24 October 2018: UPSC Exam PIB Summary & Analysis

Read the daily PIB update and stay up-to-date on current affairs for the UPSC exam

PM awarded the 2018 Seoul Peace Prize

• The Seoul Peace Prize Committee has decided to confer the 2018 Seoul Peace Prize on Prime Minister Shri Narendra Modi, in recognition of his dedication to improving international cooperation, raising global economic growth, accelerating the Human Development of the people of India by fostering economic growth in the world’s fastest growing large economy and furthering the development of democracy through anti-corruption and social integration efforts.
• The Committee lauded PM’s initiatives to make the government cleaner through anti-corruption measures and demonetization.
• The Committee also credited Prime Minister for his contribution towards regional and global peace through a proactive foreign policy with countries around the world under the ‘Modi Doctrine’ and the ‘Act East Policy.’
• Prime Minister Modi is the fourteenth recipient of this award.

Background

• The Seoul Peace Prize was established in 1990 to commemorate the success of the 24th Olympic Games held in Seoul, Republic of Korea – an event in which 160 nations from across the world took part, creating harmony and friendship and a worldwide atmosphere of peace and reconciliation.
• The Seoul Peace Prize was established to crystallize the Korean people’s yearning for peace on the Korean Peninsula and in the rest of the world.
• The Seoul Peace Prize has been awarded biennially to those individuals who have made their mark through contributions to the harmony of mankind, reconciliation between nations and to world peace.
• Past laureates include distinguished global personalities like former UN Secretary General Kofi Annan, German Chancellor Angela Merkel and renowned international relief organizations like Doctors without Borders and Oxfam.

Indian Institute of Skills

Context:

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the for setting up of Indian Institute of Skills(IISs) at different locations across the country in Public Private Partnership (PPP), which will be explored for promotion of IIS at select locations based on demand and available infrastructure.

Benefits:

• It shall augment the global competitiveness of key sectors of Indian economy by providing high quality skill training, applied research education and a direct and meaningful connection with industry.
• It will provide opportunity to aspiring youth across the country to have access to highly skilled training, and enhance the scope of accountability through its linkage with industry and global competitiveness across sectors.

Prohibition of Benami Property Transactions Act, 1988

Context:

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved the appointment of Adjudicating Authority and establishment of Appellate Tribunal under Prohibition of Benami Property Transactions Act(PBPT), 1988.

Salient Features:

• Appointment of an Adjudicating Authority, along with the three additional Benches and to establish the Appellate Tribunal under the PBPT Act;
• To provide the officers and employees to Adjudicating Authority, Benches of the Adjudicating Authority and Appellate Tribunal by diverting the existing posts at the same level/rank from the Income Tax Deptt./Central Board of Direct Taxes (CBDT);
• The Adjudicating Authority and Appellate Tribunal shall sit in the National Capital Territory of Delhi (NCTD).
• Benches of Adjudicating Authority may sit in Kolkata, Mumbai and Chennai, and the necessary notification in this regard shall be issued after making consultation with the Chairperson of the proposed Adjudicating Authority.

Benefits:

• The approval will result in effective and better administration of cases referred to the Adjudicating Authority and speedy disposal of appeals filed against the order of the Adjudicating Authority before the Appellate Tribunal.
• Appointment of the Adjudicating Authority would provide first stage review of administrative action under the PBPT Act.

MoU amongst BRICS nations

• The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) among Brazil, Russian Federation, India, China, South Africa, regarding Cooperation in the Social and Labour Sphere.

Details:

• In the MoU, the parties including India have agreed to cooperate and hold mutual events in the prominent areas viz. labour legislation and enforcement, protection of workers’ rights with focus on vulnerable groups, Employment and labour market policies, Professional education, skills and training and Social protection.
• The member countries may utilize the BRICS Network of Labour Research Institutes and BRICS Social Security Cooperation Framework for cooperation on Social Security and other labour issues.
• The Memorandum is not an International Treaty and does not create rights and obligations for the parties governed by international law.

Major Impact:

• The MoU provides a mechanism for cooperation, collaboration and maximum synergy amongst BRICS member countries with the common objective of inclusive growth and shared prosperity in the new industrial revolution.
• This network would specifically focus on the theme of youth employment and research on new forms of employment.
• This network will also explore new learning technologies, including virtual network to deepen cooperation, exchange of information and capacity building.
• The BRICS Social Security cooperation framework will deepen social security cooperation among BRICS nations and would facilitate cooperation for improvement of social security systems and social security agreements among member countries.

Memorandum of Understanding between India and Singapore

• The Union Cabinet chaired by Prime Minister Shri Narendra Modi has given its ex-post facto approval to the Memorandum of Understanding (MoU) signed between India and Singapore in June, 2018 on the constitution of a Joint Working Group (JWG) on FinTech.

Benefits:

• The Joint Working Group on FinTech between India and Singapore has been constituted for cooperation in the area of FinTech between the two countries.
• It will benefit both India and Singapore to excel in the fields of Development of Application Programming Interfaces (APls), Regulatory Sandbox, Security in payment and digital cash flow, integration of RuPay-Network for Electronic Transfers (NETS), UPI-FAST payment link, AADHAR Stack and e-KYC in ASEAN region and cooperation on regulations, solutions for financial markets and insurance sector and sand box models.

MoU between the Institute of Chartered Accountants of India and Certified Professional Accountants Afghanistan (CPA Afghanistan)

• The MoU will establish mutual co-operation framework in the areas of Capacity Building of “Afghanistan Accountancy Board (AAB)”, strengthening the IT Capacity and Quality Assurance in Afghanistan through facilitating Knowledge Transfer; Students and Members Exchange Programs; Conduct of Seminars, Conferences and Joint Activities mutually beneficial to both the parties.

Targets:

• Students and members exchange programs from their respective jurisdictions so as to update them on the emerging developments in the areas of accounting profession either in the form of study tours or as may be mutually decided by both the Institutions;
• Providing updates on the development of the accountancy profession in India, and promote international good professional practices;
• Strengthening the quality assurance setup in Afghanistan through facilitating knowledge transfer to help implement regime of necessary quality controls and periodic reviews in Afghanistan.

Major impact:

• India and Afghanistan share a very strong partnership based on historical and cultural links.
• The partnership between the two countries has touched new heights when India’s Afghanistan policy shifted to a more confident and multi-dimensional approach by opening Investment in Afghanistan’s nascent democracy and economy; strengthening Kabul’s defence capability and promoting regional connectivity and integration.
• Afghanistan will help India and ICAI to facilitate indirect employment generation for Indian CAs through recognition and acceptability amongst Afghanistan employers. It is also believed that the relationship developed between the two countries over the past few years is strategic in nature and is of mutual benefit.

National Monitoring Framework on Sustainable Development Goals

• The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the constitution of a High Level Steering Committee for periodically reviewing and refining the National Indicator Framework (NIF) for monitoring of Sustainable Development Goals (SDGs) with associated targets.

Targets:

• Measures to mainstream SDGs into on-going national policies, programmes and strategic action plans to address the developmental challenges.
• Statistical indicators of NIF will be the backbone of monitoring of SDGs at the national and state level and will scientifically measure the outcomes of the policies to achieve the targets under different SDGs.
• Based on statistical indicator, the MoSPI will bring out national reports on implementation of SDGs. The Report will facilitate assessment of progress, identify challenges and give recommendations for follow up at the national level.
• High Level Steering Committee will review the National Indicator Framework on regular basis for its improvement.
• Data source Ministries / Departments will be responsible for providing regular information to MoSPI on these indicators at required intervals and disaggregation for national and sub-national reporting of SDGs.
• Advanced IT tools will be used for close and effective monitoring.

Major impact:

• SDGs integrate economic, social and environmental dimensions of development. It intends eradicating poverty and promoting prosperity in a changing world with basic motto of ‘Sabka Saath Sabka Vikash’.
• SDGs with 17 Goals and 169 Targets intend for promotion of sustainable, inclusive and equitable economic growth, creating greater opportunities for all, reducing inequalities, raising basic standards of living, fostering equitable social development and inclusion, promoting integrated and sustainable management of natural resources and ecosystems.

Background:

• At the Millennium Summit held in 2000 at the UN Headquarters in New York, eight development goals known as the ‘Millennium Development Goals’ (MDGs) were adopted, which formed the blueprint for countries to pursue their national development strategies from 2000 to 2015.
• The MDGs targets were unevenly achieved across the countries and a need was felt to start fresh discussions to assess the usefulness of the MDGs and to explore possible successor to guide development cooperation in the world beyond 2015.

Creation of Fisheries and Aquaculture Infrastructure Development Fund (FIDF)

The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi has given its approval for creation of special Fisheries and Aquaculture Infrastructure Development Fund (FIDF).

Benefits:

• Creation of fisheries infrastructure facilities both in marine and Inland fisheries sectors.
• To augment fish production to achieve its target of 15 million tonne by 2020 set under the Blue Revolutio, and to achieve a sustainable growth of 8% -9% thereafter to reach the fish production to the level of about 20 MMT by 2022-23.
• Employment opportunities to over 9.40 lakh fishers/fishermen/fisherfolk and other entrepreneurs in fishing and allied activities.
• To attract private investment in creation and management of fisheries infrastructure facilities.
• Adoption of new technologies.

To ace UPSC current affairs section, read more PIB articles here.

Also See: