- nobel prize (Economics)
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U.S. economists Paul Milgrom and Robert Wilson won the Nobel Economics Prize.
- They are honoured for improvements to auction theory and inventions of new auction formats i.e, for their work on commercial auctions, including for goods and services difficult to sell in traditional ways (Eg: radio frequencies).
- While people have always sold things to the highest bidder, societies have also had to allocate ever more complex objects such as landing slots and radio frequencies.
- In response, Milgrom and Wilson invented new formats for auctioning off many interrelated objects simultaneously, on behalf of a seller motivated by broad societal benefit rather than maximal revenue.
- The Royal Swedish Academy of Sciences noted that the discoveries have benefitted sellers, buyers and taxpayers around the world.
- Wilson was spotlighted for developing a theory for auctions with a common value. A common value is a value which is uncertain beforehand but, in the end, is the same for everyone.
- His work showed why rational bidders tend to bid under their own estimate of the worth due to worries over the winner’s curse, or winning the auction but paying too much.
- Milgrom, came up with a more general theory of auctions, by analysing bidding strategies in different auction forms.
Nobel Prize in Economic Sciences:
- In 1968, Sveriges Riksbank, Sweden’s central bank, established the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
- The Prize in Economic Sciences is awarded by the Royal Swedish Academy of Sciences, Stockholm, Sweden, according to the same principles as for the Nobel Prizes that have been awarded since 1901.
- As it is not one of the prizes that Alfred Nobel established in his will in 1895, it is not a Nobel Prize.
- Nobel Prizes in the fields of Chemistry, Literature, Peace, Physics, and Physiology or Medicine were established as per the will of the Swedish scientist Alfred Nobel in 1895.
- Defence Minister inaugurates 44 bridges built by BRO
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Defence Minister inaugurated 44 permanent bridges across seven States and Union Territories built by the Border Roads Organisation (BRO).
The bridges are located in J&K (10), Ladakh (8), Himachal Pradesh (2), Punjab (4), Uttarakhand (8), Arunachal Pradesh (8) and Sikkim (4).
- The bridges would provide improved connectivity in the far-flung areas of the western, northern and northeast sectors.
- It would also meet the transport and logistics requirements of the armed forces throughout the year.
- The annual budget of the BRO, which varied between 3,300 crore and 4,600 crore in 2008-2016, has seen a substantial rise and is pegged at over 11,000 crore in 2020-21.
- Asian Development Bank (ADB)
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ADB and India signed a $270 million loan.
- The Asian Development Bank (ADB) and the Government of India signed a $270 million loan to develop water supply and integrated stormwater and sewage management infrastructure and strengthen capacities of urban local bodies (ULBs) for improved service delivery in the state of Madhya Pradesh.
- This is additional financing to scale up the scope of the ongoing Madhya Pradesh Urban Services Improvement Project, which was approved in 2017.
- India also signed another loan agreement with ADB for $300 million for developing Rajasthan’s secondary towns.
Asian development Bank
- Asian Development Bank (ADB) was established in the year 1966, with head office at Manila (Philippines). It has 67 members from the Asia Pacific region. This bank was modeled on the lines of the world bank.
- Japan holds the largest share in ADB with 15.677%, followed by U.S.A (15.567%), China (6.473%), and India (5.812%).The aim of the ADB is social development by reducing poverty in the Asia Pacific with inclusive growth, sustainable growth, and regional integration.
- This is carried out through an 80% investment in the public sector. ADB invests in infrastructure, health, public administration system, helping nations to reduce the impact of climate change and to manage natural resources.
India started availing of ADB’s assistance in 1986. The aim is of Asian Development Bank is to support India in the following fields:
- Industrial competitiveness
- Jobs creation
- Growth acceleration of low-income states
- Environmental and climate change challenges
There are six sectors in India where we can see ADB’s presence:
- Water and urban services
- Finance and public sector management
- Agriculture and natural resources, and
- Human development
The projects in India spanning 25 states where ADB has assisted/is assisting are:
- Railways and mass rapid transit system
- Renewable energy and energy efficiency
- Coastal protection
- Riverbank strengthening & river basin management
- Urban environmental management, including water management, sanitation, and sewerage and solid waste management.
Recent development between ADB & India:
- ADB and India have signed a loan of $206 million to strengthen urban services in 5 Tamil Nadu cities
- Asian Development Bank (ADB) has listed its 10-year masala bonds worth Rs 850 crore on the global debt listing platform of India INX
- Asian Development Bank (ADB) had prepared a Conceptual Development Plan (CDP) for Vizag-Chennai Industrial Corridor (VCIC)
- ADB has offered to provide USD 4 million to member countries to contain coronavirus outbreak.
Asian Development Bank (ADB) on Governance
A policy paper titled, “Governance: Sound Development Management” was outlined in October 1995. ADB defined governance as, ‘the manner in which power is exercised in the management of a country’s economic and social resources for development’.
ADB gave two dimensions to governance:
- Political – Democracy, Human Rights
- Economic – Efficient management of public resources
ADB has identified four basic elements of good governance:
- Rashtriya Kamdhenu Aayog (RKA)
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Rashtriya Kamdhenu Aayog begins a nationwide campaign to celebrate “Kamdhenu Deepawali Abhiyan” – Promoting extensive use of cow-dung/Panchgavya products this Diwali Festival.
About the Kamdhenu Deepawali Abhiyan:
- Through this campaign, the RKA is promoting extensive use of cow-dung/Panchgavya products during this Diwali Festival.
- Manufacture of cow dung based diyas, candles, dhoop, agarbatti, shubh-labh, swastik, samrani, hardboard, wall-piece, paper-weight, havan samagri, idols of Lord Ganesha and Goddess Lakshmi for this year’s Diwali festival has already started.
- Apart from generating business opportunities for thousands of cow-based entrepreneurs/farmers, the use of cow-dung products will lead to a cleaner and healthier environment.
- By providing an environmentally friendly alternative to Chinese made Diyas, the campaign will boost the ‘Make in India’ vision also.
About Rashtriya Kamdhenu Aayog (RKA):
- The Government of India has constituted the “Rashtriya Kamdhenu Aayog” to organize animal husbandry on modern and scientific lines and to take steps for preserving and improving breeds, and prohibiting the slaughter, of cows and calves and other milch and draught cattle.
- The Aayog is a high powered permanent apex advisory body with the mandate to help the Central Government to develop appropriate programmes for conservation, sustainable development and genetic upgradation of indigenous breeds of cows.
Functions of RKA:
- The Aayog will review existing laws, policies as well as suggest measures for optimum economic utilization of cow wealth for enhanced production and productivity, leading to higher farm income and better quality of life for the dairy farmers.
- It also aims at the transmission and application of improved technology and management practices at the farmers’ doorstep through coordination with dairy cooperatives, farmer producer companies and dairy industry as well as research institutions.
- It will advise and guide the Central Government and State Governments on policy matters concerning conservation, protection, development and welfare of cows and their progeny.
- Promotion of schemes to encourage the use of organic manure and recommend suitable measures including incentive schemes for use of dung or urine of cow in organic manure by farmers to minimize the use of chemical fertilizers.
- The Aayog will also make provisions for solutions to the problems related to abandoned cows in the country by providing technical inputs to Gaushalas, Gosadans and pinjarapoles.
- In the area affected by famine, drought or other natural calamities, guide in setting up cattle camps for the aforesaid purposes in the affected area and to take steps to prevent migration or smuggling of cows from such affected areas.
- Develop pastures or grazing lands and to associate with institutions or other bodies whether private or public, for the purpose of developing pastures and Gauchars.
- RKA will also work to create an enabling environment to attract investment for improving infrastructure supporting, milk production, processing, value addition and marketing in the sector.
- Rashtriya Kamdhenu Aayog will function as an integral part of Rashtriya Gokul Mission.
- Jal Jeevan Mission: Lab on wheels
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Haryana Government Launches State of the Art Mobile Water Testing Laboratory Van.
- The Govt. of Haryana has launched a state-of-the-art Mobile Water Testing Laboratory Van, fully equipped with a multi-parameter system containing analyzers/sensors/probes/instruments meant for water testing.
- Water quality in the state of Haryana is mainly affected by constituents like total dissolved solids (TDS), fluoride, nitrate, iron and alkalinity.
- The mobile water testing laboratory is expected to be an effective mode of surveillance of drinking water quality in rural areas of the state.
- It will help in quickly identifying the water quality problem on the spot at the site.
- Shanghai Cooperation Organisation (SCO)
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7th Justice Ministers’ Meeting of Shanghai Cooperation Organisation (SCO) Member States to be hosted by Union Law Minister.
- In the Seventh Meeting of the Ministers of Justice of the SCO, Member States shall further deliberate on areas of cooperation; creating favourable conditions for resolving disputes; and implementation of the Action Plan of the Working Groups of Experts on Forensic Activities and Legal Services.
- The Shanghai Cooperation Organisation (SCO) is a permanent international intergovernmental organization. The creation of the Shanghai Cooperation Organisation was announced in June 2001 in Shanghai (China) by the Republic of Kazakhstan, the People’s Republic of China, the Kyrgyz Republic, the Republic of Uzbekistan, The Russian Federation, and the Republic of Tajikistan.
- The historical meeting of the Heads of State Council of the SCO held in June 2017 in Astana, the status of a full member of the Organization was granted to the Republic of India and the Islamic Republic of Pakistan in this meeting.
Members countries of SCO
There are 8 Member States:
There are 4 Observer States interested in acceding to full membership:
There are 6 Dialogue Partners:
- Sri Lanka
SCO’s main goals are as follows:
- Strengthening mutual trust and neighborliness among the member states;
- To promote their effective cooperation in trade, politics, research, the economy, technology, and culture.
- Education, transport, energy, environmental protection, tourism, and other areas;
- Making joint efforts to maintain and ensure security, stability, and peace in the region;
- Moving towards the establishment of a democratic, rational, and fair new international economic and political order.
- The organisation pursues its internal policy based on the principles of mutual benefit, mutual trust, mutual consultations, equality, respect for cultural diversity, and a desire for common development, while the external policy is conducted under the principles of non-targeting and non-alignment
- ASIA-PACIFIC GROUP (APG) ON MONEY LAUNDERING
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Taking note of Pakistan’s “meagre progress” in combating money laundering and terror financing, the Asia-Pacific Group (APG) on Money Laundering retained the country on its ‘Enhanced Follow-Up’ list.
- APG is a regional affiliate of the Paris-based Financial Action Task Force (FATF).
- The APG Secretariat is located in Sydney, Australia. APG was founded in 1997 in Bangkok, Thailand, and currently consists of 41 member jurisdictions in the Asia-Pacific region.
- The APG said, Pakistan will remain in the enhanced follow-up list and will have to continue to report back to the APG on progress to strengthen its implementation of comprehensive Anti-money Laundering and Terrorist Financing measures.
- Pakistan is desperate to move out of ‘grey list’ as its inclusion in the list has adversely impacted its economy and image.
- The FATF had placed Pakistan in the grey list in June 2018. China, Pakistan’s all-weather ally, has prevented it from being blacklisted by the FATF for the past two years, with support from Turkey and Malaysia. Three votes are necessary at the FATF meet to prevent blacklisting.