GS Analyst: Daily Current Affairs

Context:

India needs all-weather insurance against the global climate Change.

Monsoon Variability

• Monsoon Deficit and El Niño: India experienced a rainfall deficit in 2023 after the 2018 gap. This year, the country received 82 cm of rainfall, nearly 6% lower than the normal 89 cm, partly due to the presence of El Niño.
• Unusual Rainfall Patterns: In 2023, 9% of India received 'excess' rainfall, while 18% faced 'deficient' conditions. Unexpected heavy rainfall in northern states, attributed to western disturbances, caused floods and landslides.
• Infrastructure Resilience Needed: Varied monsoon impacts emphasize the need for resilient infrastructure to combat unpredictable climate vagaries. Investment in improved forecast models is crucial for early weather warnings.

Regional Climate Extremes

• Maharashtra Drought: Maharashtra faced drought-like conditions, while Chhattisgarh, Bihar, and Karnataka reported extreme water stress. The Cauvery river dispute escalated between Karnataka and Tamil Nadu.
• North-East Monsoon and Rainfall Forecasts: The India Meteorological Department predicts a 'normal' north-east monsoon and 'normal to above-normal rainfall' in north-west and south peninsular India.
• Impacts: These events underscore the influence of anthropogenic warming on weather patterns.

The Call for Improved Forecast Models

• Ensuring regional Balance: South India also anticipates increased rainfall whereas the North India experienced water distress.
• Addressing Monsoon Variability: Recent monsoon variability highlights the need for advanced forecasting models, enabling better prediction of significant weather changes.
• Way forward: Investment in expertise and resources is vital.

Context:

Acknowledging rural women's vital needs and the considering their unpaid work in farming and the rural economy are important. These sections include landless, marginalized women in government agricultural programs.

Female Labor Force Participation

• Low Participation Rates: India's female labor force participation is among the world's lowest, trailing most South Asian countries except Afghanistan and Pakistan.
• Rural-Urban Disparity: In 2021-22, the female participation rate stood at 35.6% in India, with rural and urban rates at 39.3% and 26.5%, respectively.
• Increase in Agriculture: Rural women's participation increased due to their engagement in agriculture, particularly in self-employment.

Gender Wage Gap and Unpaid Work

• Wage Disparities: Rural women working as wage laborers faced a significant gender wage gap. Self-employed women earned less than half of men's earnings.
• Unpaid Labor: A substantial portion of women, particularly in rural areas, engaged in unpaid domestic chores and caregiving.
• Land Ownership: Land ownership is essential for women to access agricultural schemes and sustain their livelihoods.

Gender Inequality in Agricultural Schemes

• Government Schemes: Cash-based agricultural schemes like PM-KISAN and PMFBY are prioritized, but data reveals low participation by women.
• Exclusion Due to Landownership: Landownership requirements for benefits exclude many women farmers from these schemes.
• Call for Inclusion: Recognize rural women's contributions and include landless, marginalized women in government agricultural programs to combat gender inequality.

Context:

As the war in Ukraine continues, Russia’s tactics will remain a problem that needs to be managed — in defeat or victory.

Shifting Dynamics in the Ukraine Conflict

• US Republican Party's Stance: The US Republican Party's skepticism towards funding Ukraine is raising concerns, while pro-Russia political forces in Europe gain traction.
• Stakes in the War: The editorial highlights the significance of the Ukraine conflict, emphasizing that its resolution could impact international principles and nuclear weapon use.
• Russia's Failed Objectives: Russia's strategic goals were not achieved; Ukraine emerged stronger as a nation, forging its identity amid global challenges.

Evolving Objectives and Economic Impact

• Defining Objectives: The editorial discusses how the objectives of the war have evolved, from Ukraine's sovereignty to territorial reclamation, raising questions about its worth.
• Economic and Sanction Impact: Despite expectations, Russia's economy hasn't collapsed, and global sanctions haven't achieved their intended effects. The war's cost is now a domestic issue in the West.
• Capabilities and Negotiation: Russia's ambitions clash with its material and organizational limitations, while democracies grapple with supporting the war. Negotiated settlements become plausible.

The Ground Situation and Future Prospects

• Stalemate or Progress: The editorial notes that the current ground situation is described as a stalemate, raising questions about Ukraine's objectives and the evolving nature of the war.
• Putin's Strategy and Western Support: Putin's strategy now focuses on buying time until the next US presidential election, hoping Western support for Ukraine wanes due to domestic pressures.
• Influence of Western Elections: The war's future depends on election results and changing Western calculations, possibly more than military realities on the ground.

Context:

In present times, India's banking sector's growth and resilience must be maintained to overcome the challenges, including regulatory concerns and the role in climate change mitigation.

India's Rising Global Stature in Banking

• Global Optimism towards India: India's governance and policies have elevated its international standing, fostering innovation hubs and transformative changes in the banking sector.
• Resilience amid Challenges: Despite crises like the pandemic and global uncertainties, India's banking and financial sector has demonstrated stability and growth over 25 years.
• Technological Advancements: Indian banks have embraced technology, ushering in digital financial services and AI-driven banking with a focus on personalized customer engagement.

 Opportunities in Banking

• Regulatory Challenges: The rapid technological evolution poses regulatory and security challenges, from unregulated digital lending apps to cryptocurrencies and cyber threats.
• Climate Change and Finance: Banks are expected to play a vital role in climate change mitigation, necessitating risk management practices and investments in renewable and green initiatives.
• Human Capital and Upskilling: Adapting to the changing environment requires upskilling, training, and attracting talent, while research and innovation labs are needed for service delivery.

Future Prospects

• Governance and Stability: A robust governance framework is crucial, especially in times of external financial instability and climate risks, ensuring access to financial resources.
• Optimism for the Future: The Indian banking sector is resilient, adaptive, and equipped to contribute to an Atmanirbhar Bharat for equitable and sustainable development.
• Focus on policy formulation: To address regulatory challenges and emerging risks in the banking sector, policymakers should establish clear, adaptive, and robust regulatory frameworks.