Tag: ADB Raises Inflation Forecast for India

UPSC DAILY CURRENT AFFAIRS (26TH SEPTEMBER, 2024) Minerals Security Finance Network (MSFN) Syllabus: GS2/ International Relations Context India has joined the US-led Minerals Security Finance Network, an initiative aimed at strengthening global cooperation in securing critical mineral supply chains. Minerals Security Finance Network (MSFN) It is a new initiative emerging from the Minerals Security Partnership (MSP), a framework established by the US in 2022. The network aims to bring together institutions from the Indo-Pacific region and Europe, promoting cooperation, information exchange, and co-financing. Mineral Security Partnership (MSP)– It is a US-led collaboration that would focus on the supply chains of minerals such as Cobalt, Nickel, Lithium, and also the 17 ‘rare earth’ minerals.– Members: Australia, Canada, Estonia, Finland, France, Germany, India, Italy, Japan, the Republic of Korea, Norway, Sweden, the UK, U.S., and the EU. India was inducted to the MSP in 2023.– Mandate: To catalyze public and private investment in critical mineral supply chains globally. It directly addresses four major critical minerals challenges: 1. Diversifying and stabilizing global supply chains; 2. Investment in those supply chains; 3. Promoting high environmental, social, and governance standards in the mining, processing, and recycling sectors; and 4. Increasing recycling of critical minerals. What are Critical Minerals? These are minerals that are essential for economic development and national security. The lack of availability of these minerals or the concentration of extraction or processing in a few geographical locations could potentially lead to “supply chain vulnerabilities and even disruption of supplies”. Applications of Critical Minerals Clean technologies initiatives such as zero-emission vehicles, wind turbines, solar panels etc. Critical minerals such as Cadmium, Cobalt, Gallium, Indium, Selenium and Vanadium and have uses in batteries, semiconductors, solar panels, etc. Advanced manufacturing inputs and materials such as defense applications, permanent magnets, ceramics. Minerals like Beryllium, Titanium, Tungsten, Tantalum, etc. have usage in new technologies, electronics and defense equipment. Platinum Group Metals (PGMs) are used in medical devices, cancer treatment drugs, and dental materials. Way Ahead India’s participation in the network will help in diversifying and securing its supply of critical minerals from nations like Argentina, Chile, Australia, and select African countries. The partnership marks a critical step forward for India in its quest to reduce reliance on China for these minerals and build a robust, self-sustaining supply chain for its green energy initiatives. India, Australia Push Forward on CECA Talks Syllabus: GS3/Economy/GS2/IR Context India and Australia are in talks for a Comprehensive Economic Cooperation Agreement (CECA), after already having signed the Economic Cooperation and Trade Agreement (ECTA) in 2022. About The talks focused on strengthening trade ties to achieve the countries’ shared goal of $100 billion in bilateral trade by 2030. The ECTA, which came into effect in 2022, has led to about $30 billion worth of Australian exports entering India tariff-free, with Australians saving around $225 million on goods from India. India is one of Australia’s largest trading partners, with two-way trade in goods valued at over $6.7 billion in 2023-24. Bilateral trade between both sides, including goods and services, stood close to $50 billion at the end of calendar year 2023. About CECA It is a free-trade agreement between two countries that strengthens their bilateral trade. Australia and India first embarked on negotiations for a CECA in 2011. Talks were suspended in 2016. In 2021, the two countries formally revived the CECA talks. Both countries are looking to expand their trade ties under CECA, to cover sectors like goods, services, rules of origin, government procurement, digital trade, and agri-technology. It also aims to unlock the potential of sectors such as clean energy, agribusiness, education, skills development, and tourism. Key Objectives: Trade Liberalization: Reduce tariffs and non-tariff barriers to promote bilateral trade. Investment Facilitation: Encourage mutual investments and provide a framework for better investment protection. Service Sector Expansion: Enhance cooperation in services, including education, healthcare, and professional services. Technological Collaboration: Foster innovation and technology exchange, especially in sectors like renewable energy and digital economy. Significance: Economic Growth: Boost in GDP growth for both nations through increased trade volumes. Job Creation: Expansion of employment opportunities in various sectors. Market Access: Providing Australian businesses better access to the Indian market and vice versa. Way Ahead The relationship between Australia and India has developed rapidly in recent years, particularly under the impetus of India’s far-reaching process of economic reform and the resulting rapid globalization of the Indian economy. Both countries have grown in strength and importance and made rapid strides in all areas – trade, energy and mining, science & technology, information technology, education, and defence. The year 2022-23 saw increasing depth and breadth of engagements including establishing new mechanisms for cooperation. In the coming years, the overall relationship between India and Australia will continue to grow and has the potential to assume greater prominence. Global Initiative on Digital Health Syllabus: GS2/Health Context As per the World Health Organization (WHO) and ITU (International Telecommunication Union), an investment of an additional US$0.24 per patient per year in digital health interventions, can help save more than 2 million lives from noncommunicable diseases over the next decade. Major Findings These investments could also prevent approximately 7 million hospitalisations over the next 10 years. This will significantly reduce the strain on healthcare systems and lead to a total economic gain of $199.2 billion globally. The economic benefits of digital health investment were found to be particularly compelling for low- and middle-income countries, where the average required spending was only $0.10 per person per year. The cost for upper middle-income countries is estimated to be $0.16 and for high-income countries at $0.67. Cumulatively, the global spending required for these interventions would total $9.8 billion over the 10-year period. The report mentions India’s use of digital technologies to address healthcare disparities, particularly in rural areas where more than 65% of the population lives. The report called on governments and stakeholders to take decisive action, ensuring that digital health tools are integrated effectively into healthcare systems to combat the rising burden of NCDs globally. Noncommunicable Diseases (NCDs)– NCDs, also known as chronic diseases, tend to be of long duration and are the result of a combination of genetic, physiological, environmental and behavioural factors.– The main types of NCD are cardiovascular diseases (such as heart attacks and stroke), cancers, chronic respiratory diseases (such as chronic obstructive pulmonary disease and asthma) and diabetes.– The major NCDs share four behavioral risk factors- unhealthy diet, lack of physical activity, and use of tobacco and alcohol. Factors contributing to the rise of NCDs also include ageing, rapid unplanned urbanization and globalization.– NCDs including heart disease, stroke, cancer, diabetes and chronic lung disease, are collectively responsible for 74% of all deaths worldwide. Global Initiative on Digital Health (GIDH) The World Health Organization (WHO) launched the Global Initiative on Digital Health (GIDH) in 2023. The initiative have four main components: Aim: ALIGN efforts to support the Global Strategy on Digital Health 2020–2025; SUPPORT quality assured technical assistance to develop and strengthen standards-based and interoperable systems aligned to global best practices, norms and standards; FACILITATE the deliberate use of quality assured digital transformation tools that enable governments to manage their digital health transformation journey. Digital Health Digital health refers to the use of technology to improve health and healthcare delivery. It encompasses a broad range of tools and solutions that integrate digital technologies with health services, aiming to enhance patient outcomes, streamline processes, and increase accessibility. It includes tools such as Telemedicine, Mobile Health (mHealth), Electronic Health Records (EHRs), Wearable Devices, Health Applications etc. Significance Improved Access: Digital tools can reach remote areas, connect patients to specialists, and enable virtual consultations, expanding healthcare access. Enhanced Affordability: Telemedicine, electronic prescribing, and data-driven resource allocation can potentially reduce healthcare costs. Personalized Care: Electronic health records (EHRs) and wearable devices facilitate personalized treatment plans and preventive care. Empowered Patients: Digital platforms can educate patients, enhance medication adherence, and promote self-management of chronic conditions. Streamlined Healthcare Delivery: Digitization empowers efficient data management, administrative processes, and resource optimization within healthcare systems. Government Initiatives National Health Policy (NHP) 2017: This policy emphasizes the use of technology in health services and promotes the integration of digital health solutions. National Digital Health Mission (NDHM): Launched in 2020, NDHM aims to create a digital health ecosystem in India. It focuses on creating a Health ID for every citizen, facilitating access to health records, and ensuring the integration of healthcare services. Ayushman Bharat Digital Mission (ABDM): It enables the establishment of health accounts, electronic health records, and health information exchanges. E Sanjeevani Telemedicine Platform: Facilitates virtual consultations between doctors and patients across the country. Health Management Information System (HMIS): This initiative aims to improve the collection and use of health data for better planning and decision-making. Digital India Initiative: While broader in scope, this initiative supports digital health by promoting internet connectivity, digital literacy, and technology use in various sectors, including healthcare. Way Ahead Digital health is a proven accelerator to advance health outcomes and achieve Universal Health Coverage (UHC) and health-related Sustainable Development Goals. Hence, it needs to be made integral to every health policy. By scaling up existing initiatives, collaborating across stakeholders, and fostering innovation, India can leverage digital health to achieve its goal of universal healthcare and ensure better health outcomes for all. 10 Years of Make in India

Tag: ADB Raises Inflation Forecast for India

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