PM Narendra Modi on Youth Empowerment and Veer Bal Diwas

Prime Minister Narendra Modi emphasized the significant role of youth energy in India's progress, noting that the global community views India with hope due to its dynamic youth. Speaking at Veer Bal Diwas in New Delhi, he highlighted the continuous contribution of Indian youth from the freedom struggle to modern movements.

Government Initiatives for Youth Empowerment

• Youth-Centric Policies: The government focuses on empowering youth through various policies: 
  • Startup ecosystem development
  • Space economy advancements
  • Sports and fitness sector growth
  • Fintech and manufacturing industry support
  • Skill development and internship schemes
• Technological Advancements: Emphasized the need to prepare youth for future shifts, including AI and machine learning.

Suposhit Gram Panchayat Abhiyan

• Launched to improve nutritional outcomes and eliminate malnutrition.
• Includes a competition among anganwadis with 1,000 gram panchayats receiving Rs 1 lakh each for nutrition improvements.

Veer Bal Diwas and Historical Sacrifices

• Veer Bal Awards: Acknowledged 17 children for their bravery.
• Sahibzadas' Sacrifice: Reminded of the sacrifices by Sahib Zorawar Singh and Sahib Fateh Singh, who stood firm against the Mughal sultanate.
• Their bravery is linked with spiritual strength from historic figures like Guru Arjan Dev and Guru Gobind Singh.

Significance of Veer Bal Diwas

• Marks the 75th year of the Indian Republic and the Constitution.
• Highlights that every citizen draws inspiration from the Sahibzadas.
• Reinforces the principle that no individual is small or big, aligning with the teachings of the Gurus.

Domestic Migration in India: Key Findings

The Economic Advisory Council to the Prime Minister (EAC-PM) reported a significant slowdown in domestic migration in India, with a decrease of 11.78% in the number of migrants compared to the 2011 Census.

Migration Statistics

• Total Migrants 2023: Estimated at 40.20 crore.
• Total Migrants 2011: Recorded at 45.57 crore.
• Migration Rate 2011: 37.64% of the population.
• Migration Rate 2023: Estimated at 28.88%.

Data Sources and Methodology

• The report titled "400 Million Dreams!" utilized three datasets: 
  1. Indian Railway Unreserved Ticketing System (UTS) data on passenger volumes.
  2. Mobile telephone subscribers' roaming data from the Telecom Regulatory Authority of India (TRAI).
  3. District-level banking data on remittances.
• The method aims to provide a general trend, with accuracy pending validation from the upcoming decennial Census.

Hypothesized Causes for Slowing Migration

• Improved economic opportunities in smaller cities.
• Better services such as education, health, infrastructure, and connectivity.
• Overall economic growth contributing to reduced migration from major cities.

Migration Trends and Patterns

• Top origin districts revolve around major urban agglomerations like Delhi, Mumbai, Chennai, Bangalore, and Kolkata.
• Top recipient states now include West Bengal and Rajasthan, while Andhra Pradesh and Bihar have lowered rankings.
• Significant growth in migrant arrivals in West Bengal, Rajasthan, and Karnataka.
• Key districts attracting migrants: Mumbai, Bengaluru Urban, Howrah, Central Delhi, Hyderabad.
• Top origin districts: Valsad, Chittoor, Paschim Bardhaman, Agra, Guntur, Villupuram, Saharsa.

Seasonal Migration Patterns

• TRAI roaming data indicates high migration movement in April-June and secondary highs in November-December.
• Post-pandemic migration levels are significantly lower, with May 2023 levels 6.67% lower than those in May 2012.

Challenges in Migration Data Tracking

Despite other reports like those from the Ministry of Statistics & Programme Implementation and the Ministry of Housing and Urban Poverty Alleviation, tracking migration trends regularly remains challenging.

RBI's Committee on Responsible AI in the Financial Sector

The Reserve Bank of India (RBI) has established an eight-member committee to develop a framework for the responsible and ethical use of Artificial Intelligence (AI) in the financial sector, termed as FREE-AI.

Committee Leadership and Members

• The committee is led by Pushpak Bhattacharyya, a professor at IIT Bombay's Department of Computer Science and Engineering.
• Other members include: 
  • Debjani Ghosh - Independent Director, Reserve Bank Innovation Hub
  • Balaraman Ravindran - Head, Wadhwani School of Data Science and AI, IIT Madras
  • Abhishek Singh - Additional Secretary, Ministry of Electronics and Information Technology
  • Rahul Matthan - Partner, Trilegal
  • Anjani Rathor - Group Head and Chief Digital Experience Officer, HDFC Bank
  • Sree Hari Nagaralu - Head of Security AI Research, Microsoft India (R&D)
  • Suvendu Pati - Chief General Manager, FinTech Department, RBI

Objectives and Terms of Reference

• To recommend a robust, comprehensive, and adaptable AI framework for the financial sector.
• To assess current AI adoption levels in financial services, both globally and in India.
• To review regulatory and supervisory approaches on AI, focusing on the financial sector worldwide.
• To identify potential AI-associated risks and recommend frameworks for: 
  • Risk evaluation
  • Risk mitigation
  • Risk monitoring
  • Compliance requirements for financial institutions, such as banks, NBFCs, fintechs, and PSOs.
• To suggest a framework for the responsible and ethical adoption of AI models/applications in the domestic financial sector, including governance aspects.

Timeline

The committee is expected to submit its report within six months from the date of its first meeting.

Economic Review for November 2024

The Finance Ministry's monthly economic review for November 2024 highlights several factors influencing India's economic trajectory.

Monetary Policy and Macroeconomic Challenges

• The combination of the RBI's monetary policy stance and macroprudential measures may have contributed to a slowdown in demand.
• Structural factors, along with hiring and compensation practices in the corporate sector, have impacted economic growth in the first half of the financial year.

Growth Outlook for 2024-25

• The second half of 2024-25 is expected to see improved growth due to: 
  1. Reduction in the cash reserve ratio.
  2. Lower inflation outlook.
  3. Healthy progress in rabi sowing.
  4. Expected rise in capital expenditure in sectors like cement, iron, steel, mining, and electricity.
• New uncertainties for 2025-26 are emerging due to global economic factors, including aggressive policies and uncertain global trade growth.

Monetary Policy Considerations

• Emerging market currencies are under pressure due to US policy rate considerations, impacting domestic monetary policy decisions.
• The increase in borrowing costs for advanced economies and weakening of emerging market currencies are key concerns.

GDP and Inflation

• India's GDP growth slowed to 5.4% in July-September, the lowest in nearly two years.
• The RBI reduced the cash reserve ratio from 4.5% to 4% to boost credit growth.
• Inflation is projected at 4.8% for FY25, with Q3 at 5.7% and Q4 at 4.5%.
• Food price pressures have eased due to fresh produce influx and healthy rabi sowing.

Sectoral Outlook and Demand

• Cement, iron, steel, mining, and electricity sectors are expected to benefit from increased government capital expenditure.
• Industrial activity is anticipated to gain momentum, supported by a strong services sector performance.
•  Demand trends indicate: 
  1. Rural demand remains strong with significant increases in two & three-wheeler and domestic tractor sales.
  2. Urban demand is recovering, evidenced by a 13.4% year-on-year growth in passenger vehicle sales and robust domestic air passenger traffic.

Enhanced and Improved Recovery Policy for Oil and Gas

Policy Update

The government is set to notify a modified version of the Enhanced Recovery (ER) and Improved Recovery (IR) policy for oil and gas in 2025. This new policy aims to replace the existing 2018 framework, providing better financial incentives to ensure the commercial viability of projects.

• The expert committee submitted the draft Modified ER Policy, 2023, but it hasn't been adopted yet.
• The new policy is expected to address issues identified during studies and deliberations.

Existing Policy and Challenges

The 2018 policy framework was designed to promote ER and IR methods with fiscal incentives. It also included a provision for a review after five years, initiated in June 2023.

• India's recovery levels stand at 60% for oil fields and 80% for gas fields, as per the latest estimates from 2018.
• Declining oil and gas production is attributed to legacy wells with decreasing productivity.

Industry Concerns

• Both public and private sector companies call for policy updates to address productivity issues.
• Current ER/IR techniques are costly, and existing fiscal incentives are deemed insufficient.
• Administrative processes for availing incentives are cumbersome, requiring higher recovery rates and facing limitations like price ceilings.

Production and Import Dependency

• India's oil production has been on a decline since 2011-12, with FY24 production at 29.4 million tonnes, down from 38.1 million tonnes in 2011-12.
• The country remains a net importer of hydrocarbons, with import dependency rising to 87.8% in FY24 from 83.8% in 2018-19.

Significant Players

• Reliance Industries and Cairn Oil & Gas are major private sector companies engaged in upstream activities.
• National oil companies include Oil and Natural Gas Corporation (ONGC) and Oil India.

Upcoming Policy Benefits

• The new policy aims to provide better financial incentives for ER and IR projects.
• It is expected to address previous administrative and financial challenges faced by companies.

Government Initiative for AI Dataset Platform

The government is set to commence the collection and aggregation of datasets from various ministries, departments, and public and private records to develop a comprehensive database of non-personal information for the India AI datasets platform. This initiative aims to facilitate the application of artificial intelligence (AI) and machine learning (ML) in developing localized large language models (LLMs).

Data Collection and Processing

• The raw data collected will be refined to enhance access, quality, and utilization.
• Once collated, the database will become available for training LLMs and other language models.
• The entire process of data collection and sifting is expected to take approximately six months.

Access and Application

The aggregated data will provide seamless access to startups, companies, academics, and researchers, enabling the creation of specialized services:

• Trained data will be available for domestic startups and companies to develop application programming interfaces (APIs).
• APIs will interact with the language models to deliver specialized services.

India AI Mission Funding

• The India AI Mission, launched in March, has allocated ₹10,372 crore for various initiatives.
• ₹199.55 crore is dedicated to the India AI datasets platform.
• An outlay of ₹689.05 crore is planned for the application development initiative.
• ₹4,563.36 crore is aimed at establishing computing capacity of up to 10,000 graphic processing units (GPUs).
• The mission also includes ₹1,971.37 crore for the India AI innovation centre and ₹882.94 crore for the future skills programme.
• ₹1,942.5 crore is allocated for financing startups under the AI Mission.

Mission's Pillars

• The mission is based on seven pillars, including:
• Streamlined funding support for deep-tech AI startups.
• The establishment of an AI innovation centre and an AI datasets platform.

Indian Ocean Tsunami of 2004

Overview: The Indian Ocean tsunami in 2004 ranks as one of history's deadliest natural disasters. Many survivors had never heard of tsunamis before encountering them.

• Syamsidik, an engineer from Indonesia, initially believed tsunamis only affected Japan due to its origin as a Japanese term.
• The tsunami was triggered by a 9.1-magnitude earthquake near Sumatra, Indonesia, creating waves as high as 16 stories and speeds up to 300 miles per hour.

Challenges and Responses

Initial Shock

• Earthquake sensors indicated potential dangers, but the warning system was limited to the Pacific Ocean region, leaving the Indian Ocean unmonitored.

Scientific and Technological Advances

Significant developments have been made in tsunami monitoring and forecasting since 2004.

• The Deep-ocean Assessment and Reporting of Tsunamis (DART) network now includes over 70 sensors globally, tracking water conditions in tsunami-prone zones.
• NOAA and other countries have improved tsunami forecasting models, providing better predictions up to 30 minutes before waves hit.

Global Efforts and Challenges

• Despite efforts, achieving zero tsunami deaths remains challenging, as seen in the 2011 Japan disaster.
• Experts acknowledge the difficulty in balancing speed and accuracy in global early warning systems.

Impact and Aftermath

• The 2004 tsunami affected 17 countries, resulting in nearly 250,000 deaths and displacing 1.7 million people, mainly in Indonesia's Aceh province.
• Property damage was estimated at $13 billion, leaving some areas unrecognizable.

Lessons Learned

• There has been a heightened emphasis on enhancing tsunami education and preparedness globally.
• Emergency response systems and safety guidelines have been improved for vulnerable coastal communities.

Conclusion

While strides have been made in tsunami warning and preparedness, continuous efforts are necessary to further minimize risks and enhance global safety protocols.

Kazakhstan’s Emerging Role in Rare Earth Elements

Kazakhstan is positioning itself as a significant player in the rare earth sector, with its President highlighting rare earths as the “new oil” for its economy. The global transition towards cleaner energy technologies has accelerated the demand for rare earth elements.

India's Rare Earth Dependency

• India, a major carbon emitter, is shifting towards renewable energy but heavily relies on China for rare earth imports.
• Despite being the world’s fifth-largest holder of rare earth elements, India's advanced extraction technology deficiency compels reliance on China.
• China controls about 70% of global rare earth production, and India sources around 60% of its rare earth imports from China.

Challenges and Geopolitical Concerns

• China's dominance in rare earth supply chains raises security concerns, demonstrated by recent supply halts of crucial minerals like antimony.
• Russia's invasion of Ukraine has further exposed supply chain vulnerabilities, prompting nations to seek diversified sources.

Kazakhstan as a Strategic Alternative

• Kazakhstan holds 15 of the 17 known rare earth elements, with agreements for extraction with countries like Japan and Germany.
• Potential for significant growth in rare earth element extraction, including dysprosium, from 2024 to 2029.
• Kazakhstan hosts full-cycle beryllium and scandium factories and is a key global manufacturer of tantalum and niobium.
• The nation is prioritizing investments in advanced technologies for strategic minerals, complementing India's efforts.

India-Kazakhstan Collaboration Opportunities

• India’s 500 GW renewable energy target by 2030 stresses the need for rare earth elements like dysprosium.
• Collaboration could enhance India's resource security, reduce dependence on China, and encourage sustainable extraction practices.
• The ‘India-Central Asia Rare Earths Forum’ proposed by Ajit Doval aims to boost partnerships and investment in the sector.

Kazakhstan’s strategic partnerships and advanced technological capabilities offer India an opportunity to diversify its rare earth supply chains, reducing dependency on China and supporting sustainable industrial growth.

Revised GDP Series Scheduled for 2026

The Ministry of Statistics and Programme Implementation (MoSPI) is set to release a revised gross domestic product (GDP) series in 2026. This revision aims to incorporate new and real-time data sources for enhanced accuracy.

Incorporation of New Data Sources

• eGram Swaraj:
  A portal by the Ministry of Panchayati Raj that includes panchayat profiles, budget monitoring, and progress tracking on the utilisation of central and state schemes.
• E-Vahan:
  A dashboard from the road transport and highways ministry providing comprehensive data on vehicle registrations, categorized by fuel type and states. This data will replace the current reliance on data from the Society of Indian Automobile Manufacturers (SIAM).
• GST and PFMS:
  Data from Goods and Service Tax (GST) and Public Finance Management System (PFMS) will also be incorporated.

Implementation Timeline

• Release Date:
  The revised GDP series is scheduled for release in February 2026, coinciding with the publication of the first revised estimate of 2024-25.

New Base Year

• 2022-23:
  The Advisory Committee on National Account Statistics (ACNAS) has decided on 2022-23 as the new base year for the GDP series.

Objective and Outreach

• The statistics ministry aims to enhance the use of administrative statistics and is reaching out to various ministries for sourcing new data that could be utilized either directly or indirectly in the revised series.

China's Economic Revision and Future Prospects

Economic Revision and GDP Growth

• China revised its GDP for 2023 upwards by 2.7%, reaching a new total of 129.4 trillion yuan ($17.73 trillion).
• This revision is part of the fifth national economic census and follows previous adjustments of 2.1% for 2018 and 3.4% for 2013.
• The revision reflects China's resilience to various internal and external challenges over the past five years, including the impact of the COVID-19 pandemic.
• The revision is not expected to significantly impact the GDP growth rate for 2024.

Future Economic Plans and Challenges

• China aims for a growth target of "around 5%" for 2025, amidst challenges like potential U.S. tariff hikes.
• Policy measures include increasing the budget deficit and issuing more debt to support economic growth.
• President Xi Jinping's vision of "Chinese-style modernization" aims to double the economy's size by 2035, requiring an average annual growth rate of 4.7%.

Economic Census and Industry Changes

• The economic census indicated a 52.7% rise in business entities in the secondary and tertiary sectors since 2018, while employment growth lagged at 11.9%.
• Tertiary industry employment increased by 25.6% by the end of 2023, whereas secondary industry employment decreased by 4.8%.
• The property sector faces a significant decline, with employment dropping by 27% to 2.71 million by the end of 2023.

Outlook and International Factors

• The World Bank adjusted China's growth forecast for 2024 and 2025 upwards but noted challenges like subdued household and business confidence and issues in the property sector.
• The upcoming U.S. administration may bring further trade tensions, affecting China's economic strategies.

Fisheries Resources in India

• India is a major player in global fisheries, providing livelihoods to approximately three crore fishers and fish farmers.
  • There has been an 83% increase in national fish production since 2013-14, reaching a record 175 lakh tons in 2022-23.
  • 75% of the fish production comes from inland fisheries, making India the second-largest fish and aquaculture producer globally.
• Strengthening last-mile fisheries and aquaculture extension services is crucial. These services should:
  • Offer request-based services concerning the lifecycle of improved species, water quality, disease management, and rearing technologies.
  • Address issues faced by seed growers and hatcheries.
  • Conduct need-based training to promote sustainable practices and viable fisheries-based business models.

The Role of Matsya Seva Kendras (MSK)

• Under the Pradhan Mantri Matsya Samapada Yojana, Matsya Seva Kendras are envisioned as one-stop solutions for extension services offered by trained aquaculture professionals.
  • Government assistance is available for setting up Kendras, particularly for women and weaker sections, covering up to 60% of costs.
  • 102 Kendras have been funded across various States and Union Territories.
  • Examples include:
    • The MSK in Thrissur, Kerala features a lab for water, soil, and microbial analysis, offering disease tests. 
    • The MSKs in Nasik and Sangli districts of Maharashtra focus on capacity building with technology support.
  •  The government encourages a 'whole of government approach' for MSKs to:
    • Mobilize start-ups, cooperatives, fish farmers’ producer organizations, joint liability groups, and self-help groups.
    • Share best practices, including regenerative and conservation management practices amid climate change.

Sagar Mitras

• Deployed in coastal States and U.T.s, Sagar Mitras act as a crucial link between the government and sea-borne fishers.
  • They gather information on daily marine catch, price fluctuations, and marketing needs at fish landing centers and harbors.
  • Disseminate information on local regulations, weather forecasts, natural calamities, hygienic fish handling, and potential fishing zones.

Improving Extension Services

• To enhance fisheries and aquaculture extension services, two primary strategies are recommended:
  • Integrate existing initiatives with over 700 Krishi Vigyan Kendras and State and U.T.s extension services.
  • Enhance digital outreach through platforms like 'AquaBazaar' by the National Fisheries Development Board.

The World Bank-assisted project aims to formalize the fisheries sector by creating digital identities for fishers and fish farmers, boosting extension, capacity building, and awareness generation.

Overview of Workforce Changes in China's Finance and Property Sectors

China's finance and property sectors have seen significant reductions in their workforces over recent years, marking a shift from previous trends of workforce growth in the services sector.

Financial Sector Workforce Reduction

• The financial industry had 12.4 million employees at the end of 2023.
• This figure represents a 32% decrease from five years earlier.
• Factors contributing to this decline include: 
  • A government crackdown on graft.
  • Deep pay cuts.
  • Reduced deal-making activities.

Impact of the Housing Market Collapse

• The number of people working for property developers fell by 27%, down to 2.7 million.
• China's housing market is experiencing its worst downturn in modern history.
• Developers face a liquidity shortage and deteriorating balance sheets.
• Country Garden Holdings Co., once the largest property firm, exemplifies firms hit hardest.

Government Response and Economic Adjustments

• Housing Minister Ni Hong suggested insolvent property firms should go bankrupt or restructure.
• The government shifted focus from supporting financially sound developers to injecting liquidity into residential projects.
• Real estate management and sales agency jobs have helped the overall property workforce rise by 14%.
• Conversely, the number of workers in construction firms decreased by 12% to 51 million.

Revised Economic Indicators

China revised its gross domestic product (GDP) for 2023, increasing it by 2.7%, equating to 3.4 trillion yuan, as reported by Kang Yi, head of the National Bureau of Statistics.

India's MoU with the US on Critical Minerals

India's Memorandum of Understanding (MoU) with the United States on critical minerals represents a significant advancement in their bilateral engagements. This is expected to pave the way for further commitments under the US Inflation Reduction Act (IRA).

Critical Minerals Partnership Agreement (CMPA)

• India has proposed a Critical Minerals Partnership Agreement (CMPA) with the US, especially in sectors like electric vehicles.
• The MoU on critical minerals supply chains was signed in October, aiming to leverage the complementary strengths of both countries to enhance resilience in the critical minerals sector.
• New Delhi anticipates that converting the MoU into a partnership would equate to a Free Trade Agreement (FTA), allowing India to benefit from the EV tax credit under the US IRA.

Benefits of US Inflation Reduction Act (IRA)

• The IRA provides a tax credit of up to $7,500 per electric vehicle, dependent on the origin of critical minerals used in EV batteries.
• The tax credit requires a percentage of materials to originate from the US or countries with an FTA with the US.
• This access is expected to attract substantial foreign investment and facilitate large-scale component manufacturing in India.

International Market Access Developments

• China: Granted market access for Indian exports of key fish species, including Pampus chinensis (Chinese pomfret), Pampus argenteus (silver pomfret), and Scylla serrata (mud crab).
• Russia: Allowed the export of dairy products from two listed establishments and egg products from six establishments in India.

FTA Negotiations

• India is engaged in FTA negotiations with several countries, including the UK, EU, Oman, Peru, and Sri Lanka.
• The India-Sri Lanka Economic and Technology Cooperation Agreement has completed its 14th round of negotiations by July 2024.
• Negotiations have concluded on most chapters, excluding specific goods lines related to garments.

Import Restrictions on Low-Ash Metallurgical Coke

The Indian government has enacted a temporary restriction on the import of low-ash metallurgical coke, effective for six months starting January 1.

Key Points:

• The restriction is issued by the Directorate General of Foreign Trade (DGFT).
• Quantitative restrictions have been applied to imports from several countries, including: 
  • Australia
  • China
  • Colombia
  • Indonesia
  • Japan
  • Poland
  • Qatar
  • Russia
  • Singapore
  • Switzerland
  • United Kingdom
• Imports are permitted only with an import authorisation from the DGFT.
• Metallurgical coke with an ash content above 18% is exempt from these restrictions.

Reserve Bank of India's Initiative on Artificial Intelligence

The Reserve Bank of India (RBI) has taken a significant step towards ensuring the ethical and responsible use of artificial intelligence (AI) by establishing a dedicated panel.

FREE-AI Committee

• The committee is named FREE-AI.
• It is an eight-member panel led by Pushpak Bhattacharyya from the Department of Computer Science and Engineering at IIT Bombay.
• This initiative is supported by the RBI’s fintech department.

Mandate and Objectives

• The committee is tasked with submitting its report within six months from its first meeting.
• Key responsibilities include: 
  • Assessing the current AI adoption levels in financial services.
  • Reviewing regulatory and supervisory approaches concerning AI in the financial sector on a global scale.
  • Recommending a framework for the responsible and ethical adoption of AI models in the financial sector, focusing on governance aspects.
  • Identifying potential risks associated with AI and suggesting evaluation, mitigation, and monitoring strategies for regulated entities.

Committee Members

• The panel includes: 
  • Suvendu Pati, Chief General Manager at the RBI
  • Abhishek Singh, Additional Secretary, Ministry of Electronics and IT
  • Debjani Ghosh, Independent Director for Reserve Bank Innovation Hub
  • Dr. Balaraman Ravindran of IIT Madras
  • Rahul Matthan, Partner at Trilegal
  • Anjani Rathor, Chief Digital Officer at HDFC Bank
  • And others contributing to this initiative

Credit Growth Potential in India's Economy

A recent central bank report highlights India's potential for credit growth to stimulate economic expansion by analyzing the country's total debt to GDP ratio.

Key Findings

•  India's total credit-to-GDP ratio was 90.1% in 2022, which is below both advanced economies (AEs) and emerging market economies (EMEs), and under the estimated threshold of 113.1%. 
•  The central bank's economists suggest that a credit threshold of 113.1% of GDP could support economic growth without diverting credit towards less productive purposes. 
•  The study examined 16 emerging and advanced economies over the past 21 years to reach these conclusions. 

Economic Implications

•  Credit deepening can enhance consumption, investment, and economic activity. 
•  An inverted U-pattern is observed, suggesting that beyond a certain threshold, additional credit may be used for riskier or less productive activities, potentially dampening growth. 
•  Current credit growth has been below 15% for over three years, mainly driven by the retail sector. 
•  Lending to the private corporate sector, which constitutes about a quarter of total bank credit, has slowed in the current fiscal quarter compared to the previous quarter's high growth. 

Assisted Dying Legalisation in England and Wales

Britain's House of Commons voted to legalise assisted dying, marking a significant social shift. Proponents view it as a compassionate choice for those suffering, while opponents fear it could pressure vulnerable individuals.

• 75% public support per UK National Centre for Social Research survey.

Controversy Surrounding the Move

The sensitive nature of assisted dying involves ethical and philosophical questions. UK courts and governments have left the decision to parliament. Notably, the current legislation is a private member's bill supported by key political figures, though opposed by six Cabinet Ministers.

Current Law

• Suicide is not a criminal offense, but assisting suicide is punishable by a 14-year sentence under the 1961 Assistive Suicide Act.

Proposed Law

Targets terminally ill, mentally competent adults with less than six months to live, requiring approval from two doctors and a High Court judge.

Petitioners' Prayers

• Since 2001, disabled applicants have argued against the 1961 law's compatibility with the European Convention on Human Rights (ECHR).
• Cited rights include self-determination, alleviation of suffering, privacy, freedom of conscience, and non-discrimination.

Court Rulings

In 2014, the Supreme Court found the 1961 law incompatible with the rights of non-terminally ill petitioners but left changes to parliament. The European Court of Human Rights supported this stance.

International Status

• The crown dependencies of Jersey and the Isle of Man are nearing legislative enactment for assisted dying.
• Examples of countries with similar laws include Switzerland, Oregon (USA), Canada, the Netherlands, Belgium, Spain, and Germany.

Position in India

In Common Cause vs. Union of India (2018), the Supreme Court recognised the right to die with dignity under Article 21, legalising passive euthanasia and setting guidelines for its implementation.

• Guidelines involve living wills and judicial oversight, recently simplified by a Constitution Bench.
• New draft guidelines by the Health Ministry aim to fill regulatory gaps in healthcare practice.

Reserve Bank of India's Insights on Banking Digitization and Associated Risks

The Reserve Bank of India (RBI) has expressed concerns regarding the increased risk of cyber attacks, digital frauds, data breaches, and operational failures due to the rise in digitization. The findings were detailed in the report on the Trends and Progress of Banking in India.

Key Recommendations

• Enhancing Risk Management: Banks, non-bank financial companies (NBFCs), and co-operative banks are urged to bolster their risk management standards.
• Tightening IT Governance: There is a call for improved IT governance arrangements, stricter customer onboarding, and transaction monitoring systems to prevent suspicious activities.

Fraud Statistics

• Decline in Fraud Amount: As of March 2024, the total fraud amount was the lowest in a decade, with the average value being the lowest in 16 years.
• Digital Fraud Cases: For April-September 2024, digital frauds (card and internet) amounted to ₹514 crore across 13,133 cases, a decrease from ₹630 crore and 12,069 cases in the same period of the previous year.
• Internet and Card Frauds: These accounted for 44.7% of total frauds in terms of amount and 85.3% in terms of number of cases.

Specific Concerns

• Mule Bank Accounts: The RBI highlighted the rapid rise in the use of mule accounts for frauds, which pose financial, operational, and reputational risks to banks.
• Coordination with LEAs: Effective coordination with law enforcement agencies is necessary to detect and curb system-level fraud concerns.

Advisories for NBFCs

• Diversification of Funding Sources: NBFCs are advised to diversify their funding sources to mitigate risks and avoid over-reliance on bank-led funding.
• Risk Management Framework: The importance of developing a robust risk management framework and addressing customer grievances is emphasized.
• Discouraging 'Growth at Any Cost': NBFCs should avoid imprudent growth strategies and adhere to fair practices to prevent potential negative outcomes.

Russia's Response to US Ceasefire Proposal in Ukraine

Russia has rejected the incoming US President Donald Trump's proposal for an immediate ceasefire in Ukraine while expressing willingness to engage in negotiations for a long-term peace agreement to resolve the conflict that has lasted almost three years.

Key Points

• Russian Position:
  • Russian Foreign Minister Sergei Lavrov stated that a ceasefire is seen as ineffective, as it would allow Ukraine to strengthen its military capabilities.
  • Lavrov emphasized the need for conclusive, legally-binding agreements to secure Russian Federation's safety and legitimate security interests of neighboring countries.
• Expectations from the Trump Administration:
  • Lavrov expressed hope that the Trump administration would address the root causes of the conflict.
  • President Putin is open to reviewing any serious, concrete proposals for peace.

RBI's Initiative on Ethical AI in Financial Sector

The Reserve Bank of India (RBI) has taken a significant step towards the responsible implementation of artificial intelligence in the financial sector by forming a committee to develop a Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI).

Committee Composition

• Chairman: Pushpak Bhattacharyya, Professor, Department of Computer Science and Engineering, IIT Bombay.
• Members: 7 others from Industry and academia. 

Objectives and Responsibilities

• Assess the current level of AI adoption in financial services, both globally and in India.
• Review regulatory and supervisory approaches to AI with a focus on the financial sector worldwide.
• Identify potential risks associated with AI and recommend strategies for evaluation, mitigation, and monitoring.
• Suggest a framework for governance and responsible, ethical adoption of AI models in the Indian financial sector.
• Provide recommendations on any other matters related to AI in the Indian financial sector.

Timeline and Support

The Committee is expected to submit its report within six months from its first meeting. The FinTech Department, Central Office, Reserve Bank of India, will offer secretarial support to the Committee.

Stampedes in India: An Urgent Safety Concern

India experiences a high incidence of stampedes, resulting in numerous injuries and fatalities, especially during religious festivals, political rallies, and celebrity events.

Statistics and Incidents

• Data from 1996 to 2022:
  • 3,935 stampede incidents recorded.
  • Over 3,000 deaths reported.
• Religious Gatherings:
  • 2011 Sabarimala tragedy: 106 deaths on a narrow pathway.
  • 2013 Kumbh Mela in Allahabad: 36 fatalities at a railway station due to overcrowding.
• Political Rallies:
  • 2014 Gandhi Maidan, Patna: Over 30 people killed in a stampede.
• Celebrity Appearances:
  • Hyderabad, film Pushpa 2 event: Stampede during Telugu actor Allu Arjun's appearance.

Issues and Responsibilities

• Negligence and Mismanagement:
  • Recurring pattern of inadequate planning and crowd control.
  • Confusion over the roles and responsibilities of police and event organizers.

Recommendations for Improved Safety

• Prioritize Crowd Safety:
  • Consider spatial and thermal comfort in event planning.
  • Ensure adequate hydration facilities are available.
• Infrastructure and Emergency Preparedness:
  • Multiple, clearly designated entry and exit points.
  • Deployment of medical aid and trained personnel.
  • Effective chaos management protocols.

Ensuring public safety during large gatherings is crucial, encompassing religious, political, and entertainment events, to prevent tragedies and protect citizens.