POLITY & GOVERNANCE

Centre promises more oxygen, ventilators for U.P., Chhattisgarh ( Pg.01)

Background and the News:

Several measures have been initiated by the Central government to ensure supply of medical oxygen to various affected states. Some of the major measures are as follows.

·         Increase oxygen production as per production capacity of each oxygen manufacturing plant; this has resulted in 100 percent production in the oxygen manufacturing units, ramping up availability of oxygen in the country (as stated above).

·         Utilise the surplus stocks available with Steel Plants.

·         Map the requirements of top states with oxygen sources, including with sources across the state borders and those available at steel plants, for greater clarity and assurance for the states on the oxygen sourcing. Thus, Maharashtra has been able to lift surplus medical oxygen on daily basis from Steel plants like JSW in Dolvi (Maharashtra), SAIL in Bhilai (Chhattisgarh) and from JSW in Bellary (Karnataka). Similarly, Madhya Pradesh is able to supplement its oxygen supply from the Steel plant in Bhilai (Chhattisgarh).

·         The challenge presently is to move oxygen from States with less necessity to States with increased necessity. Mapping of the surplus sources with States that have greater need for oxygen, such as Maharashtra, Gujarat, Madhya Pradesh, Uttar Pradesh, Delhi, Chhattisgarh, etc is being finalised, in consultation with the manufacturers, States and other stakeholders. This has been undertaken through coordinated planning between the Government of India and State Governments to map their requirements up to 30th April 2021 with the available sources and stocks of oxygen in the country.

Economy

1.‘Economy in better shape than during 2020’s COVID­19 wave’

What is the News?

·         The Indian economy is in a better shape as compared to the previous COVID-19 wave witnessed last year.

·         The uncertainty is much lower because of vaccination drive.

Background:

Following the outbreak of COVID-19 pandemic in March 2020, India went in for one of the strictest lockdowns in the world, leading to a massive contraction of about 24 per cent in GDP.

Way Forward:

·         One key thing that stood out during this pandemic is the rollout of e-commerce and digitisation, something that India has embraced.

·         As many as 800 million people were provided essential supplies through the public distribution system and cash transfer through the Jan Dhan, Aadhaar, Mobile (JAM) in a seamless manner with a click of button, while most advanced countries like the US provided financial support to its citizens by issue of cheques implemented over 2 months, he added.

According to the Chief Economic Advisor of India, Indian economy is really equipped very well to usher in the significant growth that is happening in e-commerce

1)India badly placed to tackle infections: Fitch

What is the News?

According to Fitch Solutions, despite several healthcare reforms, India remains badly placed to tackle the current wave of COVID-19 infections.

What do Fitch ratings mean and what do they do?

Fitch Ratings Inc. is an American credit rating agency and is one of the "Big Three credit rating agencies", the other two being Moody's and Standard & Poor's. It is one of the three nationally recognized statistical rating organizations (NRSRO) designated by the U.S. Securities and Exchange Commission in 1975.

Fitch ratings rates the viability of investments relative to the likelihood of default. Fitch uses a letter system; for example, a company rated AAA is very high quality with reliable cash flows, while a company rated D has already defaulted.

What does the Fitch Solutions say?

·         Businesses operating in India continue to face structural risks stemming from legal risks, security gaps, excessive bureaucracy and patchy utilities infrastructure, all of which currently increase the costs of operating in the country, particularly compared with China.

·         However, India could benefit from ongoing efforts to boost the business environment and attract FDI through various policy reforms as well as the effects of US-China tensions that could see some supply chains shift towards India as an alternative manufacturing hub.

·         While economic activity slowed in 2020, the economy is set to rebound in 2021 as optimism around a Covid-19 vaccine provides tailwinds to both a recovery in domestic and external demand.

·         Over the longer term, India's main appeal lies in its large market and high growth potential, due to significant human and natural resources, diverse service sectors and an expanding industrial base.

·         Effective implementation of structural reforms targeting increased trade and investment openness, greater flexibility in labour market regulations and infrastructure capacity enhancements will boost India's investment attractiveness.

2)U.S. Treasury keeps India on currency watch list  

What is the News?

India is one of the 11 countries on the U.S. Treasury's 'Monitoring List' with regard to their currency practices, according to the April 2021 edition of the semi-annual report, the first from the Biden administration. India was on the list in the December 2020 report as well.

GEOGRAPHY

India likely to receive normal monsoon: IMD

What is the News?

The India Meteorological Department (IMD) today announced that it expects monsoon rainfall to be normal this year. "Southwest monsoon seasonal (June to September) rainfall over the country as a whole is likely to be normal (96-104%)," the IMD said in its first stage Long Range Forecast (LRF) for monsoons.

What is IMD?

The India Meteorological Department (IMD) is an agency of the Ministry of Earth Sciences of the Government of India. It is the principal agency responsible for meteorological observations, weather forecasting and seismology.

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