Daily Current Affairs – March 10
Mains Topic – GS Paper II – Rights Issues (Human rights, Women rights, SC/ST rights, Child rights, etc.)
Gender Social Norms Index
Recently, United Nations Development Programme released the first Gender Social Norms Index.
What is Gender Social Norms Index?
The Gender Social Norms Index (GSNI) measures how social beliefs obstruct gender equality in areas like politics, work, and education, and contains data from 75 countries, covering over 80 percent of the world’s population.
Findings of the Index
The analysis reveals that, despite decades of progress closing the equality gap between men and women, close to 90 percent of men and women hold some sort of bias against women, providing new clues to the invisible barriers women face in achieving equality.
According to the index, about half of the world’s men and women feel that men make better political leaders, and over 40 percent feel that men make better business executives and that men have more right to a job when jobs are scarce. 28 percent think it is justified for a man to beat his wife.
The publication also includes the GSNI trends for 31 countries, representing 59 percent of the global population. The trends show that while in some countries there have been improvements, in others, attitudes appear to have worsened in recent years, signalling that progress cannot be taken for granted.
Efforts to achieve gender equality must now evolve to address something far more challenging: a deeply ingrained bias among both men and women – against genuine equality.
UNDP says deeply-held biases could be addressed through education, raised awareness and incentives such as tax structures that encourage equally shared childcare or by encouraging women to enter male-dominated job sectors.
Mains Topic – GS Paper III – Indian Tax System
Money Laundering & Prevention of Money Laundering Act 2002
Recently, enforcement directorate arrested YES Bank founder Mr. Rana Kapoor on allegations of money laundering.
What is Money laundering?
Money laundering is the act of concealment, possession, acquisition of illegally obtained money & use/claim it as untainted. The process involves the below steps
Placement – refers to introduction of illegal money into formal financial system by some means.
Layering – refers to process of conducting multiple transactions to camouflage the origins of dirty money.
Integration – refers to use of illegal money to make profit in legitimate businesses.
Sources of Money Laundering
Black money – income on which taxes not paid. Income can be both legal & illegal.
Illegal dealings, tax evasion, round tripping, large cash transactions.
Income from Drug Trafficking.
Proceeds of corruption.
Proceeds of organised crimes, FICN (fake notes), Illegal charities.
Prevention of Money Laundering Act 2002(PMLA)
PMLA 2002 is an Act of the Parliament of India enacted by the NDA government to prevent money-laundering and to provide for confiscation of property derived from money-laundering.
The act provides for Confiscation of property acquired through money laundering and punishment as per the law.
It gives powers to Enforcement Directorate to investigate cases of more laundering.
Finance intelligence unit will gather and disseminate intelligence on suspicious transactions under the Act.
Mains Topic – GS Paper III – Economy and Planning
Economic Impact of COVID – 19 on India
As per the recent estimates published by United Nations Conference on Trade and Development (UNCTAD), trade impact for India due to COVID-19 will be $348 million.
How COVID-19 affects Indian Economy?
Indian sources raw materials for many of its industries from China which is the epicentre of the virus outbreak. For example, Active Pharmaceutical Ingredients (API) required for Indian Pharma industry has 67% of its import from China.
The virus outbreak has caused widespread supply chain disruptions causing distress in Indian economy.
Huge fall in demand in the global economy due to the Virus outbreak, reducing export revenue of Indian exporters.
Agricultural ministry in a recent statement has identified a potential opening of some markets which are being deserted by Chinese products due to the virus outbreak.
Ministry marks 21 products wherein India can grab part of China’s market share.
This includes honey, potatoes, grapes, soya beans and groundnuts, in which Indian exports could benefit from trade restrictions against Chinese goods.
The total value of China’s global exports of these products amounted to $5488.6 million in 2018. India exported $4,445.9 million worth of these commodities in the same period and could now have a chance to grab part of China’s market share.
India must expect a potential global slowdown due to the virus outbreak.
While preparing for the slowdown, India must also identify opportunities which unfold in forms of new markets to help its domestic economic sectors.