Indian manufacturing needs more sophistication: Finance Minister

• India, with the lowest dependency ratio, is expected to benefit from a demographic dividend that will increase consumption and generate trillion-dollar investment opportunities, according to Nirmala Sitharaman.

What is the dependency ratio?

• The dependency ratio is a metric that contrasts the proportion of the working-age population with the number of dependents, or individuals who are too young or too old to work.

A Demographic Dividend: What Is It?

• The United Nations Population Fund (UNFPA) defines the demographic dividend as the potential for economic growth resulting from shifts in the age distribution of a population, especially when the proportion of working-age individuals (15–64 years old) exceeds that of non-working-age individuals (14 and younger, and 65 and older).

About India’s demographic dividend 

• The Economic Survey 2018–19 projects that India’s Demographic Dividend would peak in 2041, when 59% of the population is predicted to be of working age, meaning those between the ages of 20 and 59.
• Demographic Dividend: For the next 30 years, India’s youthful population and low dependency ratio will continue to be a major benefit in terms of labor force and consumption.

What are the opportunities for India? 

Expansion in Manufacturing

• Increasing Investments: According to a report by the Capgemini Research Institute, a considerable number of American and European businesses intend to increase the amount of money they invest in India’s manufacturing sector in order to lessen their reliance on China.
• Policy Support: In an effort to raise India’s proportion in global value chains and manufacturing, the Indian government is thinking about offering policy support to advance the sophistication of domestic manufacturing.
• Increase in the Consumer Market: India’s consumer market is expected to treble by 2031, creating a $2.9 trillion opportunity.

Sectoral Growth:

• Food Sector: It is anticipated that food expenditures will reach $1.4 trillion.
• Financial Services: This industry is expected to grow to $670 billion, offering significant room for expansion.

Investment and Expansion Plans

• Corporate and Bank Health: Strong balance sheets put banks and corporations in a strong position to develop and invest, which propels economic expansion.
• Legislative and Legal Facilitation: The government fosters a business-friendly climate by maintaining stable policies, making decisions free from corruption, and enacting legislation and legal frameworks that are receptive to industry input.

Partnership with the Private Sector

• Development Partnership: In order to promote and enable business activity, the government sees the private sector as a partner in development.
• Engagement with Industry: Following the elections, there are plans to hold targeted discussions and adopt supporting measures in the 2019 budget with the Confederation of Indian Industry (CII).

Opportunities in Specific Sectors

• Technology and Innovation: Supporting advanced and creative production techniques.
• Global Value Chains: To improve its export potential and economic resilience, India should participate in more global value chains.
• Infrastructure Development: Ongoing infrastructure spending to boost connectivity, logistics, and industrial expansion.

Financial Forecasts

• Opportunities Worth Trillions of Dollars: S&P Global Market Intelligence projects that by 2031, the Indian market will present opportunities worth trillions of dollars, highlighting the country’s enormous potential for investment and economic growth.

Need to Skill up the demograph:

• Importance of Skilling: Increasing the skill level of the Indian workforce is crucial to taking advantage of this demographic advantage. To guarantee that the working-age population has the skills required to satisfy the needs of contemporary industries, skill-building efforts are essential.
• Demographic Dividend in India will remain only theoretical unless our manpower becomes more educated, aware, skilled and creative.” What measures have been taken by the government to enhance the capacity of our population to be more productive and employable? (UPSC IAS/2016)

CHAR DHAM YATRA

Since the Char Dham yatra began on May 10, roughly twice as many pilgrims have traveled there. However, in the first five days, 11 pilgrims have died, according to the state administration.

Context:

• May 10 marked the start of the pilgrimage to Yamunotri, Gangotri, and Kedarnath Dham, while May 12 marked the opening of Badrinath Dham. There have already been more than 1.55 lakh pilgrims to Kedarnath, more than 70,000 to Yamunotri, and more than 63,000 to Gangotri. Badrinath Dham has received nearly 45,000 pilgrims in just three days.

About

• In India, the Chota Char Dham Yatra is a major pilgrimage, especially in Uttarakhand, which is also referred to as the Land of Gods or Devbhoomi. In Hindi, the phrase “Char Dham” means “four religious destinations.”
• This pilgrimage, known as a Yatra, takes travelers to four sacred locations tucked away in the Himalayas.The pilgrimage destinations are Badrinath in Chamoli, Kedarnath in Rudraprayag, and Yamunotri and Gangotri in Uttarkashi district. Gangotri is the lowest at about 10,200 feet, and Kedarnath is the highest at about 11,700 feet.
• Yamunotri: Located in the Uttarkashi area, the Yamunotri temple is housed in a small canyon near the source of the Yamuna River, which is considered the second most sacred river in India, after the Ganga. It is devoted to Yamuna, the goddess.
• Gangotri: The most revered river in India, the Goddess Ganga, is the subject of this shrine, which is situated in the Uttarkashi area.
• Kedarnath: Dedicated to Lord Shiva, Kedarnath is situated in the Rudraprayag area.
• Badrinath: Dedicated to Lord Vishnu, Badrinath is the location of the revered Badrinarayan Temple.
• It is thought that the Yatra is completed in a clockwise manner, beginning at Yamunotri, then on to Gangotri, then Kedarnath, and concluding at Badrinath.
• Every year, the high-altitude shrines close for around six months. They open in the summer (April or May) and close when winter arrives (October or November). Some devotees even travel to Kedarnath and Badrinath for the Do Dham Yatra, or pilgrimage.

NATIONAL PHARMACEUTICAL PRICING AUTHORITY (NPPA)

The National Pharmaceutical Pricing Authority (NPPA) has declared that the ceiling rates for seven planned formulations have been amended, and 41 essential medicine prices have been lowered at retail.

Context:

• The NPPA regularly reviews ceiling prices as one of its regular tasks.

About NATIONAL PHARMACEUTICAL PRICING AUTHORITY (NPPA) :

• In order to serve as an independent regulator of drug pricing and to guarantee that medications are available and accessible at reasonable costs, the Government of India established the National Pharmaceutical Pricing Authority (NPPA) in 1997 as an affiliated office of the Department of Pharmaceuticals (DoP), Ministry of Chemicals & Fertilizers.
• The purpose of the pharmaceuticals (Prices Control) Order, 1995-2013 (DPCO) was to enforce the availability and pricing of medicines throughout the nation, as well as to fix or amend the prices of restricted bulk pharmaceuticals and formulations.

Mandate

• to carry out and uphold the Drugs (Prices Control) Order’s provisions in conformity with the authority granted to it.
• to handle any legal issues resulting from the NPPA’s rulings.
• to keep an eye on medication supplies, spot shortages, and take corrective action.
• To gather and keep track of information regarding the production, imports and exports, market shares, profitability, and other factors of bulk drugs and formulations. To conduct and/or support pertinent research on drug and pharmaceutical pricing.

INDIAN CYBER CRIME COORDINATION CENTER (I4C)

More than 1,000 Skype IDs used in extortion, blackmail, and “digital arrests” by cybercriminals acting as law enforcement and police have been disabled by the Indian Cyber Crime Coordination Centre (I4C) in partnership with Microsoft, according to the Union Home Ministry.

Context:

• The Ministry stated that cross-border criminal syndicates were believed to be behind this organized online economic crime.According to the Ministry, a lot of complaints about these types of frauds by cybercriminals posing as representatives of law enforcement agencies such as the Enforcement Directorate, Reserve Bank of India (RBI), Department of Narcotics, Police Department, and Central Bureau of Investigation (CBI) are being filed on the National Cyber Crime Reporting Portal (NCRP).

About INDIAN CYBER CRIME COORDINATION CENTER (I4C) :

• The Ministry of Home Affairs, Government of India, launched the Indian Cybercrime Coordination Centre (I4C) as an effort to address cybercrime in the nation in a coordinated and thorough manner.
• With an emphasis on boosting public happiness, pushing change in India’s overall capacity to combat cybercrime, and enhancing collaboration between various law enforcement agencies and stakeholders, I4C aims to address every issue linked to cybercrime for the benefit of its citizenry.
• On October 5, 2018, the Indian Cybercrime Coordination Center scheme was approved. Since its launch, it has aimed to improve the country’s capabilities to combat cybercrimes as a whole and foster efficient cooperation between law enforcement agencies.
• Among I4C’s accomplishments is the National Cybercrime Reporting Portal (NCRP), which is focused on the needs of citizens.
• The National Cybercrime Helpline, number 1930, is another I4C program that assists the general public in reporting online financial scams.

Objectives of I4C

• to serve as a hub for reducing cybercrime throughout the nation.
• to bolster the defense against cybercrime directed towards minors and women.
• Make it easier to file complaints about cybercrime and to spot trends and patterns in cybercrime.
• to serve as a proactive early warning system for law enforcement organizations in the prevention and detection of cybercrime.
• raising public awareness on the prevention of cybercrime.
• Help States and UTs strengthen the skills of their police, public prosecutors, and judicial officers in the areas of cyber-forensics, cyber-crime, cyber-hygiene, and so forth.