GS Analyst: Daily Current Affairs

Context:

Recently, while virtually addressing the G20 Digital Economy Ministers’ Meet, the Prime Minister highlighted the scale and pace of India’s digital transformation and several schemes that benefitted & expanded the financial architecture of India and brought financial inclusion to almost every adult.

Government’s Efforts

• Government’s Digital Economy Address: PM highlighted India's digital progress, 850 million internet users, Aadhaar's impact, UPI success, and DBT savings.
• PMJDY Financial Inclusion: Pradhan Mantri Jan-Dhan Yojana (PMJDY) launched in 2014, world's largest financial inclusion scheme with 500 plus million accounts, emphasizing accessibility and gender sensitivity.
• PMJDY's Success Metrics: PMJDY boasts 81% operative accounts, average deposit rise to Rs.4, 076, 67% rural coverage, 56% women account holders, and minimal zero-balance accounts.

Story so far for financial Inclusion

• Banking and Digital Integration: Public sector banks lead with Rs.1.55 lakh crore deposits, 340M RuPay cards issued, and increased digital transactions.
• Expanded Benefits and Micro-Finance: PMJDY extended insurance schemes, enabling micro-credit and investment plans, boosting financial inclusion.
• Technological Advancements: PMJDY addresses tech challenges, leverages RuPay's global reach, showcasing Modi government's proactive approach to digital progress.

Context:

The Saudi Crown Prince was irked by the absence of the UAE ruler, Sheikh Mohammed bin Zayed (MbZ), for the Gulf Cooperation Council (GCC) summit meeting with the visiting Chinese President, Xi Jinping.

Relation overview

• Strategic partners- The two royals bonded their countries as strategic partners. They were partners in the war in Yemen, worked together to strengthen al­Sisi’s regime in Egypt, and viewed Iran as a regional threat.
• Role in Sudan- In 2019, they also subverted the nascent democratic process in Sudan by backing the armed forces against the civilian Prime Minister.
• Competition rather than cooperation- In future, Competition rather than cooperation is likely to de?ne the ties between the two neighbours in political, economic and logistical areas.

Difference between the two countries

• Rejected OPEC+ Proposal- In July 2017, the UAE abruptly rejected the proposal to cut oil production put forward by “OPEC +”
• Dumping Arab Peace Initiative - The UAE also normalised ties with Israel in August 2020, thus publicly dumping the Saudi Sponsored Arab Peace Initiative
• Backing different government- In Sudan, the two Gulf neighbours are now backing di?erent generals while the kingdom supports Army chief al­Burhan, the UAE is backing militia leader Dagalo, thus prolonging the destructive civil con?ict.

Context:

Beijing’s active role in creating a flourishing domestic ecosystem for gallium-based chips has already benefited China’s military development.

Present stance on Gallium exports

• China's Gallium Export Restrictions: China's new export restrictions on gallium highlight its dominance in production and intentions to wield critical minerals for geopolitical leverage.
• Gallium's Importance: Gallium, crucial in electronics and defense sectors, holds unique properties for semiconductors in advanced systems, making supply disruptions concerning.
• S. Response: China's gallium monopoly poses risks to global defense industries; addressing vulnerabilities through diversification and strategic partnerships is essential.

Why Gallium is important?

• Gallium's High-Performance Applications: Gallium-based wide bandgap semiconductors power advanced military equipment, offering smaller, faster, and more efficient capabilities.
• DARPA's Influence: Defense Advanced Research Projects Agency’s (DARPA) support led to gallium arsenide (GaAs) and gallium nitride (GaN) developments, driving advances in radar, GPS, and precision weapons.
• Revolutionizing Defense: GaN-powered radar systems enhance threat detection, integrated into key platforms like missile defense, F-35 fighters, and naval vessels.