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::Sustainable Development Goals (SDG) ::
There are 17 goals which are built on the success of Millennium Development Goals. These goals are interconnected and achievement of one goal contributes to achievement of other goals. These 17 goals are:
836 million people still live in extreme poverty.
About one in five persons in developing regions lives on less than US$1.25 per day.
Most of the concentration of these poor people lies in Southern Asia and sub-Saharan Africa.
The aim of the goal is to end poverty, promote prosperity and people’s well-being while protecting the environment
Globally, one in nine people in the world today (795 million) are undernourished. The SDGs aim to end all forms of hunger and malnutrition by 2030, making sure all people – especially children – have access to sufficient and nutritious food all year round.
3)Good health and well-being
More than six million children die before their fifth birthday each year.
Four out of every five deaths of children under age five occur in sub-Saharan Africa and Southern Asia.
The aim is to achieve universal health coverage, and provide access to safe and affordable medicines and vaccines for all.
More than half of children that have not enrolled in school live in sub-Saharan Africa.
An estimated 50 per cent of out-of-school children of primary school age live in conflict-affected areas.
103 million youth worldwide lack basic literacy skills, and more than 60 per cent of them are women.
This goal ensures that all girls and boys complete free primary and secondary schooling by 2030. It also aims to provide equal access to affordable vocational training, to eliminate gender and wealth disparities, and achieve universal access to a quality higher education
In sub-Saharan Africa, Oceania and Western Asia, girls still face barriers to entering both primary and secondary school.
The SDGs aim to ensure that there is an end to discrimination against women and girls everywhere.
Affording women equal rights to economic resources such as land and property are vital targets to realizing this goal. So is ensuring universal access to sexual and reproductive health
6)Clean water and sanitation
Around 663 million people are not having access to improved drinking water sources.
At least 1.8 billion people globally use a source of drinking water that is fecally contaminated.
By 2050, it is projected that at least one in four people will be affected by recurring water shortages.
The goals aims to ensure universal access to safe and affordable drinking water for all by 2030
7)Affordable and clean energy
It aims to ensure universal access to affordable electricity by 2030 by investing in clean energy sources such as solar, wind and thermal.
8)Decent work and economic growth
According to the International Labour Organization, more than 204 million people were unemployed in 2015.
470 million jobs are needed globally for new entrants to the labour market between 2016 and 2030.
The SDGs promote sustained economic growth, higher levels of productivity and technological innovation. Encouraging entrepreneurship and job creation are key to this, as are effective measures to eradicate forced labour, slavery and human trafficking.
With these targets in mind, the goal is to achieve full and productive employment, and decent work, for all women and men by 2030
9)Industry, innovation and infrastructure
Investment in infrastructure and innovation are crucial drivers of economic growth and development.
With over half the world population now living in cities, mass transport and renewable energy are becoming ever more important, as are the growth of new industries and information and communication technologies.
More than 4 billion people still do not have access to the Internet, and 90 percent are from the developing world. Bridging this digital divide is crucial to ensure equal access to information and knowledge, as well as foster innovation and entrepreneurship
Income inequality is a global problem that requires global solutions.
The richest 10 percent earning up to 40 percent of total global income.
The poorest 10 percent earn only between 2 percent and 7 percent of total global income.
In developing countries, inequality has increased by 11 percent if we take into account the growth of population
The Gini Coefficient of income inequality for India has risen from 33.4% in 2004 to 33.6% in 2011.
11)Sustainable cities and communities
More than half of the world’s population now live in urban areas. By 2050, that figure will have risen to 6.5 billion people – two-thirds of all humanity.
Sustainable development cannot be achieved without significantly transforming the way we build and manage our urban spaces.
In 1990, there were ten mega-cities with 10 million inhabitants or more. In 2014, there are 28 mega-cities, home to a total 453 million people.
Making cities safe and sustainable means ensuring access to safe and affordable housing, and upgrading slum settlements.
12)Responsible consumption and production
Achieving economic growth and sustainable development requires that we urgently reduce our ecological footprint by changing the way we produce and consume goods and resources
Agriculture is the biggest user of water worldwide, and irrigation now claims close to 70 percent of all freshwater for human use.
The efficient management of our shared natural resources, and the way we dispose of toxic waste and pollutants, are important targets to achieve this goal.
Encouraging industries, businesses and consumers to recycle and reduce waste is equally important, as is supporting developing countries to move towards more sustainable patterns of consumption by 2030.
Greenhouse gas emissions continue to rise, and are now more than 50 percent higher than their 1990 level.
The annual average losses from earthquakes, tsunamis, tropical cyclones and flooding amount to hundreds of billions of dollars, requiring an investment of US$6 billion annually in disaster risk management alone
The goal aims to mobilize $100 billion annually by 2020 to address the needs of developing countries and help mitigate climate-related disasters.
14)Life below water
Over three billion people depend on marine and coastal biodiversity for their livelihoods.
30 percent of the world’s fish stocks overexploited, reaching below the level at which they can produce sustainable yields
Oceans also absorb about 30 percent of the carbon dioxide produced by humans, and we are seeing a 26 percent rise in ocean acidification since the beginning of the industrial revolution
The SDGs aim to sustainably manage and protect marine and coastal ecosystems from pollution, as well as address the impacts of ocean acidification
By 2020, conserve at least 10 per cent of coastal and marine areas, consistent with national and international law and based on the best available scientific information
15)Life on land
Plant life provides 80 percent of our human diet, and we rely on agriculture as an important economic resource and means of development
Forests account for 30 percent of the Earth’s surface, providing vital habitats for millions of species and important sources for clean air and water; as well as being crucial for combating climate change
Unprecedented land degradation, and the loss of arable land at 30 to 35 times the historical rate.
Drought and desertification is also on the rise each year, amounting to the loss of 12 million hectares and affects poor communities globally.
Of the 8,300 animal breeds known, 8 percent are extinct and 22 percent are at risk of extinction.
The SDGs aim to conserve and restore the use of terrestrial ecosystems such as forests, wetlands, drylands and mountains by 2020
16)Peace, justice and strong institutions
Without peace, stability, human rights and effective governance, based on the rule of law – we cannot hope for sustainable development
The SDGs aim to significantly reduce all forms of violence, and work with governments and communities to find lasting solutions to conflict and insecurity
By 2030, provide legal identity for all, including birth registration
Corruption, bribery, theft and tax evasion cost some US $1.26 trillion for developing countries per year; this amount of money could be used to lift those who are living on less than $1.25 a day above $1.25 for at least six years
17)Partnership for the goals
The SDGs can only be realized with a strong commitment to global partnership and cooperation
The goals aim to enhance North-South and South-South cooperation by supporting national plans to achieve all the targets
Promoting international trade, and helping developing countries increase their exports, is all part of achieving a universal rules-based and equitable trading system that is fair and open, and benefits all.
BIMSTECA regional economic cooperation of nations lying to adjacent areas of Bay of Bengal is known as Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). It came into existence on 6th June, 1997 after Bangkok Declaration. It represents 1.5 billion population (22% of global population). It constitutes GDP of 2.7 trillion economies.
It was started as (BIST-EC) Bangladesh, India, Sri Lanka and Thailand economic cooperation in 1997. With inclusion of Myanmar, the group was renamed to ‘BIMST-EC’ (Bangladesh, India, Myanmar, Sri Lanka and Thailand Economic Cooperation). The Nepal and Bhutan has joined in 2004, then the name of the grouping was changed to ‘Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation’ (BIMSTEC)
Members of BIMSTEC
There are seven member states of BIMSTEC, out of which five are South Asian countries and two are South East Asian countries. These seven countries are:
South Asian Countries
South East Asian Countries
Objective of BIMSTEC
The objective of BIMSTEC is to harness shared and accelerated growth through mutual cooperation. It started with co-operation in six sectors -including trade, technology, energy, transport, tourism and fisheries. Later it was expanded to take up specific cooperation projects in the sectors of trade, investment and industry, technology, human recourse development, tourism, agriculture, energy, and infrastructure and transportation ; through joint endeavours and active collaboration, provide mutual assistance in the form of training and research facilities, on matters of common interest in the economic, social, technical and scientific fields
Secretariat of BIMSTEC
The permanent secretariat is situated at Dhaka, Bangladesh. It was established in September, 2014. The present chair is Sri Lanka.
BIMSTEC Summit is the highest policy body making in the process. The Summit is held once every two years. The 4th summit was held in Kathmandu, Nepal in August, 2018.
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WHAT SHOULD BE READ FROM THE ECONOMIC SURVEY?
The answer is really simple. Go through your ESI and FM syllabus and identify the topics which have a current/factual/data orientation and date pertaining to which can be found in the Survey.
The list of such topics is as follows:
Measurement of growth: National Income and per capita income Poverty Alleviation and Employment Generation in India Sustainable Development and Environmental issues Industrial and Labour Policy Monetary and Fiscal Policy Balance of Payments Export-Import Policy WTO Demographic Trends Urbanization and Migration Gender Issues Social Justice : Positive Discrimination in favor of the under privileged Human Development Social Sectors in India Health and Education The Union Budget – Direct and Indirect taxes; Non-tax sources of Revenue GST Thirteenth Finance Commission and GST, Finance Commission Fiscal Policy Fiscal Responsibility and Budget Management Act (FRBM), Inflation: Definition, trends, estimates, consequences, and remedies (control): WPI, CPI – components and trends. Latest trends, latest data, latest committees, latest terms and phrases, etc related to all the above topics can be found in the Survey.
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RBI Vision 2022 (Utkarsh 2022)
RBI released Utkarash 2022, its vision documentBANKING POLICYduring July 2019. It provides information about, what RBI's plans for future. A summary is provided.
Mission: To promote the economic and financial well-being of the people of India in terms of price and financial stability; fair
and universal access to financial services; and a robust, dynamic
and responsive financial intermediation infrastructure.
Core Purpose :
1. To foster confidence in the internal and external value of the
Rupee and contribute to macro-economic stability
2. To regulate markets and institutions under its ambit, to ensure
financial system stability and consumer protection
3. To promote the integrity, efficiency, inclusiveness and
competitiveness of the financial and payment systems
4. To ensure efficient management of currency as well as banking
services to the Government and banks
5. To support balanced, equitable and sustainable economic
development of the country
Values: RBI commits itself to the following shared values that
guide organisational decisions and employee actions in pursuit ofthe Bank’s core purpose:
Public Interest : RBI in its actions and policies, seeks to promote
public interest and the common goodResponsiveness and Innovation: RBI seeks to be a dynamicorganisation responsive to public needs.
Integrity and Independence: To maintain highest standards of
integrity through openness, trust and accountabilityIntrospection and pursuit of excellence: RBI is committed toself-appraisal, introspection and professional excellence
VISION 1: Excellence in performance of functions.
A: Furthering the monetary policy framework and operating
procedure; enriching statutory publications; and striving for a
‘state-of-the-art’ data-intensive policy research framework
B : Creating a resilient financial intermediation ecosystem; refining
the regulatory, supervisory and financial inclusion framework.
C : Strengthening resilience, integrity and efficiency of the financialmarkets infrastructure with a focus on deepening digital payments
D: Enhancing efficiency of the ‘Banker to Government’ function
E: Broadening and widening debt markets.
F: Revamping the currency management system through enhanced
efficiency in procurement and distribution.
VISION 2: Strengthened trust of citizens and other institutions.
A : Strengthening external communication framework.
B: Creating an enabling environment to develop consumer-friendly
financial services providers
C: Ensuring sound and comprehensive internal
and external RBI policies
D: Adopting a ‘less paper’ and virtual workflowfor external stakeholders
VISION 3: Enhanced relevance andsignificance in national and global roles
A: Intensifying presence in national forums to
improve domestic financial infrastructure
B: Enhancing RBI’s brand equity.
C: Amplifying international financial
engagement by articulating RBI’s stance and
views on major global economic and regulatory
D: Strengthening existing positions in
VISION 4: Transparent, accountable andethics-driven internal governance
A: Reinforcing governance and code of ethics
B: Upgrading internal controls through robust
risk management, auditing & compliance
functions through international best practices
C: Adopting ‘less paper’ & virtual internal
VISION 5: Best-in-class and environment-friendly digital as well as physical infrastructure
A: Automating processes, achieving integration
of information and ensuring cyber security.
VISION 6: Innovative, dynamic & skilledHuman Resources
A: Reviewing and reframing the organisational
structure to effectively implement all strategies
B: Enhancing skills of human resources for
creating a suitable training framework
C: Establishing an objective performance
assessment system for efficient HRM.
D: Using technology and data analytics to
promote research-based decision making by
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VERY IMPORTANT TOPIC FOR RBI GRADE B 2019 EXAM
Transition from Libor to Sonia
The FCA has advised that LIBOR (the London Interbank Offered Rate) will end in 2021 and are encouraging the adoption of SONIA (the Sterling Overnight Index Average) as the alternative interest rate benchmark.
By some estimates, LIBOR determines rates on $350 trillion of financial products worldwide, so moving away from it is clearly a big change. Key businesses and functions that will be affected include commercial lending, retail banking and wealth management.
What is LIBOR?
LIBOR has been the UK’s standard benchmark interest rate for corporate lending, leasing and residential loans since the mid1980s, and has been adopted globally; set by a panel of international member banks, many financial institutions, mortgage lenders and credit card agencies set their own rates relative to it.
LIBOR is currently determined by the ICE Benchmark Administration (IBA), which consults with a panel of banks to obtain estimates of the current costs of borrowing. Using this information, the IBA is able to provide a forward looking rate which is used to calculate interest rates on loans.
Why are we moving away from LIBOR?
Confidence in LIBOR has dropped due to the reliance on panel banks setting fair and accurate estimates of the cost of lending, which may not reflect the true market position and could be at risk of manipulation (the 2012 LIBOR rigging scandal often being quoted).
Despite recent reforms to LIBOR, the FCA considers that the lack of underlying transaction data means that the validity of the opinion based submissions of panel banks remains questionable. In June 2019, the Bank of England (BOE) and the FCA jointly hosted a panel-based titled “Last Orders: Calling Time on LIBOR.” LIBOR isn’t being eliminated however, and technically could still be available after 2021, but regulators will no longer force or encourage banks to continue supporting the benchmark after that date. The FCA has asked banks to voluntarily sustain LIBOR until 2021.
What is the alternative to LIBOR?
Whereas LIBOR was adopted globally, market developments suggest the transition is now towards different countries applying their own local reference rate. In the U.S., there is SOFR (Secured Overnight Financing Rate), Japan has TONA (Tokyo Overnight Average) and the European Bank has developed the Euro Short-Term Rate (ESTER). In April 2017, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates adopted the SONIA benchmark as their preferred RFR and since then has been working with the FCA on how to transition to using SONIA across British Sterling markets, with a mandate to encourage a broad-based transition to using SONIA in bond, loan and derivatives markets.
SONIA, the Sterling Overnight Index Average, is the effective interest rate paid by banks for unsecured transactions taking place “overnight” (in off-market hours) in the British Sterling market. It is “risk free” or “nearly risk-free” and doesn’t factor in any credit risk taken by lenders. The advantage of SONIA is that it does not rely on submissions made by panel banks but is instead based on a weighted average of actual overnight funding on the wholesale money markets. SONIA is therefore much more in tune with actual market conditions. Regulators anticipate that the switch from LIBOR to SONIA will create more predictability in the UK debt market.
Challenges for Borrowers / Lenders
The main challenge with SONIA is that it is a “backward looking” screen rate (as are SOFRA, TONA and the others). Interest calculated using SONIA is only known once the rate has been applied. Furthermore, because it is an overnight rate this means it changes on a daily basis. Loan agreements using SONIA cannot set a fixed interest rate across the term of the loan (e.g. 3, 6 or 12 months). The loss of cash flow visibility will be a challenge for Borrowers. Also, using SONIA it may be more difficult for borrowers to prepay principal or refinance mid period, since calculations cannot be carried out in advance of the prepayment being made. Lenders will also need to factor in their credit risk if using SONIA.
In an attempt to resolve the above the Bank of England Working Group has held public consultations on the possibility of introducing a Term SONIA Reference Rate (TSRR) which could potentially be tested in 2019. If TSRR is adopted it will go a long way to maintaining the structure of the current drafting in current contracts and allow the final rate to be known in advance of repayment dates from the outset of each interest accrual period. However, its introduction is not a certainty at this juncture.
Action Points for Borrowers and Lenders
Whilst we anticipate LIBOR is unlikely to be widely used as a reference rate from the end of 2021, exactly how this will play out in the market is still uncertain, and we will continue to monitor the situation.
To best prepare for the transition we would advise Borrowers and Lenders to review their existing lending documentation. Well drafted contracts should include fall-back provisions specifying an alternative rate for when LIBOR becomes unavailable. Such provisions might say, for example, that if LIBOR is unavailable, the rate last used will continue unchanged. Whilst this may be acceptable in the short term, a party losing out on an unfavourable interest rate may seek to re-negotiate whilst the gaining party will want to retain existing terms. Borrowers should liaise with their bank relationship managers to discuss further.
Banks and other corporates with significant LIBOR exposure should start preparing for the change if they haven’t already done so, including contract analysis. It might also be reasonable to assume that month end processing and reconciliation will be more time consuming and complicated for Lenders and Borrowers alike, so this should be factored in to planning, as well as the potential for tax implications.
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