DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 31st January 2024
Archives (PRELIMS & MAINS Focus) International Monetary Fund (IMF) Syllabus Prelims –ECONOMY Context: Recently, the International Monetary Fund (IMF) has increased its GDP growth estimate for India to 6.7 per cent for the current financial year. Background:- It is 40 basis points higher than its previous forecast of 6.3 per cent. About the International Monetary Fund (IMF):- It is an international organizationthat works to achieve sustainable growth and prosperity for all of its member countries. Established in 1944 HQ:Washington, D.C. (United States of America) Members: 190 India is a member. Any other state, whether or not a member of the UN, may become a member of the IMF. Structure:– At the top of its organization is the Board of Governors. The day-to-day workof the IMF is overseen by its 24-member Executive Board. The Managing Directoris the head of the IMF staff and Chair of the Executive Board. S/he is assisted by four Deputy Managing Directors. Funding:the IMF’s resources mainly come from the money that countries pay as their capital subscription (quotas) when they become Objectives of IMF:- Foster global monetary cooperation. Secure financial stability. Facilitate international trade. Promote high employment and sustainable economic growth. Reduce povertyaround the world. ( Role of IMF) Macroeconomic growth. Policy advice & financingfor developing countries. Promotion of exchange rate stability, and an international payment system. Functions:- Lending The IMF provides loans including emergency loansto member countries experiencing actual or potential balance of payments problems. The aim is to help them rebuild their international reserves, stabilize their currencies, continue paying for imports, and restore conditions for strong economic growth while correcting underlying problems. Surveillance The IMF monitors the international monetary systemand global economic developments. It identifies risks and recommends policiesfor growth and financial stability. Capacity Development The IMF provides technical assistance and training to governments, including central banks, finance ministries, revenue administrations, and financial sector supervisory agencies. FLAGSHIP PUBLICATIONS:- World Economic Outlook Global Financial Stability Report Fiscal Monitor MUST READ: IMF and World Economic Outlook SOURCE: AIR PREVIOUS YEAR QUESTIONS Q.1) “Rapid Financing Instrument” and “Rapid Credit Facility” are related to the provisions of lending by which of the following: (2022) Asian Development Bank International Monetary Fund United Nations Environment Programme Finance Initiative World Bank Q.2) With reference to the “G20 Common Framework”, consider the following statements: (2022) It is an initiative endorsed by the G20 together with the Paris Club. It is an initiative to support Low-Income Countries with unsustainable debt. Which of the statements given above is/are correct? 1 only 2 only Both 1 and 2 Neither 1 nor 2 LiFE (Lifestyle for Environment) Syllabus Prelims –ENVIRONMENT AND ECOLOGY Context: Recently, a national exhibition and programme of environment-friendly activities on the LiFE (Lifestyle for Environment) themes is being organized on 9th & 10th February 2024, at India Gate, Delhi. Background:- The event will highlight how the youth can inspire behavioural change that leads to individual and collective action towards an environmentally conscious lifestyle. About LiFE (Lifestyle for Environment):- LiFE is an India-led global movement to nudge individuals to take simple yet effective environment-friendly actions in their daily lives. Aim: to bring individual behaviours to the forefront of the global climate action LiFE envisions replacing the prevalent ‘use-and-dispose’ economy with a circular economy, which would be defined by mindful and deliberate utilisation. Approach:- Focus on Individual Behaviours: Make Life a mass movement (Jan Andolan) by focusing on behaviours and attitudes of individuals and communities. Co-create Globally: Crowdsource empirical and scalable ideas from the best minds of the world, through top universities, think tanks and international organisations. Leverage Local Cultures: Leverage climate-friendly social norms, beliefs and daily household practices of different cultures worldwide to drive the campaign. Objectives :- It aims to promote an environmentally conscious lifestyle that focuses on ‘mindful and deliberate utilization’ instead of ‘mindless and wasteful consumption’. It aims to utilise the power of collective action. It aims to nudge individuals across the world to undertake simple climate-friendly actions in their daily lives. It aims to create and nurture a global network of individuals, namely ‘Pro-Planet People’ (P3). Pro-Planet People’ (P3): to have a shared commitment to adopt and promote environmentally friendly lifestyles. It seeks to leverage the strength of social networks to influence social norms surrounding climate. MUST READ: National Clean Air Programme SOURCE: PIB PREVIOUS YEAR QUESTIONS Q.1)The “Common Carbon Metric” supported by UNEP, has been developed for (2021) Assessing the carbon footprint of building operations around the world. Enabling commercial farming entities around the world to enter carbon emission trading. Enabling governments to assess the overall carbon footprint caused by their countries. Assessing the overall carbon footprint caused by the use of fossil fuels by the world in a unit of time. Q.2) “R2 Code of Practices” constitute a tool available for promoting the adoption of (2021) Environmentally responsible practices in the electronics recycling industry. Ecological management of ‘’Wetlands of International Importance” under the Ramsar Convention. Sustainable practices in the cultivation of agricultural crops in degraded lands. ‘’Environmental Impact Assessment’’ in the exploitation of natural resources. Pension Fund Regulatory and Development Authority (PFRDA) Syllabus Prelims –ECONOMY Context: Recently, PFRDA has invited bids for the selection of a System Integrator (SI) for the design, development, implementation and maintenance of PFRDA-TRACE (Tracking Reporting Analytics & Compliance E-Platform). Background:- PFRDA-TRACE will serve as a comprehensive tool for submitting regulatory and supervisory compliance reports by intermediaries. About Pension Fund Regulatory and Development Authority (PFRDA):- The Pension Fund Regulatory and Development Authority (PFRDA) is a statutory regulatory body established under the Pension Fund Regulatory and Development Authority Act, 2013. It was established to oversee the National Pension System (NPS) and regulate India’s pensions sector. Functions:- The Pension Fund Regulatory and Development Authority (PFRDA) is a legislative body created by Parliament to regulate, promote, and maintain the orderly expansion of the National Pension System (NPS) and pension schemes covered by this Act. It is a central autonomous body that functions as a quasi-government organisation with executive, legislative, and judicial powers similar to the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), and the Insolvency and Bankruptcy Board of India (IBBI). PFRDA
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