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Monthly DNA
01 Feb, 2024
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The Supreme Court recently opined that if the State of Rajasthan believes that the mining activities in the Aravali Range pose a threat to the environment, it can also prevent mining activities in the Aravalli Range.
About Aravalli Range
The Non-Aligned Movement was formed during the Cold War as an organization of States that did not seek to formally align themselves with either the United States or the Soviet Union, but sought to remain independent or neutral.
Who founded: The Non-Aligned Movement was founded and held its first conference (the Belgrade Conference) in 1961 under the leadership of Josip Broz Tito of Yugoslavia, Gamal Abdel Nasser of Egypt, Jawaharlal Nehru of India, Kwame Nkrumah of Ghana, and Sukarno of Indonesia.
Purpose: The purpose of the organization was enumerated in Havana Declaration of 1979 to ensure "the national independence, sovereignty, territorial integrity and security of non-aligned countries" in their struggle against imperialism, colonialism, neo-colonialism, racism, and all forms of foreign subjugation.During the cold war era the NAM played a vital role in stabilizing the world order and preserving peace and security. Non alignment of NAM doesn't mean the neutrality of state on global issues, it was always a peaceful intervention in world politics.
Principles
As J.L Nehru was founding members, the principles of NAM was largely guided by Panchsheel principles, some of them are:
Objectives
Relevance of NAM
NAM: Importance Activities and positions
Issue/ Incident |
Action by NAM |
1961 Puerto Rico’s self-determination |
· The NAM organization has supported the discussion of the case of Puerto Rico’s self-determination before the United Nations. |
1973 Self-determination of Western Sahara |
· The group has supported the discussion of the case of Western Sahara’s self-determination before the United Nation |
2003 invasion of Iraq |
· In recent years the organization has criticized certain aspects of US foreign policy. · The 2003 invasion of Iraq and the War on Terrorism, its attempts to stifle Iran and North Korea’s nuclear plans, and its other actions have been denounced by some members of the Non-Aligned Movement as attempts to run roughshod over the sovereignty of smaller nations |
Sustainable Development Goals and Millennium Development Goals |
· The movement is publicly committed to the tenets of sustainable development and the attainment of the Millennium Development Goals, but it believes that the international community has not created conditions conducive to development and has infringed upon the right to sovereign development by each member state · Issues such as globalization, the debt burden, unfair trade practices, the decline in foreign aid, donor conditionality, and the lack of democracy in international financial decision-making are cited as factors inhibiting development |
Criticism of current UN structures |
· The movement has been outspoken in its criticism of current UN structures and power dynamics, stating that the organisation has been used by powerful states in ways that violate the movement’s principles · NAM has made a number of recommendations that it says would strengthen the representation and power of “non-aligned” states |
Non-Aligned Movement Centre for South-South Technical Cooperation (NAM CSSTC)
NAM & India
NAM Relevance in present day world
Recent NAM Summit
The 19th NAM Summit was held under Uganda's leadership in Kampala. Uganda has taken over as chair from Azerbaijan, to run until 2027.
Current members:
After the United Nations, NAM is the second-largest grouping of nations.
NAM does not have a permanent secretariat or a formal founding charter, act, or treaty. The summit usually takes place every three years.
Launch of “Alliance for Global Good- Gender Equity and Equality” by India at World Economic Forum, Annual Meeting Davos, 15-19 January, 2024
Shri Narendra Modi’s “Women-led Development” agenda resonates globally at the WEF 2024, with committed support from WEF and over 10,000 businesses worldwide
WEF hails India’s inclusive and remarkable growth story under the visionary leadership of Prime Minister Shri Narendra Modi and compliments the Indian government for its philosophy of “Sabka Saath, Sabka Vikas”
Key Highlights?
World Economic Forum (WEF)
Source: pib
The Year 2023 marks the beginning of ‘Amrit Kaal’ - the 25-year period beginning from the 75th anniversary of its independence on 15th August 2022, leading up to the centenary of its Independence, towards a futuristic, prosperous, inclusive and developed society, distinguished by a human-centric approach at its core.
India continues to be one of the fastest-growing economies of the world. The country's second quarter growth, 7.6 per cent, has been then highest in the world and India's GDP growth for the April-June quarter was 7.8 per cent.
Putting into effect the roadmap for making India a $5 trillion economy, the Government continues to focus on growth at the macro level and complementing it with all-inclusive welfare at the micro level, promoting digital economy and fintech, technology-enabled development, energy transition and climate action and relying on a virtuous cycle of investment and growth.
The Government has also focused on a capex-led growth strategy to support economic growth and attract investment from the private sector, increasing its capital investment outlay substantially during the last three years. Central Government’s capital expenditure has increased from 2.15 per cent of GDP in 2020-21 to 2.7 per cent of GDP in 2022-23.
The success of Government’s policies is further reaffirmed and underscored when the International Organisations like the World Bank and IMF recognise India as the fastest growing Emerging Market Economy (EME) in the world and applaud the resilient and stable growth India continues to witness.
G-20
The Year 2023 is also significant as India hosted the G20 Presidency from December 1, 2022 to November 30, 2023. The 43 Heads of Delegations - the largest ever in G20 - participated in the final New Delhi Summit in September 2023.
The G20 Finance Track under India's leadership addressed critical global issues, including the strengthening of Multilateral Development Banks (MDBs) through the G20 Independent Expert Group's comprehensive report. The DEA played a pivotal role in fostering cooperation on crypto-assets, with the International Monetary Fund (IMF) and the Financial Stability Board (FSB) developing a Synthesis Paper adopted as the G20 Roadmap on Crypto Assets in October 2023.
During the G20 Indian Presidency, India steered the G20 agenda and hosted the Summit. The G20 consists of two parallel tracks: the Finance Track and the Sherpa Track. Finance Ministers and Central Bank Governors lead the Finance Track, while Sherpas lead the Sherpa Track. The high point of the Leaders’ Summit was that a global consensus was arrived at in the form of New Delhi Leaders’ Declaration (NDLD).
The department facilitated debt restructuring efforts through the Common Framework and launched the Global Sovereign Debt Roundtable, reinforcing its commitment to supporting vulnerable economies. Initiatives like the G20 Sustainable Finance Technical Assistance Action Plan (TAAP) underscored efforts to enhance capacity-building in sustainable finance, particularly for Emerging Markets and Developing Economies.
Infrastructure development also received a boost through initiatives like the Harmonised Master List (HML) of Infrastructure Sub-sectors, the National Infrastructure Pipeline (NIP), and the G20 Infrastructure Working Group's consensus on key deliverables. The DEA's strategic measures for promoting Public-Private Partnerships (PPPs) include the VGF Scheme's expansion and the revamping of the Infrastructure Investment Project Development Fund (IIPDF).
The DEA also played a role in financial sector reforms, including the launch of the NSE IFSC-SGX Connect and the transition to a T+1 settlement cycle, positioning India as a pioneer in global securities markets.
In summary, the Department of Economic Affairs in 2023 has demonstrated a proactive and inclusive approach, contributing significantly to sustainable finance, climate action, infrastructure development, and financial sector reforms on both national and international fronts.
Following are some of the major achievements of the Department of Economic Affairs, Ministry of Finance, in 2023:
Sovereign Green Bonds:
In the Union Budget 2022-23, the Government announced that, as a part of the government’s overall market borrowings in 2022-23, sovereign Green Bonds will be issued to mobilize resources for green infrastructure. The proceeds will be deployed in sector projects which help in reducing the carbon intensity of the economy.
In pursuance of the above budget announcement, framework for Sovereign Green Bonds has been brought out by the Government of India to mobilise resources for green infrastructure projects which help in reducing the carbon intensity of the economy.
The Government has raised ?16,000 crore, through issuance of Sovereign Green Bonds in 2023 till date and these proceeds were allocated to the eligible schemes/projects of the Ministries/Departments such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways etc. In the FY 2023-24, Government has decided to raise ? 20,000 crore through issuance of Sovereign Green Bonds.
Mahila Samman Savings Certificate (MSSC):
The introduction of the Mahila Samman Savings Certificate (MSSC) reflects the government's dedication to women's financial inclusion. With total number of accounts opened are at 14,83,980 with deposit of Rs. 8,630 crore as on July 2023, this initiative empowers women economically, offering an attractive 7.5% interest rate compounded quarterly.
Mahila Samman Savings Certificate (MSSC) was launched by the Government of India to commemorate the Azadi ka Amrit Mahotsav. MSSC account may be opened by women of any age group including the girl child with a minimum deposit of ?1000/- and maximum deposit of ?2 Lakhs for a period of two years. This scheme is available for a two-year period up to March 2025. The facility of partial withdrawal and premature closure on compassionate grounds are also available under this Scheme. Government of India has authorized Department of Posts, all Public Sector Banks and four Private Sector Banks to operate MSSC.
The maximum deposit for the senior citizen saving scheme has been enhanced from Rs 15 lakhs to Rs 30 lakhs.
The maximum deposit limit for the Post office monthly Income savings scheme is enhanced from Rs.4.5 lakh to Rs.9 lakh for a single account and from Rs.9 lakh to Rs.15 lakh for a joint account.
Sukanya Samriddhi Yojana (SSY)
The Sukanya Samriddhi Yojana (SSY) is a savings scheme initiated by the Department of Economic Affairs, Ministry of Finance, specifically designed for the benefit of the girl child. The scheme was launched as part of the ‘Beti Bachao, Beti Padhao’ campaign to promote the welfare of the girl child and encourage parents to save for their education and marriage expenses. So far, 3.2 crore accounts are active under the Scheme.
National Investment and Infrastructure Fund in 202:
G20 Finance Track under India’s G20 Presidency, 2023:
KEY OUTCOMES OF THE G20 FINANCE TRACK IN 2023:
Some of the key outcomes of the Finance Track are highlighted below.
Report of the G20 Independent Expert Group on Strengthening Multilateral Development Banks (MDBs)
IMF-FSB Synthesis Paper on crypto-assets:
Crypto-assets have been in existence for more than a decade and have displayed significant volatility. Alongside their volatility, crypto-asset activities have also grown in complexity. So far, direct connections between crypto-assets and systemically important financial institutions, core financial markets, and market infrastructures have been limited. Nevertheless, they have the potential to emerge as a source of systemic risk in specific jurisdictions if they gain traction for payments or retail investments. The IMF has outlined key elements of an appropriate policy response including macroeconomic, legal and financial integrity considerations and implications for monetary and fiscal policies. In parallel, the Financial Stability Board (FSB) and standard-setting bodies (SSBs) have published regulatory and supervisory recommendations and standards to address financial stability, financial integrity, market integrity, investor protection, prudential and other risks derived from crypto-assets.
G20 Principles for Financing Cities of Tomorrow:
Mechanisms for timely and adequate mobilization of climate finance:
G20 Policy Recommendations for advancing financial inclusion and productivity gains through DPI and New Financial Inclusion Action Plan 2024-26:
Managing global debt vulnerabilities:
G20 Sustainable Finance Technical Assistance Action Plan (TAAP):
INITIATIVES TO BOOST INFRASTRUCTURE INVESTMENT
India Infrastructure Financing Company Limited (IIFCL) etc.
In accordance with para 49 of the Union Budget for FY 23-24, an expert committee has been constituted under the chairmanship of Shri Bibek Debroy, Chairman of the EAC to PM with the objective to undertake a comprehensive assessment of the characteristics/ parameters defining infrastructure and the financing framework for Amrit Kaal.
The Expert Committee had a series of stakeholder’s consultations and is finalising the recommendations and the final report of the committee is expected by 31st December 2023
NIP was launched with 6,835 projects and has expanded to capture over 9,288 projects with a total project outlay of Rs 108.88 lakh cr between 2020-2025. Transport (42%), energy (25%), water & sanitation (15%) and social infrastructure (3%) sectors amount to around 85% of the projected infrastructure investments under NIP. NIP projects are housed on the India Investment Grid (IIG) portal
Initiatives for Promoting PPPs:
Knowledge Dissemination and promoting Cooperative Federalism:
During the period, a total of 3 Workshops were organised - Two State Outreach workshops, One workshop on ‘PPP Structuring Toolkit’. The workshops elicited good response and the impact was that the awareness of GoI schemes for promoting PPPs were disseminated and witnessed further traction.
Financial Sector Reforms
T+1 Settlement:
In January 2023, India, one of the earliest adopters of T+1 settlement system in the global securities market, well ahead of major developed and emerging markets. The clearing and settlement system of Indian securities market completed its transition to T+1 settlement cycle based on a phased implementation which was initiated in November 2021.
So far, under the T+2 settlement cycle, trades on the Indian stock exchanges were settled within two working days. For instance, if an investor buys/sells shares on a T (Trade) day, then the settlement of the trade, i.e. pay-in and pay-out of securities and funds would be completed within two working days i.e. by T+2 day. Under the T+1 settlement cycle, the settlement of such trade will take place within one working day i.e. by T+1 day, resulting in faster delivery of securities.
The switch to T+1 settlement cycle shall benefit investors by increasing market liquidity as the securities/funds of trades carried out on T day will be available on the next working day itself. An early settlement of funds/securities under a T+1 settlement cycle would also enable faster redemption for mutual funds, thereby benefiting the retail investors. In addition, T+1 settlement cycle include usher in a ecosystem of increased trading turnover and reduced settlement risk thereby leading to overall development of the securities market.
India has become one of the very few large economies that switched from T+2 to T+1 settlement. The shorter settlement cycle (T+1) is in the interest of retail investor as it reduces the risk of non-payment or non-delivery of shares by the broker by one day, which is an improvement over the present system. Further, faster trade settlements lead to better efficiency levels and further protect investors.
The project also includes the world's first indigenous portable hospital.
It aims to showcase the holistic impact of the research and innovation carried out by the country's top higher education institutes.
Fo Guang Shan Cultural and Educational Centre, received registration under ‘religious, cultural, economic, educational and social purpose’ category recently. Fo Guang Shan (FGS) is one of the largest Buddhist organization and monastic order based in Taiwan. The name
The Padmaja Naidu Himalayan Zoological Park (PNHZP) is a zoo in Darjeeling, India. It's also known as the Darjeeling Zoo and is the largest high-altitude zoo in the country. The zoo is dedicated to wildlife conservation and is known for its breeding programs for red pandas,
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The Ministry of Education's Department of Higher Education recently introduced the "Guidelines for Registration and Regulation of Coaching Center 2024." Guidelines for Registration and Regulation of Coaching Center 2024 According to the guideline, a ‘coaching center
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