Codex Alimentarius Commission (CAC)

Recent Developments  India recently took part in the 86th session of the Executive Committee (CCEXEC) of the Codex Alimentarius Commission (CAC) held in Rome. India’s Support: Spice Standards: India strongly supported the advancement of Codex standards for various spices, including small cardamom, turmeric, and vanilla. Given India's role as a major producer and exporter

Sustainable Development Goals (SDGs)

The Sustainable Development Goals Report 2024, released by the UN Department of Economic and Social Affairs (UN DESA), highlights significant findings: Overall Progress: Global data from 2015 to 2024 shows that only a small fraction of the SDG targets are on track. Challenges: The world is falling short in delivering on the SDG promises, with fewer than one-fifth of the targets currently o

Digital Public Infrastructure (DPI)

Why in the News? The recent release of the ‘Report of India’s G20 Task Force on DPI’ highlights the growing emphasis on Digital Public Infrastructure as a crucial element for economic transformation, financial inclusion, and development. The report, published under India’s G20 Presidency, aims to advance global adoption of DPI and outline its strategic framework. Abou

Digital Public Infrastructure (DPI)

Why in the News? The recent release of the ‘Report of India’s G20 Task Force on DPI’ highlights the growing emphasis on Digital Public Infrastructure as a crucial element for economic transformation, financial inclusion, and development. The report, published under India’s G20 Presidency, aims to advance global adoption of DPI and outline its strategic framework. Abou

Krishi Sakhi certificates

Prime Minister awarding Krishi Sakhi certificates to more than 30,000 women Self-Help Groups (SHGs) in Varanasi highlights a significant development in India's agricultural extension system. Why it’s important: Empowerment of Women: By recognizing and certifying these women-led SHGs, the government is acknowledging their crucial role in agricultural development and rural economi

State of World Fisheries and Aquaculture 2024

The "State of World Fisheries and Aquaculture 2024" report by the Food and Agriculture Organization (FAO) provides a comprehensive overview of global fisheries and aquaculture trends, highlighting key developments and shifts in the industry.  The main findings from the report are as follow: Record Production Levels: World fisheries and aquaculture production reached a new high

BRIDGING GLOBAL WORKFORCE GAPS

The issue of bridging global workforce gaps is gaining attention due to several intersecting trends affecting labor markets worldwide.  Why it’s in the news: India's Workforce Potential: The India Employment Outlook 2030 by ORF points out that India will contribute around 24.3% of the global incremental workforce over the next decade. This highlights India’s growing r

Trade Deficit

India's trade deficit has recently been in the news due to the country's economic interactions with its top trading partners. The detailed look at the current status and key factors affecting India's trade balance in FY 2023-24 has been given below About Trade Deficit Definition: A trade deficit occurs when a country's imports exceed its exports. Current Status: For the

Project Nexus

Project Nexus is an ambitious international initiative aimed at revolutionizing cross-border retail payments by integrating domestic Instant Payment Systems (IPS). What is Project Nexus? Project Nexus is a multilateral initiative designed to enable instantaneous cross-border retail payments by linking domestic IPS across different countries. The initiative is spearheaded by the Innovation Hu

Preston Curve

The Preston Curve is an insightful concept in understanding the relationship between economic development and health outcomes. Summary of the Preston Curve Concept Origin: The Preston Curve, introduced by Samuel H. Preston in his 1975 paper "The Changing Relation Between Mortality and Level of Economic Development," explores how life expectancy correlates with per capita income.

Forex reserves

Context: Recently, Forex reserves jumped $2.816 billion to $606.859 billion. About forex reserves Foreign Exchange Reserves refer to assets kept in reserve by a central bank, comprising foreign currencies such as bonds, treasury bills, and government securities. These reserves, expressed in the US dollar, the international standard, are managed by the RBI, serving as the cust

India's stock market

India overtakes Hong Kong to become 4th-largest stock market recently. India's stock market capitalization crossed USD 4 trillion for the first time, with about half of that reportedly coming in the past 4 years. The top 3 stock markets are the U.S., China, and Japan.

Indian start-ups

Context: Funding slowed, jobs were lost, and only 2 unicorns were created in 2023. A number of firms cropped up hoping to ride the ongoing generative AI wave. Background: Indian start-ups experienced a significant drop in funding, reaching $8.3 billion in the past year, marking the lowest since 2016. The compound annual growth rate (CAGR) of funding in the last three years witnessed a s

Punganur cows

Standing at just around 70-90 cm tall and weighing less than 200 kg, it is among the world’s most dwarf cattle breeds. It is native to Punganur village in the Chittoor district of Andhra Pradesh. It has high resilience to drought and can adapt to low-quality feed. It is also prized for its milk, which boasts a higher fat content, mak

Up skilling Rural Youth of India

In a recent group discussion held by Life Skills Collaborative, most of the rural youth preferred to stay in their village which necessitates the importance of upskilling them. Why is upskilling necessary for the rural youth? UN projects that almost 50% of the Indian population will be living in urban areas by 2047. To overcome agrarian crisis ­– Farming is the main sour

Domestic Systemically Important Banks (D-SIBs)

Context: Recently, the Reserve Bank of India (RBI) issued its list of Domestic Systemically Important Banks (D-SIBs). News: In the recent update by the Reserve Bank of India (RBI), both the State Bank of India (SBI) and HDFC Bank have been reclassified to higher tiers, while ICICI Bank maintains its existing categorization from the previous year The revised classifications pla

First Advanced Estimate (FEA) of GDP and GDP CALCULATIONS

Recently, the 1st Advance Estimates (FAEs) released by the government showed that India’s GDP will grow by 7.3% in the current financial year (2023-24), slightly faster than the 7.2% growth in 2022-23. What is GDP? Gross Domestic Product – GDP is defined as total market value of all final goods and services in an economy. It is used to assess the size of

World Employment and Social Outlook Report 2023

Released by- International Labour Organisation Publication- Annually Theme- The value of essential work. About- It details the impact of economic slowdown on the global labour market. 2023 report- It calls for a revaluation of the work of key workers to reflect their social contribution and greater investment in key sectors. Key workers- Food system worke

Status of GI tag in India 

GI tag - A GI tag is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. Ownership - Any trader's body, association, or organization can apply for a GI tag. Major Categories - The products in the GI registry fall under five major categories. Agriculture Food Stuff

Lancet Countdown Report 2023

A new report by the Lancet Countdown on Health and Climate Change warns of the severe health consequences of climate change in India.  Lancet Countdown Report The Lancet Countdown is global research collaboration that tracks the relationship between public health and climate change. 2023 report- It tracks the relationship between healt

One Nation One Ration Card (ONORC)

Context: Ration card portability gained traction across India this year, as 28 crore transactions were recorded in the first 11 months of 2023, according to the food ministry. About: Poor migrant workers will have the opportunity to purchase subsidized rice and wheat from any ration shop in the country, provided their ration cards are linked to Aadhaar. To be eligible for subsidies su

SYNERGISTIC BARRIERS AFFECTING THE PROGRESS ON SDGS

Why in the News? At the SDG Summit in New York, which was held on September 18 and 19, the world leaders reaffirmed their shared commitment to eradicate poverty and end hunger. It was observed that only 15% of the 169 SDG targets that make up the 17 goals can be met by the world. The investment gap in SDGs in developing countries stands greater than $4 trillion, out of which nearly

CLOSING GENDER PAY GAP IN THE WORKFORCE

Professor Goldin’s work: Goldin demonstrated how and why gender differences in earnings and employment rates have changed over time, by analysing 200 years of the United States’ archives. Significant observations from her work: Female participation in the labour market exhibited a U-shaped curve rather than an upward trend over the entire period. The economic growth oc

The Feminisation of Economic Enquiry - Economics Nobel

Why in News? Professor Claudia Goldin became the 3rd woman to be awarded the Sveriges Riksbank Prize in Economic Sciences which is commonly referred to as the Nobel Prize for Economics. Highlights of her work: Goldin demonstrated how and why gender differences in earnings and employment rates have changed over time, by analysing 200 years of the United States’ archives.

Unemployment in India

Unemployment in India     Why in the News? The Prime Minister has said unemployment rate in the country is at its lowest level in the last six years and India's expanding economy is creating new possibilities for the youth. Unemployment is decreasing rapidly in both rural and urban areas of India. The benefits of development are reaching both villages and

Counting Rural women’s labor

Why in the News? India has one of the lowest female labour force participation rates (LFPR) in the world which is disheartening as the International Day of Rural Women is approaching. The Periodic Labour Force Survey (PLFS) data: It indicates that LFPR (women in the working age group of 15-59 years) is only 35.6% in India. The LFPR of India is lower than other South Asi

National Deep Tech Startup Policy

A.  Aims to bolster the growth of Startup ecosystem through optimal policy interventions access to funding strengthening Intellectual Property Regime (IPR) Sustaining Deep tech startups. Enabling shared infrastructure and resource sharing. B. The draft outlines four key pillars Securing India’s economic future. Knowledge-driven economy bolstering national c

Engel's law

Engel's law It states that, as income increases, the proportion of income spent on food decreases, even if absolute expenditure on food rises. As the economy grows with increases income in the hands of the people, this trend can be witnessed. This formed the basis for reduction in weightage of food in the CPI basket from 60.9 (1960) to 46.2 (2001).

Chapter 7: Shaping Digital Economy

Introduction •    Millennials, those born between 1980 and 2000, have spent their entire lives surrounded by electronic devices. •    These millennials depend on digital tools for their daily activities, and because of this, they are ideal candidates to help India's Digitised Economy take shape. The Success of the Indian Youth •  

Chapter 9: Leading India towards Techade

Introduction •    Participation in governance is one of the characteristics of good government. As 66% of the population is under the age of 65, young participation in governance is essential to the development of civic skills and the sustainability of long-term communities. •    Government launched the MyGov App, which centres the citizen. •