Current Affairs 14 December 2024
Content: 1. 30 People Drowned per Hour in 2021, Says WHO 2. Fractured Bonds Along the Border 3. Andhra Pradesh All Set to Get Skill-Tagged 4. SEBI Mulls Allowing Retail Investors in Algo Trading 30 People Drowned Per Hour In 2021, says WHO Context : WHO released Global drowning statistics(2021) Relevance : GS 2(Health) Global Drowning Statistics (2021): 3,00,000 deaths (30 per hour). 92% occurred in low- and middle-income countries. South-East Asia (including India): 83,000 deaths (28% of global burden). Impact on Vulnerable Groups: Children under 5: 24% of deaths. Age 5-14: 19% of deaths. Drowning is the 4th leading cause of death for children aged 1-4 and the 3rd leading cause for ages 5-14. Progress and Disparities: Global deaths reduced by 38% since 2000. Europe: 68% decline; South-East Asia: 48% decline. Underreporting: Natural disaster-related drowning (e.g., floods) and water transport accidents often excluded due to data gaps. Challenges in Prevention Limited Programs: Only 33% of countries train bystanders in rescue and resuscitation. Just 22% integrate swimming and water safety in schools. Legislative Gaps: Existing laws insufficient to address the scale of the issue. Data Deficiency: Poor quality and inconsistent data hinder effective action. Implications for India High burden due to frequent flooding and lack of swimming skills. Poor and marginalized groups are disproportionately affected. Recommendations Policy Initiatives: Strengthen laws and allocate funds for drowning prevention. Awareness and Training: Promote swimming and water safety education in schools. Train bystanders in rescue and resuscitation techniques. Infrastructure: Build safe water facilities, especially in vulnerable areas. Data and Research: Improve data collection and monitoring systems for drowning incidents. Fractured Bonds Along the Border Context: Tensions between India and Bangladesh over attacks on minorities and political shifts are disrupting cross-border ties, trade, tourism, and cultural exchanges, particularly affecting West Bengal. Relevance :GS 2(International Relations) Trade and Border Movement: Decline in Trade: Economic activities at the Petrapole-Benapole border are strained due to protests and threats of economic blockades. Infrastructure Upgrades: Union Home Minister emphasized improved trade infrastructure, boosting passenger capacity, though tensions have disrupted progress. Impact on Tourism: Reduced Tourists: 90% of Bangladeshi tourists have stopped coming, affecting hotel occupancy in Kolkata’s “mini-Bangladesh.” Economic Losses: Hotels and travel agencies face severe downturns, with businesses operating at 5% capacity. Cultural Decline: Bangladeshi participation in events like the Kolkata Book Fair and Film Festival has significantly reduced. Medical Tourism: Falling Numbers: Visa restrictions and tensions have reduced Bangladeshi medical tourists by 60-80%. Private Hospitals: Some continue to treat Bangladeshi patients, while others are rescheduling procedures due to low inflow. Political and Social Ramifications: Protests: Multiple organisations like ISKCON and political parties have intensified protests, affecting cross-border relations. Cultural Backlash: Burning of goods and symbolic actions have deepened hostility, disrupting shared cultural ties. Historical and Academic Concerns: Cultural Legacy: Shared heritage between Bengal and Bangladesh, represented by Tagore’s songs and shared language, is at risk. Academics’ Views: Concern over extremists gaining ground in Bangladesh and the impact on bilateral ties. Border Dynamics: Security Heightened: Border Security Force deployed at zero line in Murshidabad. Transport Halted: Suspension of Bandhan and Maitree Express trains since July reflects the strain on connectivity. Andhra Pradesh All Set to Get Skill-Tagged Intro: First-of-its-kind Census: Andhra Pradesh will launch India’s first statewide skill census in January 2025 to identify and map skill gaps and strengths. Relevance: GS 2(Governance) Pilot Success: The initiative builds on the pilot project conducted in Mangalagiri, covering over 1.12 lakh households and 2.77 lakh residents. Objectives Skill Mapping: To classify and organize the workforce’s existing skills while identifying gaps. Addressing Unemployment: Targeting the youth unemployment rate, especially the 15-29 age group, which exceeds the national average (15.7% vs. 10%). Bridging Skill Gaps: Aligning existing skills with industry demands to enhance employability. Economic Development: Boosting job creation and improving the state’s economy through targeted interventions. Implementation Details Demographic Coverage: Encompasses 3.5 crore working-age individuals (15-59 years) across 1.8 crore households. Dual Census Approach: Covers households and industries, including 33 lakh MSMEs and major industries in Andhra Pradesh. Enumerators: A workforce of 50,000 enumerators and 8,000 supervisors will carry out the project in bilingual formats to overcome language barriers. Skill ID: Post-survey, individuals will receive a Skill ID linked to their Aadhaar, offering access to skilling opportunities and a personalized skill profile. Challenges Apprehensions Among Residents: Hesitation to share personal details and skepticism about the survey’s purpose. Surveyor Workload: Village secretariat staff juggling multiple government priorities alongside the census. Youth Dropouts: Over 1 lakh students drop out of mainstream education yearly, limiting the skilled labor pool. Gender Gap: Low female labor force participation in the 15-29 age group highlights the need for tailored programs for women. Potential Outcomes Data Utilization: Accurate skill data will guide policy-making, vocational training, and job-oriented programs. Improved Employability: Focused skilling initiatives for youth and women to reduce unemployment and boost labor participation. Competency Mapping: Enables a structured classification of workforce skills akin to a “library of capabilities.” Economic Growth: Anticipated increase in job creation, enhanced workforce readiness, and alignment with industry demands. Expert Opinions Academic Perspective: Experts emphasize the urgency to complete the census to tap into the graduating batch of 2024 with high employability potential. Student Feedback: Youth view the census as a transformative opportunity to align their skills with industry needs. Government Standpoint: Officials stress that the census will systematically address skill gaps, improving both individual and state-level prospects. Significance Innovative Governance: A pioneering initiative to build a comprehensive database of workforce capabilities. Demographic Dividend: Leveraging Andhra Pradesh’s growing labor force to achieve sustainable economic growth. Holistic Approach: Combines traditional skill mapping (e.g., toddy-tapping) with modern sectors like cybersecurity and cloud technology. SEBI Mulls Allowing Retail Investors In Algo Trading Algorithmic Trading (Algo Trading): The use of computer algorithms to execute orders in financial markets at high speeds and volumes. These algorithms automatically place buy or sell orders based on pre-defined criteria. Relevance: GS 3(Trade) Purpose: To increase trading speed, efficiency, and precision, as well as to manage large volumes of trades. Advantages: Faster Order Execution: Algorithms can process and execute orders in milliseconds, faster than human traders. Improved Liquidity: By providing continuous bids and offers, algos can help maintain market stability. Reduced Transaction Costs: Minimizes the market impact of trades by executing orders at optimal prices. Greater Transparency: Algorithms maintain detailed audit trails of trades, making it easier for regulators to track transactions. Risk Management: Allows for real-time risk assessment and control, such as setting price limits, stopping loss orders, and controlling order sizes. Proposal by SEBI: SEBI has proposed enabling retail investors to participate in algorithmic trading. Aims to provide benefits like faster order execution and improved liquidity. Direct Market Access (DMA): SEBI introduced DMA for institutional investors, providing advantages such as faster execution, reduced costs, greater transparency, better audit trails, and improved liquidity. Limited Access: Initially, only institutional investors had access to these facilities. Rationale Behind the Proposal: Filling the Gap: Proposal aims to fill the gap for retail investors wanting to trade using algos with added safeguards. Enhancing Market Efficiency and Transparency: Extending the framework with additional safeguards to allow retail participation. Safeguards Proposed: Regulatory Adjustments: Extending the existing regulatory framework to retail investors with additional controls and oversight. Risk Management: Safeguards include restrictions on order sizes, required capital levels, and regular monitoring to prevent manipulation and protect investors. Expected Impact: Wider Participation: Democratizes access to advanced trading tools for retail investors. Increased Liquidity: Boosts market liquidity. Consumer Protection: Ensures retail investors are protected from risks associated with high-frequency trading and algorithmic strategies. Challenges: Monitoring and Oversight: Challenges in effectively monitoring retail participation and preventing abuses. Educating Investors: Importance of educating retail investors on the risks and mechanics of algorithmic trading for the proposal’s success.