pandemic crisis.</li>
<li><strong>Eight National Missions under the <a href="/to-the-points/Paper2/national-action-plan-on-climate-change" target="_blank" rel="noopener">National Action Plan on Climate Change (NAPCC)</a></strong> focussed on the objectives of adaptation, mitigation and preparedness on climate risks.</li>
<li><strong><a href="/current-affairs-news-analysis-editorials/news-editorials/11-07-2019" target="_blank" rel="noopener">Nationally Determined Contributions</a> (NDC)</strong> states that finance is a critical enabler of climate change action.</li>
<li><strong>The<a href="/daily-updates/daily-news-analysis/world-solar-technology-summit-isa" target="_blank" rel="noopener"> International Solar Alliance (ISA)</a></strong> launched two new initiatives &ndash; <strong>&lsquo;World Solar Bank&rsquo;</strong> and<strong> &lsquo;One Sun One World One Grid Initiative&rsquo; &ndash;</strong> poised to bring about a solar energy revolution globally.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Social Infrastructure, Employment and Human Development:</strong><br />
<ul style="list-style-type: circle;">
<li>The <strong>combined (Centre and States) social sector expenditure as % of GDP has increased in 2020-21</strong> compared to last year.</li>
<li>India&rsquo;s<strong> rank in <a href="/daily-updates/daily-news-analysis/human-development-index-undp" target="_blank" rel="noopener">Human development Index (HDI)</a> 2019 was recorded at 131,</strong> out of a total 189 countries.</li>
<li>Government&rsquo;s incentive to boost employment through <a href="/daily-updates/daily-news-analysis/measures-on-atmanirbhar-bharat-3-0" target="_blank" rel="noopener"><strong>Aatmanirbhar Bharat Rozgar Yojana</strong></a> and rationalization and<strong> simplification of existing labour codes into <a href="/daily-updates/daily-news-editorials/right-code-for-labour" target="_blank" rel="noopener">4 codes.</a></strong></li>
<li><strong>Low level of female Labour Force Participation Rate (LFPR) in India:</strong><br />
<ul style="list-style-type: disc;">
<li>Females spending disproportionately <strong>more time on unpaid domestic and caregiving services</strong> to household members as compared to their male counterparts (Time Use Survey, 2019).</li>
<li><strong>Need to promote non-discriminatory practices at the workplace</strong> like pay and career progression, improve work incentives, including other medical and social security benefits for female workers.</li>
</ul>
</li>
</ul>
</li>
<li><strong>Inequality and Growth:</strong><br />
<ul style="list-style-type: circle;">
<li>Both<strong> inequality and per-capita income (growth) have similar relationships with socio-economic indicators</strong> in India, unlike in advanced economies.</li>
<li><strong>Economic growth has a greater impact on poverty alleviation than inequality.</strong></li>
<li>India <strong>must continue to focus on economic growth</strong> to lift the poor out of poverty. <strong>Redistribution in a developing economy is feasible</strong> only if the size of the economic pie grows.</li>
</ul>
</li>
</ul>
<p><a href="https://pib.gov.in/PressReleasePage.aspx?PRID=1693231" target="_blank" rel="noopener"><strong>Source:PIB</strong></a></p>',
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		'title' => 'Monopolistic Practices of Big-Tech Firms',
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<p>This article is based on <a href="https://www.thehindu.com/opinion/lead/global-antitrust-and-the-challenge-of-big-tech/article33688005.ece" target="_blank" rel="noopener"><strong>&ldquo;Global antitrust and the challenge of Big Tech&rdquo;</strong></a> which was published in The Hindu on 29/01/2021. It talks about the concerns associated with monopolistic practices of Big-Tech firms.</p>
</div>
<p>With the Internet playing a central role in determining how humans live and work, a few big technology companies have gathered remarkable clout. Big Tech firms, also known as GAFA (Amazon, Apple, Google, Facebook), are the largest and most dominant companies in the information technology industry of the United States.</p>
<p>Many have speculated it may not be possible to live outside of the digital world ecosystem created by these companies. Now, these big tech companies are setting their sights on the Global South, particularly the Indian subcontinent, for the untapped potential it holds.</p>
<p>However, there are many concerns over these Big tech firms&rsquo; monopolistic practices like slow regulation, unfair competition, privacy, etc. Therefore, given the centrality of digital technologies in the future, a comprehensive regulatory framework must be needed.</p>
<h3>How Big Tech Firms Establishes Monopoly?</h3>
<ul style="list-style-type: square;">
<li><strong>Network effect:</strong> Due to strong network effects, it is not possible to ban or curtail these services. <br />
<ul style="list-style-type: circle;">
<li>Even if other options are available (such as Signal and Telegram for messaging), the network effects bind customers to their often used platform (WhatsApp), even if it is not their favorite.</li>
</ul>
</li>
<li><strong>Brand Loyalty:</strong> The major players have harnessed technologies that permit synchronicity between devices and people in a manner that is often superficially described as &ldquo;brand loyalty.&rdquo;</li>
<li><strong>Tying or Bundling Certain Products:</strong> Big tech firms have pre-loaded certain software with the OS. Due to this, many times, there was no option available to users to use other alternatives.</li>
</ul>
<h3>Concerns Associated with BigTech Firms</h3>
<ul style="list-style-type: square;">
<li><strong>Unfair Competition:</strong> Innovations and technological advancements have meant that unlikely giants have emerged in an extremely short span of time. To retain their pole position, these firms may resort to anti-competitive behavior. For example:<br />
<ul style="list-style-type: circle;">
<li>They are erecting entry barriers by refusing to interconnect and interoperate with competing firms.</li>
<li>Leveraging their capital base and thereby engaging in predatory pricing, and driving out competitors.</li>
<li>Exclusive arrangements and cartelization.</li>
</ul>
</li>
<li><strong>Privacy Concerns:</strong> Big tech firms&rsquo; market power is built at individuals&rsquo; expense through the unscrupulous collection and processing of user data and forcing certain products on consumers.<br />
<ul style="list-style-type: circle;">
<li>Further, there is a lack of transparency in how tech companies process user data, which has raised serious and pressing privacy concerns.</li>
</ul>
</li>
<li><strong>Slow Regulation:</strong> Due to rapid innovation and advancement by the Big Tech firms, the regulators are only able to react, not be in readiness. <br />
<ul style="list-style-type: circle;">
<li>In India, Big Tech companies are able to operate in a regulatory vacuum.</li>
<li>Due to this, they can avoid any negative repercussions for their continued violations regarding the adequate compensation of labor, local incorporation, and taxation laws and maintaining reasonable and adequate data protection standards.</li>
</ul>
</li>
</ul>
<h3>Way Forward</h3>
<ul style="list-style-type: square;">
<li><strong>Prioritizing Personal Data Regulation:</strong> At a point in time where data is the new gold standard, the regulation of how tech companies use consumers&rsquo; personal data to establish dominance should be a significant preliminary focus point.</li>
<li><strong>Ensuring Right to Privacy:</strong> Governments worldwide have introduced stringent laws to ensure users&rsquo; right to privacy by requiring tech companies to adhere to certain basic and essential data security and privacy measures.<br />
<ul style="list-style-type: circle;">
<li>In this context, the dedicated data protection law (the <a href="/daily-updates/daily-news-editorials/personal-data-protection-bill-2019#:~:text=In%20this%20context%2C%20the%20Personal,by%20retired%20Justice%20B%20N%20Srikrishna." target="_blank" rel="noopener"><strong>Personal Data Protection (PDP) Bill</strong></a>) must be expedited.</li>
</ul>
</li>
<li><strong>Comprehensive Regulatory Framework:</strong> There is an undeniable monopoly that big tech companies enjoy across sectors and regulatory gaps and consumer loyalty has enabled this unique situation to thrive. <br />
<ul style="list-style-type: circle;">
<li>The consumer will not easily give up the convenience that this offers her; therefore, there is a need to create a network of regulatory measures and safeguards centered around the consumer.</li>
<li>Thus, regulation should be mindful of region-specific issues and adopt a multi-disciplinary approach to have the most impact.</li>
</ul>
</li>
<li><strong>Monetizing Information:</strong> Big Tech companies must negotiate a fair payment with all the stakeholders for using their content in Facebook&rsquo;s newsfeed and Google&rsquo;s Search.</li>
</ul>
<h3>Conclusion</h3>
<p>Given the size and impact of the Indian market, all regulatory action in India is bound to be closely monitored and can have a far-reaching effect elsewhere in the world.</p>
<p>Hence, the question before policymakers is how to regulate these Internet firms from abusing their monopoly power while at the same time encouraging the positive externalities and consumer surplus they create.</p>
<table border="1" style="border-collapse: collapse; width: 100%;">
<tbody>
<tr>
<td style="width: 100%; background-color: #fffef0; border-color: #ff0000; border-style: dotted;">
<p><span style="color: #000080;"><em><strong>Drishti Mains Question</strong></em></span></p>
<p>Given the centrality of digital technologies in the future and concerns emanating from monopolistic practices of Big Tech firms, a comprehensive regulatory framework is the need of the hour. Discuss.</p>
</td>
</tr>
</tbody>
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