“If you have good thoughts they will shine out of your face like sunbeams and you will always look lovely.”
Roald Dahl
“आपके विचार अच्छे हों, तो वे आपके चेहरे से सूरज की किरणों की तरह चमकेंगे और आप हमेशा खूबसूरत दिखेंगी।”
रोआल्ड डाह्ल
Tuesday, December 27, 2022
Quote of the Day December 27, 2022
Wage crisis: Editorial on Global Wage Report 2022
The International Labour Organization has come out with the latest Global Wage Report 2022. Over the past two years, labour markets have witnessed significant changes globally. These changes have been triggered by a slow economic recovery from the pandemic, high and persistent inflation rates, and new uncertainties brought about by the war in Ukraine. Global growth rates slowed down in 2022 and are expected to do so in 2023. The International Monetary Fund had predicted a global growth rate of 3.6% in April 2022, which was revised downwards to 3.2% in July 2022. In October 2022, the IMF’s prediction for economic growth in 2023 was in the range of 2% to 2.7%. Inflation was expected as an outcome of the pandemic; the policymakers’ response to it was presumed to be the loosening of money supply and reduction in interest rates. However, central banks across the world tightened money supply and hiked interest rates in an effort to control high inflation rates. In 2022, the global average inflation rate is expected to be 8.8%, falling to 6.5% in 2023 and to 4.1% in 2024. Weak recovery and high inflation have led to a slow adjustment in nominal wages and rapid rise in prices. Hence real earnings, particularly among low-income households, have fallen sharply.
Globally, real monthly wages fell by 0.9% during the first six months of 2022. For the G20 countries, which account for 60% of the world’s wage-earners, real wages fell by 2.2% in the half year of 2022. The labour market has in some economies been characterised by greater wage inequality. On the other hand, almost all nations, particularly India, have witnessed a large informalisation of the labour market which implies greater uncertainty in job security and earnings. From the policy perspective, there is a need to switch from average targeting to focussed targeting of income support schemes. Since high inflation has raised housing, food and transport prices, lower income households require special attention, with more than average adjustments required in their nominal wages. Central banks have to realise the need to ensure that cheap and assured credit lines are available for the small and medium sectors of the economy while tightening money supply and hiking interest rates. The economic scars of Covid will not go away in a hurry. Interventions must be suitably designed to ensure that the scars do not leave lasting marks on the economy.
Source: The Telegraph, 26/12/22
Wednesday, December 21, 2022
Quote of the Day December 21, 2022
“If I feel depressed, I go to work. Work is always an antidote to depression.”
Eleanor Roosevelt
“यदि मैं उदास महसूस करती हूं तो मैं काम पर चली जाती हूं। काम में व्यस्तता उदासी का उत्तम प्रतिकार है।”
एलेनोर रूजवेल्ट
Current Affairs- December 19, 2022
INDIA
- Indian Railways received 800 proposals from startups to solve 11 problems under the ‘Startups for Railways’ initiative.
- Railways to roll out Vande Metro train by 2023 for middle class and poor
- Bird Flu outbreak in Kerala’s Kottayam; several thousand ducks culled in the state
- Aviation regulator DGCA introduces new features on its e-governance platform- eGCA
- Prime Minister Narendra Modi will inaugurate India Energy Week 2023 in Karnataka in February 2023.
- Sela Pass tunnel is being built by BRO, to provide all-weather connectivity to China border in Arunachal Pradesh.
- Telangana to disburse ₹7600 crore to farmers under ‘Rythu Bandhu’ scheme
- Government plans to put on sale six mineral blocks in the states of Odisha and Rajasthan
ECONOMY
- Jindal Steel and Power Limited (JSPL) will spend ₹7,930 crore under PLI scheme for specialty steel
- Net direct tax revenue rises 20%, gross revenue rises 26% to ₹13.63 lakh crore in 2022-23
- CCPA issues notices to Flipkart, Meesho for sale of acid on their platforms
WORLD
- North Korea fired two medium-range ballistic missiles: Seoul
- UN nature deal proposed calls to protect at least 30 percent of the planet by 2030
- European Union (EU) reaches deal on major carbon market reform
SPORTS
- Argentina becomes FIFA World Cup champion; beats defending Champion France 4-2 in penalties
- FIFA World Cup 2022: Lionel Messi wins Golden Ball for best player; Mbappe wins Golden Boot
Current Affairs-December 20, 2022
INDIA
- Indian Navy’s sailboat INSV Tarini will participate in Cape to Rio Race 2023- expedition to Cape Town, South Africa.
- Bhutan enters into an agreement with PTC India Ltd, for purchase of power from Indian power market during winter.
- Atal Innovation Mission (AIM), NITI Aayog calls for ‘ATL Marathon 2022-23’-innovation challenge under AIM’s Atal Tinkering Labs program.
- National Test House to set up EV battery testing facilities in Mumbai and Kolkata; transformer testing facility at Jaipur.
- Rajasthan CM Ashok Gehlot announces 12 gas cylinders a year at Rs 500 each for poor families.
- India Jumps 8 Spots in Global Download Speeds Index from 113th in October to 105th in November.
ECONOMY
- Domestic Air Passenger Traffic Rises 11% in Nov- latest data from aviation regulator DGCA.
- Government to refund GST if purchase of incomplete house is called off.
- Wipro signs agreement to buy Kerala Food Brand Nirapara.
WORLD
- UAE launches a biometric service at the Abu Dhabi airport under which no passport or ticket will be required; passengers’ face will be their boarding pass.
- US Capitol riot panel recommends criminal charges against Donald Trump
- Fiji’s election ended with two rival leaders failing to win a majority; two leaders need the backing of a minor party to secure power.
- IMF approves program for Ukraine to maintain economic stability
SPORTS
- Lionel Messi creates record as the professional football player with the most appearances in FIFA World Cup.
- Martyn Pawelski of Poland beat top seed Sasikumar Mukund to clinch USD 15,000 ITF men’s tennis tournament in Sharm El Sheikh, Egypt
Current Affairs-December 21, 2022
INDIA
- Indians can enjoy visa-free travel to 22 countries, according to Arton Capital Passport Index.
- Parliamentary Standing Committee flags victimisation of SC/ST employees of PSUs
- Nominated Rajya Sabha member P.T. Usha joins Vice-Chairman’s panel; first nominated member to be on the panel in the history of the Rajya Sabha.
- The fifth Scorpene-class submarine, Vagir, was delivered to the Navy by Mazagon Dock Shipbuilders; scheduled to be commissioned into service in January.
- Sethrichem Sangtam was awarded the first Rohini Nayyar prize for outstanding contribution to rural development.
- Bill seeking to amend the law on multi-State cooperative societies was referred to a joint committee of Parliament.
ECONOMY
- Share buybacks through stock exchanges to be phased out under new SEBI rules
- CIBIL, SIDBI, Online PSB loans launch MSME rankings – model uses machine learning to predict the probability of MSME becoming a NPA
- Puducherry, Lakshadweep and Goa emerged as best-performing states on the Social Progress Index (SPI)
- Fitch Ratings affirmed India’s long-term foreign currency issuer default rating at ‘BBB-‘ with a stable outlook.
WORLD
- Nepal blacklists 16 Indian pharma companies, including Baba Ramdev’s Pharmacy
- Taliban authorities ordered a nationwide ban on university education for girls
- Elon Musk will step down as the Twitter CEO; to quit after finding a replacement.
- NASA’S Mars rover Perseverance to start dropping samples of rock on surface of Mars
SPORTS
- Reigning World champion Nikhat Zareen and World Championships bronze medallist Simranjit Kaur win on the opening day of National women’s boxing in Bhopal.
- Indian men’s doubles pair of Satwiksairaj Rankireddy and Chirag Shetty reached a career-best world No. 5
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