International Monetary Fund (IMF)

• The International Monetary Fund (IMF) raised its forecast for India’s GDP growth to 6.7% for the current fiscal year.

Context:

• It has increased by 40 basis points from its earlier prediction of 6.3%.

About the International Monetary Fund (IMF):-

• It is an international organization that seeks to bring wealth and sustainable growth to each of its member nations.
• Founded in 1944; headquarters are in Washington, D.C. (United States of America)
• 190 members
• One of the members is India.
• Any foreign state, whether or not it is a UN member, is eligible to join the IMF.

Structure:–

• The Board of Governors sits atop the organization.
• Overseeing the IMF’s daily operations is its 24-member Executive Board.
• The Managing Director serves as the Executive Board Chair and is in charge of the IMF staff.
• Four Deputy Managing Directors support him/her.
• Funding: The money that nations provide as their capital subscription (quotas) is the primary source of the IMF’s resources.

Objectives:-

• Encourage international monetary cooperation.
• dependable financial standing.
• promote global trade.
• Encourage strong employment and long-term economic expansion.
• lessen global poverty.
• macroeconomic expansion.
• Financing and policy advice for emerging nations.
• encouragement of a global payment system and stable exchange rates.

Functions:-

• Lending

• The IMF offers loans, including emergency loans, to its member nations that are currently or may in the future facing balance of payments issues.
• The goal is to assist them in stabilizing their currencies, rebuilding their international reserves, continuing to pay for imports, and reestablishing the prerequisites for rapid economic growth while addressing underlying issues.

Surveillance

• The IMF keeps an eye on changes in both the world economy and the international monetary system.
• It highlights hazards and suggests course of action for expansion and monetary stability.
• Development of Capacity
• Governments, including central banks, finance ministries, revenue administrations, and financial sector supervisory agencies, can get technical support and training from the IMF.

FLAGSHIP PUBLICATIONS:-

• World Economic Outlook
• Global Financial Stability Report
• Fiscal Monitor

LiFE (Lifestyle for Environment)

ENVIRONMENT AND ECOLOGY

A nationwide exhibition and program of eco-friendly events centered around the themes of LiFE (Lifestyle for Environment) is scheduled to take place at India Gate, Delhi, on February 9 and 10, 2024.

Background:-

• The program will emphasize how young people may encourage behavioral shifts that result in both individual and group action toward living more sustainably.

About LiFE (Lifestyle for Environment):-

• LiFE is a global movement spearheaded by India that encourages people to make little but meaningful environmental changes in their daily lives.
• The goal is to prioritize individual behavior in global climate action.
• LiFE envisions a circular economy—one characterized by thoughtful and intentional use—replacing the dominant “use-and-dispose” economy.

Method:

• Emphasis on Individual Behaviors: Jan Andolan suggests turning life into a mass movement by emphasizing the attitudes and behaviors of both individuals and communities.
• Co-create Globally: Through prestigious institutions, think tanks, and international organizations, crowdsource empirical and scalable ideas from the brightest minds on the planet.
• Leverage Local Cultures: The campaign can be driven by utilizing the social norms, beliefs, and everyday household behaviors of various cultures around the world that are climate-friendly.

Objectives :-

• It seeks to encourage “mindful and deliberate utilization” as opposed to “mindless and wasteful consumption” as an environmentally friendly way of living.
• It seeks to make use of the strength of group effort.
• It seeks to encourage people all around the world to make small, eco-friendly changes to their daily routines.
• Its goal is to establish and support a worldwide community of people known as “Pro-Planet People” (P3).
• The joint commitment of Pro-Planet People (P3) is to embrace and encourage eco-friendly lifestyles.
• It aims to use social networks’ power to change societal norms related to climate.

Pension Fund Regulatory and Development Authority (PFRDA)

• PFRDA recently released a request for proposals to select a System Integrator (SI) to handle PFRDA-TRACE (Tracking Reporting Analytics & Compliance E-Platform) design, development, installation, and maintenance.

Background:-

• Intermediaries will be able to submit regulatory and supervisory compliance reports using PFRDA-TRACE, a comprehensive instrument for doing so.

About Pension Fund Regulatory and Development Authority (PFRDA):-

• The Pension Fund Regulatory and Development Authority Act of 2013 created the Pension Fund Regulatory and Development Authority (PFRDA), a statutory regulatory agency.
• It was set up to supervise the National Pension System (NPS) and control the pension industry in India.

Functions:-

• Parliament established the Pension Fund Regulatory and Development Authority (PFRDA) as a legislative entity to oversee, encourage, and sustain the National Pension System’s (NPS) and the Act’s covered pension schemes’ orderly growth.
• Like the Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority (IRDA), and Insolvency and Bankruptcy Board of India (IBBI), it is a central autonomous body that operates as a quasi-government organization with executive, legislative, and judicial powers.
• PFRDA is responsible for overseeing and managing both the National Pension System (NPS) and the Atal Pension Yojana.
• It is in charge of selecting a large number of intermediate organizations, including the Central Record Keeping Agency (CRA) and Pension Fund Managers.

Oman

A combined Republic Day musical performance by India and Oman was recently appreciated by Prime Minister Shri Narendra Modi during the Embassy Reception at the Indian embassy in Oman.

Background:-

• On X, the prime minister wrote: “Very creative.” I am grateful to everyone who contributed to this endeavor.

About Oman:-

• Muscat is the capital.
• Oman is located on the Arabian Peninsula’s southeast coast, where the Arabian Sea and Persian Gulf meet.
• The seaside areas are far friendlier than the bleak interior.
• Nestled between the sea and the highlands is Oman’s verdant northern shore.
• There are three main physiographic zones in northern Oman.
• Al-Bāṭinah, a long, thin coastal plain, runs beside the Gulf of Oman.
• From the Musandam Peninsula to a point close to Cape al-Ḥadd at the easternmost extremity of the Arabian Peninsula, the tall, steep Ḥajar Mountains stretch southeastward parallel to the gulf coast.
• A large portion of the range is above 4,800 feet (1,463 meters) in elevation.
• Mount Shams, often known as “Sun Mountain,” is the highest peak in the nation, rising to a height of 9,777 feet (2,980 meters).
• The interior has a hot, dry climate, whereas the coast experiences a hot, humid one.
• The official language is Arabic.
• Oman’s population is predominantly urban, while there are also a lot of traditional rural villages.

INS Sumitra

The Indian Navy’s INS Sumitra recently freed fishermen who had been taken hostage by pirates in the Gulf of Aden and off the east coast of Somalia.

Context:

• Pirates took control of the Iranian-flagged Fishing Vessel (FV) Iman as it cruised the east coast of Somalia and the Gulf of Aden.

Concerning INS Sumitra:

• Goa Shipyard Limited created the design and construction.
• An advanced naval offshore patrol ship, INS Sumitra, has joined the Eastern Naval Command in Chennai.
• It is the Indian Navy’s fourth and last patrol boat of the Saryu class.
• It is built using an original design.
• The vessel is capable of 6,500 nautical miles of range.
• There are two diesel engines powering it.
• It has the capacity to load a single Dhruv/Chetak helicopter.
• Under the Eastern Naval Command, it is located in Chennai and was put into service in 2014.
• Apart from performing anti-piracy patrols, fleet support operations, maritime security of offshore assets, and escort operations, the ship’s main duty is to monitor the nation’s exclusive economic zone (EEZ).
• Its functions include fleet support, patrolling both offshore and on the coast, monitoring of sea lines of communications, monitoring of offshore assets, and escort services.