The 11th BRICS summit was concluded in November 2019 in a subdued manner. There weren’t any remarkable pronouncements and had largely gone unnoticed. Yet, BRICS meeting confirmed that the group thought as the challenger of the G7 group, was still together and taking efforts to build consensus for the future despite the current challenges faced by the member nations.
In order to clear UPSC prelims, you need to first focus on the most probable topics in each subject and cover them comprehensively. But there is a problem of scattered resources and lack of time to make notes and organize everything yourself. So we have listed links to our notes on the most probable topics. As these notes are in mindmap format, you can read/revise them very quickly.
If you have already completed the syllabus, you can also read these notes for the eleventh-hour revision. Some of these notes cannot easily be found across the internet or in one place.
Currently, the world is facing many threats like climate change, isolationism, global conflicts, unemployment, poverty, and inequality. Simultaneously, with the advent of the Industrial revolution 4.0, the world is also facing exciting changes like the emergence of self-driving cars, 5G networks, etc. However, the Industrial Revolution 4.0 has its downside. It is argued that, if the change is not addressed properly there will be negative implications like a further increase in unemployment and poverty crisis. The concept of Globalization 4.0 seeks to address these issues and promote inclusive and sustainable growth.
Many foreign investors have pulled out of China in response to the tensions arising from the Trade War. This was made use of by countries like Vietnam, Singapore, etc., for their economic development.
India, in 2015, scraped the 2013 BIT model and brought in a new model which was in effect in 2017. This has caused an unfavourable investment environment within the country. India has also pulled out of BITs with 58 countries.
This model according to a Brookings Report is Pro-State with limited security to the foreign investors in India. India’s pulling out of BITs have created uncertainty amongst the foreign investors in India and Indian investors abroad.
In September 2019, the Finance Minister Nirmala Sitharaman had made a deep cut in the corporate tax rate from 30% to 22%. India’s combined effective tax rate was among the highest in the world. After the tax cut, the effective tax rate for all domestic companies has been reduced to 25.17%. India’s base corporate tax, due to this move, is now on par with most Asian countries – increasing its competitiveness in the global market. This move comes in response to the brewing problem of the economic slowdown in the country. The cut in the corporate tax rate was seen as a boon by the corporates in the midst of the growing crisis within the Indian economy.