27-December-2023-Daily-Current-Affairs

ATTACKERS OF MERCHANT VESSELS WILL BE BROUGHT TO JUSTICE SOON: RAJNATH

GS 3 (SECURITY): SOURCE – THE HINDU

India’s Defence Minister, Rajnath Singh, expressed determination to bring the attackers of merchant vessels Chem Pluto and Sai Baba to justice during the commissioning of INS Imphal, a P-15B class stealth guided missile destroyer. Emphasizing India’s growing power, Singh highlighted the nation’s role as a net security provider in the Indian Ocean Region and pledged to ensure the security of sea lanes for enhanced maritime trade.

Key Points:

• Jeopardized Maritime Security: Rajnath Singh addressed the attacks on merchant vessels, emphasizing that jealousy and hatred fueled by India’s growing power were behind these incidents.
• India as a Net Security Provider: Singh reiterated India’s commitment to playing a crucial role in maintaining security in the entire Indian Ocean Region, ensuring the safety of maritime trade.
• Trade Significance: With the Himalayas in the north and Pakistan’s hostile behavior in the west, Singh described India as an “island country from the trade perspective,” emphasizing the importance of secure sea routes for trade.
• Countermeasures Against Threats: Navy Chief Admiral R. Hari Kumar outlined the Navy’s capabilities, including destroyers, aircraft, unmanned aerial vehicles, helicopters, and Coast Guard ships, deployed to counter pirate and drone attacks.

Conclusion:

As INS Imphal becomes the third indigenous Visakhapatnam class destroyer, India reaffirms its commitment to maritime security, showcasing its naval strength and dedication to safeguarding trade routes in the strategically vital Indian Ocean Region.

A NEW ECONOMICS FOR INCLUSIVE GROWTH

GS 3 (ECONOMY): SOURCE – THE HINDU

In their book “Breaking the Mould: Reimagining India’s Economic Future,” Raghuram Rajan and Rohit Lamba propose a paradigm shift in India’s economic strategy, advocating for a move from manufacturing to exporting high-end services. Acknowledging the persistent challenge of insufficient jobs and incomes in India, the authors suggest a departure from conventional approaches.

Challenges in India’s Economic Landscape:

• Visible Disparities: Evident in the demand for better prices by farmers and fair wages by informal sector and contract workers.
• Economic Weaker Sections: About 60% of Indians, irrespective of caste and religion, classified as “economically weaker sections,” emphasizing the need for job reservations.

Mismatch in Growth Components:

• Skills-Jobs-Incomes Mismatch: The hindrance to India’s growth lies in the misalignment between skills, job opportunities, and income levels.
• Leapfrogging Manufacturing: India’s attempt to leapfrog manufacturing and invest in high-end skills hasn’t translated into sufficient decent jobs for the masses.

Overlooking Realities in Economic Models:

• Adair Turner’s Caution: Economists’ models often overlook realities, hindering a comprehensive understanding of economic dynamics.
• Learning and Development: Traditional economic theories miss the essence of development, characterized by citizen learning, skill enhancement, and national capability acquisition.

Redefining Growth Patterns:

• Importance of Adjacencies: Emphasizes the significance of “adjacencies” in work and location, particularly in rural areas, for effective skill and income elevation.
• Localized Economic Activity: Small, labor-intensive enterprises around farms can contribute to manufacturing and value-added services, creating economic webs.

Conclusion:

The authors call for a fundamental reimagining of India’s growth trajectory, highlighting the need for inclusive and sustainable economic growth. Advocating for a shift from global supply chain participation to local economic activity, they stress the importance of focusing on India’s abundant human resources, encouraging small-scale manufacturing, and creating an environment conducive to inclusive growth. The imperative is to break free from the conventional mould of economic strategies and embark on a path that fosters both job creation and income enhancement for the masses.

DEVELOPMENT LED BY CORPORATES, NOT WOMEN

GS 2 (POLITY AND GOVERNANCE): SOURCE – THE HINDU

The G20 Summit in Delhi recently addressed the issue of women’s empowerment through the establishment of a “working group on the empowerment of women.” While this initiative is commendable, the efficacy of such working groups in the past raises concerns. The declaration emphasizes “women-led development” without providing a clear definition, prompting a critical examination of its implications.

Ambiguity in ‘Women-Led Development’:

• Unexplained Terminology: The term ‘women-led development’ lacks clarity in its definition, leaving the nature and parameters of such development open to interpretation.
• Critical Evaluation Needed: Leaders should articulate the distinctive features and processes associated with ‘women-led development,’ differentiating it from conventional models.

Challenges in Existing Development Models:

• Inequality and Trickle-Down Theory: Prevailing development models, influenced by the ‘trickle-down theory,’ contribute to global, intra-country, and gender-based inequalities.
• Corporate-Led Development: The macro model of development endorsed by the G20 underscores the role of private enterprise, aligning with existing corporate-driven economic frameworks.

Reality of ‘Women-Led Development’ Schemes:

• Government Schemes Shift: Government schemes meant for women have transitioned from ‘Women Development’ to ‘Women-led Development.’
• Deceptive Narrative: The shift conceals a reduction in government investment in projects aimed at women’s development, raising questions about the authenticity of the narrative.

Gender Budget and Alarming Trends:

• Gender Budget’s Evolution: The Gender Budget, initiated in 2005-2006, was designed to prioritize investments for women’s development.
• Budgetary Allocation Decline: The total Gender Budget for 2023-2024 decreased from the previous year, reflecting a consistent trend of inadequate allocation (4-6%).

Economic Independence of Women:

• Falling Share in Waged Work: The share of women in regular waged work in India declined from 21.9% (2018-2019) to 15.9% (2022-2023).
• Unorganized Sector Predominance: Over 95% of women are employed in the unorganized sector, lacking job and income security.

Corporate-Led Development Impact on Women:

• Resource Redistribution: Women, especially Dalits and Adivasis, bear the brunt of economic policies favoring the wealthiest 1%, leading to resource concentration.
• Negative Impact: Drastic reductions in budgetary allocations for paid work, particularly in rural projects, adversely affect women, contradicting the notion of ‘women-led development.’

Conclusion:

While the G20’s focus on women’s empowerment is a positive step, the ambiguous nature of ‘women-led development’ demands elucidation. The stark contrast between rhetoric and reality, as evidenced by declining budgetary allocations and deteriorating economic conditions for women, raises questions about the sincerity of the commitment to genuine empowerment. The current trajectory appears more aligned with corporate-led development, undermining the transformative potential of initiatives purportedly aimed at uplifting women.

JITENDRA SINGH LAUNCHES EXTENDED VERSION OF MISSION KARMAYOGI

GS 2 (POLITY AND GOVERNANCE): SOURCE – THE HINDU

Mission Karmayogi, the National Programme for Civil Services Capacity Building, stands as a pivotal initiative aimed at reshaping the Indian civil service for a future-ready framework. This mission emphasizes cultivating the right attitude, skills, and knowledge among civil servants in alignment with the vision of New India. Recently, new features have been introduced on the Mission Karmayogi platform to enhance its effectiveness and accessibility.

New Features on Mission Karmayogi Platform:

My iGOT:

• Delivers targeted training courses tailored for individual officers.

Blended Programs:

• Ensures equitable access to training methodologies across all levels.
• Integrates offline classroom courses with online learning components.

VIKAS (Variable & Immersive Karmayogi Advanced Support):

• Introduces a new blended learning program specifically for the management of civil servants in the Central Secretariat.

Curated Programs:

• Addresses diverse learning needs of Ministries, Departments, and Training Institutions.
• Includes the development of 12 domain-specific capacity-building e-learning courses.

Significance of Mission Karmayogi:

• Development of Competencies: Focuses on enhancing functional, behavioral, and technological competencies aligned with the aspirations of New India.
• Transition in HR Management: Supports the transition from a rule-based to a role-based HR management system, fostering adaptability.
• Lifelong Learning: Promotes lifelong learning and personalized learning paths for continuous skill development.
• On-Site Learning Emphasis: Emphasizes the importance of ‘on-site learning’ to complement traditional ‘off-site’ learning methods.

Extended Version Launch on Good Governance Day:

On Good Governance Day, celebrated annually on December 25th since 2014, the Ministry of Personnel, Public Grievances & Pensions launched an extended version of Mission Karmayogi. This day, dedicated to the legacy of former Prime Minister Shri Atal Bihari Vajpayee, aims to advance citizen-centric, efficient, and transparent governance, enhancing service delivery.

Conclusion:

Mission Karmayogi’s evolution with new features and an extended version marks a strategic effort to equip civil servants with the necessary tools and mindset for effective governance. The emphasis on personalized learning, competency development, and the transition in HR management reflects a commitment to building a dynamic and responsive civil service aligned with the evolving needs of New India.

NATIONAL FINANCIAL REPORTING AUTHORITY (NFRA) FOUND DEFICIENCIES IN AUDIT QUALITY OF BIG FOUR AUDIT FIRMS

GS 3 (ECONOMY): SOURCE – THE HINDU

The National Financial Reporting Authority (NFRA) plays a crucial role as a regulatory body overseeing accounting standards and the auditing profession in India. Established in 2018 under Section 132 of the Companies Act, its mandate encompasses monitoring compliance with auditing standards and ensuring the quality of services in associated professions.

Key Functions of NFRA:

• Statutory Establishment: Constituted in 2018 under Section 132 of the Companies Act, 2013.
• Compliance Monitoring: Mandated to monitor adherence to Auditing Standards. Oversees the quality of services provided by auditing professions.
• Audit Quality Inspections: Initiated inspections in prominent audit firms, including Deloitte, BSR & Co, SRBC & Co, and Price Waterhouse.

Key Issues Highlighted:

• Independence Concerns: Firms, including Deloitte and BSR & Co, found non-compliant with Code of Ethics on independence.
• Audit Documentation Quality: Identified deficiencies in documentation, potentially impacting the justification of audit conclusions.
• Risk Assessment Deficiencies: Raised concerns regarding the effectiveness of internal risk management processes within organizations.
• Regulatory Compliance Violations: SRBC & Co flagged for not fully recognizing relationships with its network members, violating Companies Act, 2013.

Conclusion:

NFRA’s scrutiny of major audit firms reveals critical issues ranging from independence lapses to inadequate risk assessments. Addressing these concerns is pivotal for upholding auditing standards and ensuring the integrity of financial reporting in India.

MEDTECH MITRA

GS 3 (SOCIETY): SOURCE – INDIAN EXPRESS

The Ministry of Health and Family Welfare has initiated ‘MedTech Mitra,’ strategically empowering young MedTech innovators.

• The platform supports talent in research shaping and regulatory approval processes. Focused on indigenous development, it aims to reduce the current 80% import dependence in MedTech.
• Complementary initiatives include production-linked incentives, investments in medical drug parks, and the implementation of research policies and incentive schemes to foster innovation in the MedTech sector.
• ‘MedTech Mitra’ reflects a comprehensive approach toward advancing healthcare solutions and fostering self-sufficiency.

CARD-ON-FILE TOKENISATION (COFT)

GS 3 (ECONOMY): SOURCE – INDIAN EXPRESS

The Reserve Bank of India (RBI) has introduced the option of tokenization directly through card-issuing banks.

• This facilitates cardholders to tokenize their cards for various merchant sites through a unified process, enhancing user convenience and security.
• Tokenization involves substituting actual card details with a unique code, or token, specific to the card, token requestor, and device.
• This measure, introduced by RBI, addresses data security concerns by replacing Card-on-File details stored with merchants, ensuring a more secure and resilient financial ecosystem.