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[Newsbits] 04.07.2023

Swetha 04/07/2023

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Jaswant Singh Rawat

Jaswant Singh Rawat
News
Lansdowne
Hill station, 280 km from Delhi, Uttarakhand
to be renamed
Decision by Lansdowne Cantonment Board
as Jaswantgarh
Who
Rifleman in Battle of Nuranang
Battle against Chinese Peoples’ Liberation Army, November 17th, 1962
Location: North-East Frontier Agency (present day Arunachal Pradesh)
Served in 4th Battalion of Garhwal Rifles
Conferred Maha Vir Chakra posthumously
Battalion received Battle Honour Nuranang
Facts
Lord Lansdowne
Henry Charles Keith Petty-Firzmaurice, 5th Marquess of Lansdowne
British politician, Viceroy of India (1888 - 1894)
1886: Decision to raise separate regiment of Garhwalis
Based on recommendations of Field Marshal Sir F S Roberts, Commander-in-Chief of British army in India
Cantonment and Regimental Centre setup in Kalundanda
Forest area 6,000 feet above sea level
For training recruits to Garhwal Rifles
1890: Kalundanda renamed as Lansdowne after then Viceroy

Greedflation

Greedflation
What
Refers to
Price inflation caused by corporate greed for higher profits
Significance
Sign of increased market dominance by corporations
Disagreements by Critics
Corporations cannot set prices arbitrarily
Inflation refers to general rise in price levels, not individual goods or services
No evidence of deliberate reduction of supply
Supply gaps would be quickly filled by other suppliers
Inflation in the US explained by expansionary monetary policy of the Federal Reserve
Money supply rose by 40%
How
Significant rise in corporate profit margins since the pandemic
Higher profits realized by increasing goods' prices more than necessary to compensate for increased input costs
Higher input costs due to supply chain disruptions
Facts
Proponents' calls for
Curbing market power of big corporations
Banning price hikes to prevent profiteering

Trade in Services for Development Report

Trade in Services for Development Report
Who
Released by
World Bank
World Trade Organization
Highlights
3X Increase in global commercial services exports (2005-2022)
Fuelled by ICT advances
Marked changes in services trade composition
4X increase in export of digitally delivered services
Impressive trade performance by developing economies
Leading services exporters and importers
China
Hong Kong
Singapore
India
China's global commercial services exports
Increased from 3% (2005) to 5.4% (2022)
Jobs directly linked to cross-border services exports
Account for over 10% of total services sector jobs in
India
South Africa
Türkiye
Recommendations for India and the Philippines
Upskill and reskill workforces
Invest in domestic services sectors' development (especially R&D)
On India
Doubled share of global commercial services exports from 2% (2005) to 4.4% (2022)
Services value-added >51% of total exports (2018)
Popular destination for medical travel
Hosted 3.5 million foreign patients (2009-2019)
From both developed and developing countries
Reforms facilitating FDI in services
Aiding positive growth dynamics
Boosting participation in foreign manufacturing value chains

New ECI Portal

New ECI Portal
What
Web portal for political parties
Purpose: file financial accounts
Why
Address difficulties of physical filing
Enable timely filing of accounts
Online data availability for improved compliance and transparency
Significance
Part of 3C strategy
Cleanup
Crackdown
Compliance
How does it work?
Allows parties to file financial accounts online
Justification required if not filing online
Published on ECI website for voters
Who
Election Commission of India
Facts
Requirements under 1951 Representation of the People Act
Submission of Contribution Report
Submission of Audited Annual Account
Submission of Election Expenditure Statement
Proposed amendments to RPA 1951 by ECI
Reduce cash contributions reporting limit from ₹20,000 to ₹2,000
Exempt cash donation less than ₹20 crore or 20% of total donation
Include audit mandates and filing before ECI
Update definition of 'foreign sources'

Taishoku Daiko

Taishoku Daiko
What
Services to help people quit jobs
Why
Japan's workaholic culture
Company loyalty and lifetime employment norms
Job-hoppers seen as quitters
Chronic labour shortage
Employers refusing to let workers leave
Increasing concerns
False promises of pay
Reduced work hours
How
Job leaving agents
Help clients resign with minimum hassle
Offer advice and support during negotiations
Provide emotional support to job-change seekers
Service availment
Fill out forms online for immediate automated response
Personalized reply within a working day
Where
Japan
Facts
Japanese law guarantees the 'right to quit'

Official Creditor Committee

Official Creditor Committee
What
Platform for debt treatment plan discussions
For debt-ridden Sri Lanka
Why
Sri Lanka's financial crisis
Push into sovereign default
Transparency and comparability goals
For all creditors
Sustainable resolution of Sri Lanka’s debts
Who
17 countries
Extended loans to Sri Lanka
Includes Paris Club
Informal grouping of official creditor nations
China's status
Not a member, but observer in meetings
Co-chaired by
India
Japan
France
When
Formed on May 9th, 2023
1st IMF review deadline: September 2023
International Monetary Fund extended a $3 billion package
Review of Sri Lanka’s restructuring efforts
Foreign and domestic debts
Facts
Largest share: private creditors
Holding International Sovereign Bonds (ISBs)
Biggest bilateral lender: China
Followed by Japan and India
China’s bilateral debt to Sri Lanka
Loans from Chinese government
Loans from the Exim bank of China
Loans from the China Development Bank
Other committee observers
Saudi Arabia
Iran

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